Warren Buffett’s Berkshire Hathaway has reportedly picked up a $356m stake in India’s leading digital payments platform Paytm.
Confirming the development, Buffet’s assistant Debbie Bosanek said in the email that Berkshire had invested in One97 Communications Ltd — the parent company of Paytm. This will be Hathaway’s first direct investment in an Indian startup.
Indian media had reported earlier this week that Berkshire was in talks for a 3-4 per cent stake in Paytm. One of Buffett’s key investment deputies, Todd Combs, is leading the Paytm deal, the report added.
Paytm, founded by Vijay Shekhar Sharma in 2010, counts China’s Alibaba Group and its financial services arm Ant Financial Services Group among its investors.