One97 Communications Ltd., the parent entity of Paytm, recently informed exchanges that the IRDAI approved the withdrawal of its application to register as a general insurance company. This strategic shift allows Paytm to concentrate on insurance distribution across various segments through Paytm Insurance Broking Pvt. Ltd.
Paytm is now redirecting its insurance efforts towards the distribution of small-ticket insurance products. This initiative targets both consumers and merchants, emphasising the accessibility and breadth of insurance offerings available via Paytm and its partners.
Separately, Paytm announced a collaboration with Samsung to integrate travel and entertainment booking services into the Samsung Wallet. This partnership is set to facilitate seamless access to Paytm’s booking services for flights, buses, movies, and events directly through the Samsung platform.
The stock of Paytm has seen a resurgence, climbing above ₹400 after the price band was adjusted to 10% from the previous 5%. The increase follows a substantial 18% rise since the adjustment, marking a positive trend in its stock performance.
Despite being one of the largest IPOs in India in 2021, Paytm’s stock initially listed below its IPO price of ₹2,150 and has struggled to reach those levels again. Following various challenges, including regulatory issues with the RBI, the stock had plummeted to an all-time low of ₹310 and remained down 40% this year.
