Paytm on a rapid expansion mode, floats two new entities in insurance biz

One97 Communications now has 6 firms under its umbrella, including Paytm, Paytm Money, Paytm Mall, Paytm Payments Bank

On a rapid expansion mode mobile fintech major Paytm has launched two more firms with an aim to enter the insurance sector in the country. This move has taken its total count of companies to six.

According to documents filed with Registrar of Companies (RoC) which were sourced from data intelligence platform Paper.vc, the Vijay Shekhar Sharma-led firm has started Paytm Life Insurance Corporation Limited as well as Paytm General Insurance Corporation Limited. Both the companies have Sharma as one of the directors.

While Paytm did not comment on the RoC filing, sources said that these two companies would be used to sell its insurance products, an area where the company is planning major expansion.

The fintech major has not made any announcements on who would be heading these companies as of now.

In January this year, Paytm announced that it has set up Paytm Money Limited, a wholly owned subsidiary of One97 Communications (the company that owns the brand Paytm) to build investment and wealth management products for its users. One97 Communications in all now have six companies under its umbrella including Paytm, Paytm Money, Paytm Mall and Paytm Payments Bank.