One97 Communications Limited that owns the brand Paytm today said that Warren Buffett-owned Berkshire Hathaway has invested an undisclosed amount in the company.
"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 into 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," Paytm Founder & CEO Vijay Shekhar Sharma said.
Berkshire joins Ant Financial, SoftBank, Alibaba and SAIF Partners as key shareholders in Paytm. Todd Combs, investment manager at Berkshire Hathaway, has joined the board of directors of Paytm, that also includes Pallavi Shroff and Mark Schwartz as independent directors, according to the statement.
Todd Combs, Investment Manager, Berkshire Hathaway 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."
Meanwhile, Paytm has also partnered with Alibaba for Cloud Computing Infrastructure, and will soon offer enterprise-messaging solutions in partnership with DingTalk.
Last Month Paytm also announced that it is witnessing a tremendous increase in adoption of digital payments in tier II & tier III cities that constitute 50 percent of our total user base. Surat, Durgapur, Rajkot, Meerut, Imphal, Rohtak, Panipat, Mangalore, Ranchi, Puducherry, Rajamundri, Warangal, Jodhpur, Thrissur, Karnal, Madurai, and Jamnagar are among the fastest adopters and are leading the wave of digital payments adoption.
A major factor that has contributed to this growth is our multilingual app. Around 25 percent of our users prefer using the app in their regional language. Hindi is the most used language after English, followed by Gujarati, Telugu, Marathi, Bengali, Tamil, and Kannada among others. An increase in usage of vernacular languages on our app reflects the increased trust on digital payments from these consumers.