India's digital payments firm Paytm set up life and general insurance units after establishing an investment arm in January.
Paytm registered Paytm Life Insurance and Paytm General Insurance Corp. Ltd. with the Registrar of Companies on Feb. 21, Mint reported Feb. 23, citing the registrar's documents. In India, regulations require companies to file separate registrations for nonlife and general insurance products.
Meanwhile, The Economic Times reported that both entities have a share capital of 1 million rupees each and Paytm founder Vijay Shekhar Sharma and One97 Communications are majority shareholders.
Paytm declined to comment on the matter, Mint said.
Earlier in January, the company established Paytm Money Ltd. to offer investment and wealth management products via a separate mobile application.
Paytm is the consumer brand of mobile internet company One97 Communications.