India, July 7 -- In a bid to strengthen its financial services plan, Indian payments decacorn Paytm has announced the acquisition of Mumbai-based private sector general insurer Raheja QBE for INR 568 Cr.

The acquisition will allow Paytm to leverage its reach to innovate insurance products and services to accelerate its reach and adoption. Meanwhile, this move will help Raheja QBE insurance business scale new heights by leveraging the large customer base and innovative products offered by Paytm. The company said that all employees of Raheja QBE would continue working at Mumbai and other locations.

Paytm highlighted that the acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Development Au...