Startup

Berkshire Hathaway reportedly agrees to buy stake in One97, owner of Paytm

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Berkshire Hathaway has reportedly agreed to buy a stake in One97, the owner of India largest digital payments service Paytm .

This would mark the first time the investment firm has invested in an Indian startup.

According to Indian financial news site Mint, which first broke the news, Berkshire Hathaway, the investment firm headed by Warren Buffett, is set to buy shares worth about $300 million to $350 million, at a valuation of about $10 billion to $12 billion.Another report in Bloomberg says Berkshire Hathaway will acquire a 3% to 4% stake in One97.Paytm investors already include SoftBank, which led a $450 million round in Paytm earlier this year, and Alibaba.

Already India largest digital wallet and payment service with 230 million registered users, Paytm has recently focused on adding a host of new mobile services that could potentially turn it into a WhatsApp competitor, including a messenger and games.A spokesperson for One97 declined to comment.

TechCrunch has also contacted Berkshire Hathaway.




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