Warren Buffett takes first step into Indian startup market with stake in Paytm parent
Bengaluru — Berkshire Hathaway has agreed to buy a stake in the company behind Paytm, India’s biggest digital payments brand, in Warren Buffett’s first foray into the country’s startups, people familiar with the matter said. Buffett is set to acquire 3%-4% of One97 Communications, valuing the target at more than $10bn, the people said, asking to not be identified as the discussions are private. A formal announcement could come in the next few days, they said. One97 Communications, founded by billionaire Vijay Shekhar Sharma, runs the Paytm brand and is the leading player in India’s booming digital payments market. Buffett would join a star-studded group who have invested in Sharma’s companies, including Masayoshi Son’s SoftBank and Jack Ma’s Alibaba Group Holding Ltd. and Ant Financial. "It’s a paradigm shift," said Dinesh Arora, a partner at PwC in India. "Financial services reach only the top 10% to 20% of India, but technology has the potential of adding a big slice of India’s 1....
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