Swiss Re to acquire a 23% stake in Paytm Insuretech from Paytm for $123m.

Swiss Re, a reinsurance company based in Zurich, agreed to acquire a 23% stake in Paytm Insuretech, the insurance unit of Paytm, a digital payments and financial services firm, for $123m. "We are excited to partner with Swiss Re for our insurance foray as a key strategic investor. It is an important milestone in our financial services journey of taking general insurance products to the masses," Vijay Shekhar Sharma, Paytm Chairman, MD and CEO.