Last year Paytm has acquired Raheja QBE to expands its insurance portfolio by going inorganic way. To move one step ahead in the product portfolio, this week it has added
Car and
Bike Insurance as well for the users. For this Paytm has tied up with 14 insurance companies. Through partnerships, the company will offer 14 add-on options for cars and six add-on options for two-wheelers, including zero depreciation, invoice cover, roadside assistance and engine protection for customers on its platform.
Paytm is also planning to offer of up to 80% discount on Own Damage for select Vehicles.
“
Insurance continues to be an underserved segment in India. Paytm hopes to change that by making accessibility and affordability a priority. We are focused on making the whole process of buying and renewing both car and bike insurance simple, seamless and completely digital," said a Paytm spokesperson.
Paytm IPO News
Paytm board is planning to file a DRHP soon to bring $3Billion IPO, which if successful would be the biggest IPO in the history of Indian stock market.
Paytm which was started in the year 2008 carries the business to provide Telecom based value-added services to various telecom operators across the Territory, Payment gateway aggregator services, Ticket services, Utility bills payments, Insurance, Hotel booking services, Stock Broking etc. They got a real boost in their sales during demonetization in 2016.
Financial Performance (Fig. in Cr)
| Year |
Revenue |
PAT |
| 2017 |
780 |
-900 |
| 2018 |
3314 |
-1604 |
| 2019 |
3579 |
-4172 |
| 2020 |
3350 |
-2833 |
The company’s overall expenses were reduced by 20 per cent in 2019-20 to Rs 5,861 crore compared to Rs 7,254 crore in the previous fiscal year.
Paytm’s revenues also fell slightly (1 per cent) to Rs 3,350 crore in FY20.The company’s overall losses at PAT levels reduce from Rs 4172 crore in FY19 to Rs 2833 crore in the FY20. This shows that company has taken measures to reduce the expenses.
