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Paytm gets Rs 2,500-crore funding from Berkshire

Last year, Paytm had received an investment of around $1.4 billion from Japanese SoftBank Group for 20 per cent stake in the company.

By: ENS Economic Bureau | New Delhi | Updated: August 29, 2018 1:54:46 am
business news, Paytm, e-commerce sector, Alibaba, Paytm funding, Warren Buffett, Berkshire Hathaway, foreign direct investment, FDI, e-commerce, Amazon, Flipkart, indian express One97 Communications also owns 49 per cent stake in Paytm Payments Bank.

Chinese e-commerce major Alibaba-backed Paytm has received funding of around Rs 2,500 crore from Warren Buffett’s Berkshire Hathaway Inc. In a statement, Paytm’s parent company One97 Communications Ltd said that US-based Berkshire Hathaway’s Todd Combs will join the payments company’s board of directors. According to sources, with the deal that saw Berkshire pick up 3-4 per cent stake, Paytm has been valued at $10 billion.

Last year, Paytm had received an investment of around $1.4 billion from Japanese SoftBank Group for 20 per cent stake in the company. For Paytm, the fresh round of funding has come at a time when it is battling for space in the payments sector with rivals like Flipkart’s PhonePe and Google Pay, as the industry is also expected the full-scale launch of payments by Facebook-owned messaging service WhatsApp.

One97 Communications also owns 49 per cent stake in Paytm Payments Bank. Paytm’s founder has also started e-commerce business under Paytm Mall that competes with giants like Amazon and Walmart-backed Flipkart.

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