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.
--IANS
bha/nir
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app