Paytm in talks to acquire Coverfox. It would be the largest acquisition of the digital payment company.
Paytm is on the road to becoming the next direct competitor for India’s largest online insurance marketplace PolicyBazaar. It is likely to acquire Coverfox. The deal is reported to be all-cash around $100-120 million.
Varun Dua and Devendra Rane are the founders of Coverfox. It’s an online marketplace for insurance.
- Paytm reportedly in early stages of Coverfox acquisition.
- The acquisition amount is said to be around $100-120 million in all-cash.
- If closed, this would be the biggest acquisition of Paytm.
- Coverfox is a Mumbai based digital insurance marketplace.
Coverfox claims a network of 50,000 agents. It has SAIF Partners, NR Narayana Murthy’s Catamaran Ventures, Accel Partners and International Finance Corporation amongst its investors.
Vijay Shekhar Sharma – A man with a vision
Vijay Shekhar Sharma is the founder of Paytm. Subsequently, he has invested in several startups. including Milaap, Hiver and Unichef. Furthermore, he is known for his intelligence, design sense, street smartness, and energy. To begin with, Vijay Shankar’s father was a schoolteacher in a small city in North India.
VSS made his Forbes debut in 2017, with a net worth of $1.3 billion. The credit of his meteoric increase goes to the demonetization by Modi’s government. Moreover, in 2018 he was the youngest in the list and the only Indian below 40. Later in 2019, he has a net worth of $2.6 billion.