Warren Buffett is Investing in Paytm, his First Indian Company
Warren Buffett’s company has taken a stake in One97 Communications Ltd, which owns Paytm, Buffett’s assistant Debbie Bosanek confirmed in an email to CNNMoney.
Berkshire Hathaway () had been discussing for several months an investment of about 25 billion rupees ($360 million) that would value Paytm at around $10 billion, a source familiar with the transaction told CNNMoney on Monday.
“This is an endorsment from the world’s most respected investor,” Paytm said in a statement late Tuesday. Todd Combs, Berkshire Hathaway’s investment manager, will join Paytm’s board.
Neither company commented on the value of Berkshire Hathaway’s investment.