Paytm may acquire Coverfox: Report

Paytm is in talks to acquire insurance platform Coverfox for $100-120 million, as per a report in The Economic Times.

The paper quoted sources who said the board is in the final stages of formulating the all-cash deal, which if approved, will be the largest acquisition for Paytm and put it in direct competition with PolicyBazaar – currently the market leader.

A key restriction for the deal may be SoftBank Vision Fund's stake in PolicyBazaar. The Japanese bank is also one of Paytm's parent One97Communications' foremost financers.

Paytm Money was launched in late 2018 with 25 Asset Management Companies (AMCs). The company has gradually integrated with all retail investor focused AMCs in India and now has achieved the unique status of being the only online platform that offers investing in all 40 AMCs, the latest additions being Franklin Templeton Mutual Fund & ITI Mutual Fund.