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One97 Communications Limited, parent company of paytm digital payments company, raised $ 300 million from Berkshire Hathaway Inc., a billionaire investor, Warren Buffett.
One97 raised this investment by awarding 17,022,713 fully paid up shares of BH International Holdings in a private placement on September 27, 2018, according to regulatory documents filed by One97, which came from the intelligence platform. Economic Paper.vc. BH International Holdings is a Berkshire Hathaway entity based in the Cayman Islands, with headquarters in Omaha, Nebraska, USA.
Last month, One97 revealed that Berkshire would join Ant Financial, SoftBank, Alibaba and SAIF Partners as key shareholders of the company. Todd Combs, investment manager at Berkshire Hathaway, has joined the company's board of directors.
"Berkshire's experience in the field of financial services and long-term investment will be a major asset in the investment of 500 million Indians in the traditional economy through financial inclusion," Vijay said. Shekhar Sharma, founder and CEO of Paytm.
Todd Combs, chief investment officer, Berkshire Hathaway, said he was impressed by Paytm and was delighted to be part of its growth story, "as it seeks to transform payment and financial services in India."
The investment comes at a time when Paytm is facing fierce competition from competitors such as Google's Google Pay mobile payment service. [Tez] and PhonePe from Flipkart. WhatsApp, which belongs to Facebook and has more than 200 million users in India, is also looking at the booming digital payments market in the country. Paytm recently alleged that Google Pay violated data privacy standards. The company has also screamed at the scandal over the payment functionality of WhatsApp.
According to a report by credit services company Credit Suisse, the digital payment space in India is expected to increase five-fold to $ 1 trillion by 2023.
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