Economy

Paytm raises $300 million from Warren Buffett's Berkshire, says report

Updated : September 28, 2018 11:57 AM IST

In August, the mobile payment company said that it was in talks with Buffett’s firm to raise about Rs 2,500 crore ($350 million) at a valuation of about $10-12 billion.

With this, Paytm now has three marquee investors including China's Alibaba and Japan's Softbank.

Paytm raises $300 million from Warren Buffett's Berkshire, says report

One97 Communications, the parent company of Paytm, has raised about $300 million from Warren Buffett's Berkshire Hathaway, Mint reported.

In August, the mobile payment company said that it was in talks with Buffett’s firm to raise about Rs 2,500 crore ($350 million) at a valuation of about $10-12 billion.

The Paytm deal with Berkshire Hathaway is considered as a boost to the Indian startup environment.

With this, Paytm now has three marquee investors including China's Alibaba and Japan's Softbank. Berkshire's investment manager Todd Combs will be joining Paytm’s board.

The development comes at a time when Paytm’s near monopoly status is being challenged by several others like Google Pay, Amazon Pay, BHIM and Flipkart-owned PhonePe, said the Mint report.

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more