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Paytm may acquire insurance startup Coverfox

To make its position stronger in the fintech arena Paytm is reportedly planning to acquire online insurance startup Coverfox from Mumbai for $100-120 Mn in an all-cash deal. If the deal succeeds, Paytm will become one of the largest competitors for insurance marketplace giant Policybazaar. Coverfox was founded in 2013 by Devendra Rane and Varun Dua (exited). It lets users compare and buy a range of policies.