Warren Buffett’s Berkshire Hathaway confirms deal with India’s One97
The investment company has entered the Indian fintech market with a $356m stake in the parent of Paytm
New York/Mumbai/Hong Kong — Berkshire Hathaway has acquired a 25-billion rupee ($356m) stake in the parent of digital payments company Paytm, a source said, its first investment in an Indian start-up as it moves into the financial payments sector. The conglomerate, run by billionaire Warren Buffett, confirmed in an e-mail that Berkshire had invested in One97 Communications. Buffett was not involved in the transaction, his assistant Debbie Bosanek said, without giving details. India’s Economic Times had reported on Monday that Berkshire was in talks for a 3%-4% stake in a deal valuing Paytm at more than $10bn, citing people familiar with the matter. The investment is a major endorsement for Paytm that has grown to become India’s leading digital payments platform in just eight years. For Berkshire, which is under pressure to find investments and whittle down a $108.6bn stockpile of cash, this marks a rare shift in strategy. Buffett has traditionally invested in consumer, energy and in...
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