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Swiss Re to invest Rs 920 cr for 23% stake in Paytm's insurance initiative

Financial services firm Paytm said today that its associate, Paytm Insuretech Private Limited (PIT), has entered into a strategic partnership with Swiss Re, one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer.

Swiss Re will invest (by way of equity shares and compulsorily convertible preference shares) about Rs 920 crore (Rs 397.3 crore upfront, and the remaining in tranches, subject to fulfilment of certain milestones) in PIT for an aggregate stake of 23 per cent on a fully diluted basis.

Maruti Suzuki Q2 profit falls 65% YoY to Rs 475 cr amid high inputs costs

India’s biggest domestic car manufacturer Maruti Suzuki India reported a 65.3 per cent year-on-year (YoY) decline in net profit at Rs 475.3 crore for the July to September quarter of FY22 (Q2FY22). It was Rs 1,371.6 crore in Q2FY21. On a sequential basis, the profit rose 7.8 per cent from Rs 440.8 crore.

“This quarter was also marked by an unprecedented increase in the prices of commodities like steel, aluminium and precious metals within a span of one year. The Company made maximum efforts to absorb input cost increases offsetting them through cost reduction and passed on minimum impact to customers by way of car price increase,” Maruti Suzuki said in an exchange filing.

Lotus Herbals acquires 32% stake in Fixderma

Beauty and cosmetics player Lotus Herbals has acquired a 32% strategic stake in Fixderma India, owners of Fixderma and FCL brand of dermaceuticals. The deal marks Lotus Herbals’ foray into the dermaceutical segment.

“This is our first acquisition in prescription-based products and over-the-counter cosmetics; we will be retailing these at pharmacies and dermatologists,” Lotus Herbals joint managing director Nitin Passi said. He said the company, Fixderma, is valued at Rs 158 crore. This is Lotus Herbals' second acquisition; it had acquired ayurveda brand Soul Tree last year.

Policybazaar IPO: SoftBank to sell 20% of its stake worth Rs 1,875 crore

SoftBank will sell around 20 per cent of its total stake in Policybazaar’s initial public offering, the fintech company said today. The Japanese venture fund currently has a 13 per cent stake in the IPO-bound company.

The IPO consists of a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1959.72 crore by existing promoters and shareholders. Of the total offer for sale, Softbank’s sale is Rs 1,875 crore while individual shareholders will share Rs 85 crore.

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