India: Paytm founder to invest in insurance business from IPO proceeds

India: Paytm founder to invest in insurance business from IPO proceeds

FILE PHOTO: A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad, India, January 31, 2019. REUTERS/Amit Dave

Paytm founder Vijay Shekhar Sharma, who will be selling 402.65 crore worth of shares in Paytm’s offer for sale (OFS), is likely to plough back a significant portion of the proceeds into the company’s general insurance arm Paytm Insurtech (PIT), a senior company executive told Mint on Thursday.