New Delhi : Billionaire Warren Buffett’s Berkshire Hathaway has picked up stake in Paytm and will get a position on the board, the largest digital payments company in India said on Tuesday. The companies did not disclose the details of the deal including the stake size or the amount invested by the US-based Berkshire.
According to sources privy to the development, Berkshire is pumping in about $300-350 million (about Rs 2,500 crore) into Paytm, valuing the Indian company at over $10 billion. With this deal, Buffett’s investment firm joins Japanese giant SoftBank that had last year bought a reported 20 per cent stake in Paytm for an estimated $1.4 billion (over Rs 9,000 crore). One97 Communications, the owner of Paytm, counts marquee global investors like Ant Financial and Alibaba as the other key shareholders. Todd Combs, investment manager at Berkshire, has joined the board of directors of Paytm, it said.
“I have been impressed by Paytm and am excited about being a part of its growth story, as it looks to transform payments and financial services in India,” Combs said.
