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Paytm hires former Coverfox CEO after failed acquisition talks

Earlier this month, Paytm said it is set to make a foray into the business of selling insurance products with subsidiary Paytm Insurance Broking.

, ET Bureau|
Last Updated: Mar 17, 2020, 08.18 AM IST
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Singh who spent three years at the CEO of Coverfox, will now report to ex-Goldman executive Amit Nayyar at Paytm.
Bengaluru: Paytm has hired former Coverfox CEO Premanshu Singh as senior vice president and the head of its insurance business. This development comes months after Paytm’s talks to acquire the online insurance aggregator fell through. ET first reported about the potential deal.

SoftBank Vision Fund, a large investor in Paytm's parent One97 Communications, which is also a significant shareholder in the country’s largest online insurance marketplace PolicyBazaar, is likely to have posed a challenge to the deal, as reported earlier.

Singh who spent three years at the CEO of Coverfox, will now report to ex-Goldman executive Amit Nayyar at Paytm. Nayyar was appointed as President of Paytm’s Financial Services unit in August last year.

Earlier this month, Paytm said it is set to make a foray into the business of selling insurance products with subsidiary Paytm Insurance Broking, which secured a brokerage license from the Insurance Regulatory and Authority of India (IRDAI).

The Noida-based firm plans to offer insurance products across four categories including auto, health, and life.

In the insurance segment, Paytm will compete with Coverfox, PolicyBazaar, Turtlemint, ET Money. Among others. ET Money is a part of the Times Group, which also publishes this paper.

Last month, Coverfox cofounder and chief technology officer Devendra Rane moved out of the company. The Mumbai-based startup was founded by Varun Dua and Rane in 2013. However, Dua moved out to start Acko General Insurance in 2016 that competes with the likes of Digit Insurance.

Coverfox counts SAIF Partners, Accel Partners, NR Narayana Murthy’s Catamaran Ventures and International Finance Corporation among its investors.

Also Read

Coverfox investor steps in to run company on an interim basis

Paytm in talks to acquire insurance marketplace company Coverfox

Government proposes to allow 100% FDI in online insurance marketplaces like PolicyBazaar, CoverFox

IFC, Transamerica lead $22 million round in Coverfox

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