New Delhi: Warren Buffett’s Berkshire Hathaway is set to invest about $300-350 million in Indian digital payments major Paytm, according to sources.
The investment, which values the Alibaba and SoftBank-backed One97 Communications at over $10 billion, is likely to be announced in the next few weeks, according to two people familiar with the development.
They did not wish to be identified as the deal is still in the works. One of the persons said the deal would see Berkshire Hathaway pick up 3-4 per cent share in One97 Communications, the parent firm of Paytm.
An email sent to Berkshire Hathaway did not elicit a response, while a Paytm spokesperson declined to comment on the matter.
However, unconfirmed reports say that the deal has been confirmed by Berkshire.
The deal, if completed, would be Berkshire Hathaway’s first investment in an Indian technology ecosystem.
It will also add more muscle to Paytm’s operations as it competes against rivals like PhonePe and Google’s Tez. Paytm has also been aggressively diversifying its business into areas like investment management and e-commerce.
