Digital payments platform Paytm is set to enter general insurance sector with the acquisition of private sector general insurance company Raheja QBE.

The acquisition is subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI).

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Founded in 2009, Raheja QBE is a joint venture between Prism Johnson and Australian insurer QBE Insurance Group.

The reports suggest that Paytm has agreed to buy 51% of the paid-up equity share capital of Raheja QBE for 2.89 billion from Prism Johnson.

Paytm will also acquire the remaining 49% stake held by QBE Australia.

The acquisition is made through QorQl Pvt. Ltd, a technology company with Paytm CEO Vijay Shekhar Sharma as the majority shareholder and the remaining stake held by Paytm.

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Paytm president Amit Nayyar has been quoted by Financial Express as saying:  It is an important milestone in Paytm’s financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family.

“Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products.”

The acquisition is expected to be completed by the end of this year.