The Economic Times is reporting that Berkshire Hathaway has bought a stake in One97, the owner of India’s largest digital payments firm, Paytm.
The Nebraska-based firm is one of the world’s most iconic investors and backs companies like Coca-Cola, Apple, American Express, General Motors, Goldman Sachs, Procter & Gamble, and Walmart.
Berkshire Hathaway and One97 have confirmed the deal and that Warren Buffett wasn’t directly involved in the transaction.
It is believed that Berkshire has invested around $360 million (Rs2,394 crore) in Paytm for a 3-4% stake, valuing Paytm at over $10 billion.
Paytm has a Candian fintech connection as it chose Toronto in 2014 for its first major foray abroad and now has over 100 employees in its Paytm Labs technology development office.
Also in 2017, they launched the Paytm Canada app. It’s the only app in Canada that gives you rewards for your bill payments.
Leave a Reply