Warren Buffett’s Berkshire Hathaway Inc invested ₹2,500 crore ($356 million) in India’s leading digital payment company Paytm. According to reports this deal marks the foray of the the conglomerate into India and the financial payments industry.
Billionaire Chairman Warren Buffett’s assistant, Debbie Bosanek, confirmed Berkshire’s investment in India’s One97 Communications Ltd in an email, the parent company of Paytm. She said Buffett was not involved in the transaction.
Berkshire Hathaway was in talks in Paytm to acquire 3-4% stake in the digital payments platform in a deal potentially valuing Paytm at over $10 billion. Todd Combs, one of Buffett’s main investment deputies, is leading the transaction.
Japan’s SoftBank and China’s Alibaba Group are among the key investers of Paytm. One97 Communications, SoftBank and Alibaba have not made any comments on the deal yet. This deal with one of the world’s biggest conglomerate is likely to reflect positively in Indian digital payments sector.