Paytm in talks to Buy Cover Fox for Around $120 Million | CashKaro News Network

Paytm is in talks to acquire Coverfox, the Mumbai-based insurance marketplace for $ 100 – 120 million in an all-cash deal. With this deal, Paytm will forge the way in the financial services segment through its subsidiary Paytm Money. If the deal comes through, then Paytm will become a direct competitor of Policybazaar.

But, SoftBank Vision Fund is a common investor in Paytm as well as Policybazaar which may pose issues in finalising the deal.

Coverfox till date has raised $40 million in funds from SAIF Partners, Accel Partners, Catamaran Ventures and International Finance Corporation. These shareholders might exit if the deal comes through. However, it is interesting to note that SAIF is a common investor in Paytm and Coverfox.

Source: tech.economictimes.indiatimes



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