Paytm withdraws application for insurance licence

One97 Communications on Saturday said an associate company, Paytm General Insurance Limited (PGIL), has withdrawn its general insurance licence application with the Insurance Regulatory and Development Authority of India (IRDAI).

The company informed the stock exchanges the move will help it conserve cash to the tune of Rs 950 crore, which had been set aside for an investment in PGIL.

Paytm said its wholly-owned subsidiary, Paytm Insurance Broking Private Limited (PIBPL), has intensified its focus on insurance distribution to Paytm consumers and SMEs. The company plans to offer small ticket insurance solutions across various general insurance categories, including health, life, motor, shop, and gadgets.