Berkshire Hathaway confirms investment in India's Paytm

Berkshire Hathaway Inc made an investment in India’s One97 Communications Ltd, the parent of digital payments firm Paytm, a spokeswoman said on Monday.

Billionaire Warren Buffett, who runs the conglomerate, was not involved in the transaction, according to the emailed statement from Buffett’s assistant, Debbie Bosanek.

Berkshire is said to pick up a 3-4 per cent stake in Paytm’s parent and the deal is being done through a primary subscription of shares, the Economic Times reported earlier, citing people familiar with the matter.

Japan’s SoftBank and China’s Alibaba Group are among the major backers of Paytm.

Berkshire, One97 Communications, Softbank and Alibaba did not immediately respond to requests seeking comment.