Berkshire Hathaway has reportedly acquired a stake worth INR25bn ($356m) in Paytm.
In an email to Reuters, Warren Buffett’s company confirmed the investment in One97 Communications, which owns Paytm.
However, the mail also noted that Buffett is not involved in the transaction.
Earlier, citing unnamed sources The Economic Times reported that Berkshire will acquire around 3% to 4% stake in the company. The deal will value Paytm around $10bn.
The transaction also marks Berkshire’s first investment in an Indian fintech company, shifting from its conventional strategy in investing in consumer, energy and insurance firms.
The deal is expected to bolster Paytm’s activities in Indian digital payment segment.
Following the investment, Berkshire joins China’s Alibaba Group and its financial services arm Ant Financial Services Group as well as SoftBank Group as the investors of One97 Communications.
It’s rumoured that Berkshire’s Todd Combs will join the company’s board.
Founded in 2010, Paytm serves as a payment services company in India. Its services enable the users to carry out bill payments; mobile recharges; booking movies and events; as well as paying at vegetable shops, restaurants and groceries.
Last year, the company launched Paytm Payments Bank following in-principle approval from the central authority of the country, RBI.