Warren Buffet Invests: One of the worlds most renowned investors, Warren Buffet, looks set to pick up a major stake in what will be his first Indian investment.
Specifically, his company—Berkshire Hathaway (NYSE:BRK.A)—is going to be investing in Indian’s biggest mobile payment firms, Paytm.
Well, that’s what sources are saying thus far—the official announcement is expected later this week.
Warren Buffet Invests
According to a source, for several months now, the two companies have been discussing figures in and around the $360 million USD mark. An investment of this magnitude would then put Paytm at a worth of around $10 billion.
India is a Hot Spot
India is growing fast and other major players have already begun investments; Google (NASDAQ:GOOG) launched a mobile payments app called Tez there last year and Facebook (NASDAQ:FB) is currently testing a mobile messaging service similar to its WhatsApp service.
Buffet and Paytm
Buffet is no stranger to India, he has spoken previously about his excitement over the Indian market, saying in an interview that it has “incredible” potential as a market. He continued further:
“If you tell me a wonderful company in India that might be available for sale, I’ll be there tomorrow.”
And it’s no surprise he has chosen Paytm to invest in. The company signed around 10 million new users in a month, bringing its total tally to 300 million users. It has also started Paytm Mall to challenge Amazon (NASDAQ:AMZN) and Flipkart, which was bought by Walmart (NYSE:WMT) earlier in 2018.
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Not Alone
Other huge companies have already invested in Paytm also. Berkshire Hathaway will join Alibaba and Softbank, who have seen the potential in this market too.
In the opinion of research director at Gartner, DD Mishra, “This market is going to be very competitive, and you need deeper pockets to survive for a long time.”
I think its safe to say Warren Buffet’s pockets are deep enough, don’t you?
Featured Image: Freepik
