Paytm in July 2020 had announced that the company along with its founder Vijay Shekhar Sharma will acquire Mumbai-based private sector general insurance company Raheja QBE.
Digital payments and financial firm Paytm is in discussion with insurance regulator Irdai for approval to the Raheja QBE deal and the company has received no adverse indication from Irdai on the transaction, a senior company official said during the company’s investors call on Saturday.
Paytm in July 2020 had announced that the company along with its founder Vijay Shekhar Sharma will acquire Mumbai-based private sector general insurance company Raheja QBE.
Paytm group Chief Financial Officer and President Madhur Deora in response to a question on the status of Raheja QBE transaction said there is no official or unofficial rejection of the company’s application to acquire the insurance firm, according to a source who attended the call.
He said there are ongoing discussions with Irdai about closing that transaction and there has been no ”official, unofficial, verbal or informal or any indication” from the insurance regulator that they are seeking to reject that acquisition.
Paytm does not allow press to participate in the earnings call.
The company in its third quarter ended December 31, 2021 reported widening of consolidated loss to Rs 778.5 crore.
It had registered a loss of Rs 535.5 crore for the same period a year ago, according to a late night BSE filing by the company.
Consolidated revenue from operations, however, increased to Rs 1,456 crore during the quarter from Rs 772 crore in the year-ago period.
”Our consolidated revenue from operations grew 89 per cent year-on-year and 34 per cent quarter-on-quarter to Rs 1,456 crore in the third quarter of financial year 2022 driven by growth in merchant payments through MDR bearing instruments, new device subscriptions and loan disbursements,” Paytm said in the filing.
The payment services of Paytm to consumers grew by 60 per cent to Rs 406 crore from Rs 254 crore and payments services to merchants more than doubled to Rs 586 crore from Rs 269 crore.
Paytm loan disbursal increased multifold to 44.1 lakh amounting to Rs 2,181 crore in December 2021 quarter, compared to 8.8 lakh loans worth Rs 468 crore in the year-ago period.
