Berkshire Hathaway Buys a Stake in Paytm
Marking its first investment in an Indian startup, Berkshire Hathaway bought a stake in Paytm , India’s largest digital payments and ecommerce platform.
We are excited to announce that US-based investment firm #BerkshireHathaway is now a part of our journey. Here’s to a great partnership and a greater India story! @vijayshekhar 🇮🇳 https://t.co/A6wBE4RBLn
— Paytm (@Paytm) August 28, 2018
The investment – in the range of $300m to $350m at a $10-12 billion valuation, was made in One97 Communications — the parent company of Paytm.
“We feel both excited and humbled by this endorsement. Berkshire’s experience in financial services, and long-term investment horizon, is going to be a huge advantage in Paytm’s journey of bringing 500 million Indians to the mainstream economy through financial inclusion It is my honour to welcome Todd to our board, where he will bring his wealth of experience to guide our management team.” – Founder & CEO of Paytm, Vijay Shekhar.
“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.” – Investment Manager at Berkshire Hathaway, Todd Combs.
