According to a blog post, Paytm, an Indian e-commerce payment system and digital wallet company, received an investment from US-based investment firm Berkshire Hathaway.
According to reports, Warren Buffett’s Berkshire would buy a 3-4% stake for 2,200 / 2,500 crore, which would value the company at approx. $10-$12 billion.
Berkshire joined Ant Financial, SoftBank, Alibaba and SAIF Partners as key shareholders in the company. In conjunction with the investment, Todd Combs, the Investment Manager at Berkshire Hathaway, joined Paytm’s board of directors, which also includes Mrs. Pallavi Shroff and Mr. Mark Schwartz as independent directors.
Commenting on the deal, Paytm Founder and CEO Vijay Shekhar Sharma said:
We feel both excited and humbled by this endorsement. 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 It is my honour to welcome Todd to our board, where he will bring his wealth of experience to guide our management team.
Todd Combs, Investment Manager, Berkshire Hathaway, said
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.
Paytm is an Indian payment gateway that offers comprehensive payment services for customer and merchants. It offers mobile payment solutions to over 7 million merchants and allow consumers to make mobile payments from Cards, Bank Accounts and Digital Credit among others. It also brought QR based mobile payments to the Indian market and launched Paytm Payments Bank.
FinSMEs
28/08/2018
We are excited to announce that US-based investment firm #BerkshireHathaway is now a part of our journey. Here’s to a great partnership and a greater India story! @vijayshekhar ?? https://t.co/A6wBE4RBLn
— Paytm (@Paytm) 28 agosto 2018