US-based investment firm Berkshire Hathaway has invested in Indian e-commerce payment system and digital wallet firm Paytm.
As part of the deal, Berkshire Hathaway investment manager Todd Combs has joined Paytm’s board of directors.
The board also includes independent directors such as Pallavi Shroff and Mark Schwartz.
Ant Financial, SoftBank, Alibaba and SAIF Partners are the other major investors in the Indian payments provider Paytm.
Berkshire Hathaway has purchased a stake in One97 Communications, the parent firm of the payments platform, which is valued at around $356m, as per the sources.
Paytm founder and CEO Vijay Shekhar Sharma said: “We feel both excited and humbled by this endorsement.
“Berkshire’s experience in financial services, and long-term investment horizon, is going to be a huge advantage in Paytm’s journey of bringing 500 million Indians to the mainstream economy through financial inclusion It is my honour to welcome Todd to our board, where he will bring his wealth of experience to guide our management team.”
Berkshire Hathaway investment manager Todd Combs said: “I have been impressed by Paytm and am excited about being a part of its growth story, as it looks to transform payments and financial services in India.”
In May 2017, the Indian mobile payment platform Paytm raised $1.4bn from Japan’s SoftBank in its funding round.
The investment from the Japanese internet and telecom major was made in One97 Communications. The funding helped mobile payment platform to expand further in India’s payment ecosystem.
In August 2016, the company also raised $60m funding from MediaTek, which took its valuation to about $5bn.
Alibaba Group and Ant Financial Services Group bought a combined stake of nearly 4.3% from three Paytm investors Reliance Capital, SVB and SAP Ventures.
Paytm, which is available in 10 Indian languages, provides online use-cases such as mobile recharges, utility bill payments, travel, movies and events bookings.
The platform can also be used for in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and education institutions with the Paytm QR code.