Paytm announces investment by Berkshire Hathaway in parent company
Todd Combs, investment manager at Berkshire Hathaway, has joined the board of directors of Paytm, that also includes Pallavi Shroff and Mark Schwartz as independent directors
August 28, 2018 / 01:34 PM IST
One97 Communications that owns and operates payments service provider Paytm, on Tuesday, said it has raised an undisclosed amount of investment from Warren Buffett's Berkshire Hathaway.
Berkshire joins the list of key shareholders in Paytm — Ant Financial, SoftBank, Alibaba and SAIF Partners.
While the company did not disclose the size of the deal, it is expected to be in the range of USD 300-350 million, according to a source privy to the development.
"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," said Vijay Shekhar Sharma, founder and chief executive officer of Paytm.
Also read: Buffett's Berkshire confirms stake buy in Paytm, pegged at Rs 2500 cr
Todd Combs, investment manager at Berkshire Hathaway, has joined the board of directors of Paytm, that also includes Pallavi Shroff and Mark Schwartz as independent directors.
"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," said Combs, Investment Manager, Berkshire Hathaway.