CNBC-TV18 Exclusive: Paytm abandons plans to enter insurance manufacturing

Digital payments and financial services giant Paytm has decided to drop its plans to venture into the insurance manufacturing business, sources with knowledge of the matter have told CNBC-TV18.

The decision comes after Paytm reportedly explored the possibility of entering the insurance manufacturing sector and even considered acquiring QBE Raheja Insurance — a significant step toward diversifying its financial services portfolio.

Paytm had previously explored obtaining its insurance licence to establish a foothold in the insurance sector, which has been experiencing steady growth in India. However, the company has now chosen to reallocate its resources and refocus its efforts on its core businesses.