One97 Communications, the parent company of mobile wallet and financial services provider Paytm, has now set its sights on the insurance sector after utilising a corporate agency license.
Paytm Life Insurance Corporation Limited and Paytm General Insurance Corporation Limited were incorporated on Wednesday and both include company founder Vijay Shekhar Sharma as one of their directors, reports Business Standard.
Sharma and One97 Communications hold a majority of the share capital of Rs1,000,000 (US$15,434) in each company.
There are now six companies under the Paytm brand. The others are Paytm, Paytm Money, Paytm Mall and Paytm Payments Bank. Alibaba of China and Softbank of Japan both have stakes in the group.
Set up in 2011, Paytm was one of the biggest beneficiaries of India’s demonetization of high-value currency notes in 2016, notching up 250 million registered users. It conducts seven million transactions daily.