Paytm hires former Coverfox CEO after failed acquisition talks

Bengaluru: Paytm has hired former Coverfox CEO Premanshu Singh as senior vice president and the head of its insurance business. This development comes months after Paytm’s talks to acquire the online insurance aggregator fell through. ET first reported about the potential deal. ET Money is a part of the Times Group, which also publishes this paper.Last month, Coverfox cofounder and chief technology officer Devendra Rane moved out of the company. The Mumbai-based startup was founded by Varun Dua and Rane in 2013.

Singh who spent three years at the CEO of Coverfox, will now report to ex-Goldman executive Amit Nayyar at Paytm. Nayyar was appointed as President of Paytm’s Financial Services unit in August last year. Earlier this month, Paytm said it is set to make a foray into the business of selling insurance products with subsidiary Paytm Insurance Broking, which secured a brokerage license from the Insurance Regulatory and Authority of India (IRDAI). The Noida-based firm plans to offer insurance products across four categories including auto, health, and life.

source: economicstimes