Berkshire Hathaway invests in Paytm

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Noida, Aug 28 (IANS) American multinational conglomerate Berkshire Hathaway on Tuesday made an unspecified investment in leading digital payment provider Paytm, a statement said.

“Berkshire’s experience in financial services and long-term investment horizon will be an advantage in Paytm’s journey of bringing financial inclusion in India,” the Noida-based company’s Chief Executive Vijay Shekhar Sharma said in a statement.

The investment amount and the stake received in return by American investor Warren Buffett-owned Berkshire Hathaway was, however, not disclosed by the companies.

Nebraska-based Berkshire Hathaway joins Ant Financial, an affiliate of Chinese e-tailer Alibaba, and Japanese multinational SoftBank and Alibaba as some of the key stakeholders in Paytm.

Todd Combs, an investment manager at Berkshire Hathaway has joined the Paytm board of directors, that includes Pallavi Shroff and Mark Schwartz as independent directors, the statement added.

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–IANS

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