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Aya Lin · · 1 min readIn brief: India’s Paytm to acquire insurance marketplace, sources say
- Indian digital payment company Paytm is in talks to acquire local insurance marketplace Coverfox for around US$100 million to US$120 million, The Economic Times reported, citing two people familiar with the matter.
- If the deal goes through, it would be the biggest acquisition by Paytm, making it a direct competitor to India’s largest online insurance marketplace Policybazaar.
- SoftBank Vision Fund, an investor in Paytm’s parent company One97 Communications, also backs Policybazaar, posing a challenge to the deal.
- “There is still a chance that it may fall through as the board deliberates on the pros and cons of the transaction,” one of the sources said.
Editing by Charmaine de Lazo
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