One 97 Communications Ltd., the parent company of payments aggregator Paytm, informed the exchanges on Wednesday that the insurance regulator IRDAI had approved its request for withdrawal of its application to register as a general insurance company.
Paytm said that the move aligns with the company's focus towards doubling down on insurance distribution across health, life, motor, shop and gadget segments through its subsidiary Paytm Insurance Broking Pvt. Ltd.
The payments aggregator intends to focus on small-ticket insurance products for consumers and merchants alike by focusing on small-ticket insurance offerings along with its partners.
Additionally, Paytm also announced on Thursday that it had partnered with Samsung to bring travel and entertainment services to the Samsung Wallet in India.
The partnership intends to aid flight, bus, movie and events ticket bookings on the Samsung Wallet in partnership with Paytm.
"With the Paytm app being the go-to destination for travel and event bookings for millions of Indians, its partnership with Samsung opens new avenues for users to access its services, in line with its efforts to drive further convenience," the company said in a statement.
Shares of Paytm were back above the mark of ₹400 after its price band was revised to 10% from 5% earlier. Since then, the stock has risen as much as 18%.
Paytm was one of India's biggest IPOs when it went public in 2021. The stock listed below its IPO price of ₹2,150 and has not managed to retest those levels since then.
Post a slew of regulatory issues with the RBI, the shares fell to an all-time low of ₹310. The stock is still down 40% so far this year.
