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Last Updated : Aug 29, 2018 04:56 PM IST | Source: Moneycontrol.com

It took only 1 meeting and 2 phone calls to close the Paytm-Berkshire Hathaway deal

Paytm founder Vijay Shekhar Sharma met Todd Combs, an investment manager with Berkshire Hathaway, in Omaha on Valentine's Day

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Warren Buffett’s Berkshire Hathaway and Paytm founder Vijay Shekhar Sharma sealed the deal in just one meeting and two phone calls.

“One meeting and two phone calls later, the deal was done,” Sharma said.

Berkshire Hathaway recently bought a minority stake in Paytm’s parent company One97 Communications Ltd. The deal was Berkshire Hathaway’s first investment in a privately-held technology company.

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The deal is also renowned investor Warren Buffett’s first direct investment in India.

Sharma met Todd Combs, an investment manager at Berkshire Hathaway, at the company’s office in Omaha on Valentine’s Day. The meeting lasted for about three-and-a-half hours.

Also read: Vijay Shekhar Sharma says will continue to acquire users, merchants aggressively

Sharma and Comb discussed a wide range of topics, from the Indian payments ecosystem, favourite cuisines, personal achievements to the weather.

Warren Buffett was not part of the meeting, Sharma said. He said he was not aware of the reason why Combs lead the deal and not Buffett.

“We met Todd and not Warren. He could take calls. I don’t know of their internal process. Also, Todd has done other payments deals too,” he said.

The proposal first came to Sharma from Mark Schwartz, a member of the Paytm board, who said he’d like to introduce the Paytm founder to Berkshire Hathaway.

Sharma also clarified that he has no knowledge of Berkshire Hathaway looking at other Indian companies for investments.

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First Published on Aug 29, 2018 04:56 pm
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