Berkshire confirms investment in Paytm, pegged at Rs 2500cr; Buffett not involved

US-based Berkshire Hathaway, led by legendary investor Warren Buffett on Monday confirmed its investment in Paytm’s parent firm One97 Communications. Berkshire Hathaway Inc invested Rs 2500 crore ($356 million) in the Indian company behind digital payments firm Paytm. Billionaire Chairman Warren Buffett's assistant, Debbie Bosanek, confirmed Berkshire's investment in an email. She said Buffett was not involved in the transaction.

The development comes as Paytm is diversifying its business across financial services and offline payments. Paytm also counts Alibaba Group Holdings and SoftBank as major backers. 
Todd Combs, one of Berkshire’s key fund managers and who is also seen as a potential chief investment officer at the firm, is said to have led the transaction. Combs is also heading Berkshire's efforts to start a healthcare joint venture with Amazon.com Inc and JPMorgan Chase & Co.

In May, Buffett said at Berkshire's annual shareholders meeting that the financial payments industry is a huge deal around the world and that many companies are working to reinvent the industry.
His conglomerate, meanwhile, has been under pressure to find significant investments and whittle down a $108.6 billion stockpile of cash.