Mergers & Acquisitions: Paytm, Vijay Shekhar Sharma to acquire insurance firm Raheja QBE for $76M

#mergersandacquisitions #acquisitions #insurtech #India #startups

Paytm, India’s most valuable startup, and its co-founder and chief executive, Vijay Shekhar Sharma, announced on Monday they have reached an agreement to acquire insurance firm Raheja QBE General Insurance Company Limited for a sum of $76 million as the financial services startup looks to tap the nation’s booming insurance market.

Sharma is acquiring Raheja QBE through QorQl Pvt. Ltd, a firm in which he owns majority stake with Paytm owning the remainder. A Paytm spokesperson told TechCrunch that it was an all-cash deal.

Raheja QBE, which offers insurance services to cover an individual’s health, home and vehicles, and also provides protection on commercial properties and workplace injuries, is owned by Prism Johnson (51%) and QBE Australia (49%.) QorQl is acquiring a 100% stake in Raheja QBE as part of the agreement, the two entities said.

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Paytm, Vijay Shekhar Sharma to acquire insurance firm Raheja QBE for $76M

Paytm, India's most valuable startup, and its co-founder and chief executive, Vijay Shekhar Sharma, announced on Monday they have reached an agreement to acquire insurance firm Raheja QBE for a sum of $76 million as the financial services startup looks to tap the nation's booming insurance market. ...

Fintech Startup IPOs: Insurtech startup Lemonade sees shares jump 139% on IPO

#ipo #startups #insurtech #fintech #valuation #capital #startupfunding #ai #artificialintelligence #bots

Lemonade (LMND) raised $319m (€283m) with an initial public offering (IPO), signalling high investor demand at a time when markets have been shaken. The New York-based insurtech company sold 11 million shares at $29 on 2 July.

The start-up’s debut was the strongest by a US company in 2020 so far, MarketWatch reported. Shares skyrocketed during the day and finished up 139% at $69.41.

Insurtech IPOs have been garnering a lot of attention in recent years, especially from their more traditional peers.

Venture-backed insurtech startups are beginning to disrupt the incumbent industry, which has been a laggard in their digital transformation, with currently 12 unicorns existing in the global insurtech space, the report found.

Lemonade said it has digitised the entire insurance process. The start-up claimed that it had set “a new world record” when its AI bot was able to approve a claim for a $980 personal item in three seconds, PitchBook notes.

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Insurtech startup Lemonade sees shares jump 139% on IPO

Lemonade (LMND) raised $319m (€283m) with an initial public offering (IPO), signalling high investor demand at a time when markets have been shaken. The New York-based insurtech company sold 11 million shares at $29 on 2 July. The start-up's debut was the strongest by a US company in 2020 so far, MarketWatch reported.