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The Silicon Review Asia

Paytm may acquire Mumbai-based Insurance company Coverfox

Paytm may acquire Mumbai-based Insurance company Coverfox

If everything goes well, Paytm will make its largest acquisition. Paytm is all set to acquire Coverfox Insurance Broking Pvt. Ltd., a Mumbai-based digital insurance marketplace. Coverfox provides a platform to search, buy, and manage insurance policies for home, car, travel, health, etc.

The digital payment company is paving its way into the financial services segment through its subsidiary Paytm Money. Reportedly, the company is in talks with Coverfox, and if the deal happens, it will be an all-cash deal for over $100 million. "The Paytm board is in the process of finalizing the contours of the deal. There is still a chance that it may fall through as the board deliberates on the pros and cons of the transaction," a source told the Economic Times.

If Paytm successfully acquires Coverfox, its entry into the insurance sector will mark new beginnings for the company and it will become a direct competitor to India’s largest online insurance business, PolicyBazaar. However, it might have to face resistance from Japanese investment behemoth, Softbank, which owns a significant share of stake in PolicyBazaar, as per reports.

The company has recently invested in a corporate food delivery startup, HungerBox. It is also in talks to raise a $50 million series D round. The company has already dominated the online payment market in the country and these investment plans seem as its strategy to explore different business avenues.

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