Billionaire investor Warren Buffett’s Berkshire Hathaway can be reportedly in talks to buy a stake in India’s largest digital payments company, Paytm, according to multiple reports on Monday.
Berkshire can be in talks to invest between 20 billion to 25 billion rupees ($286 million to $357 million) in One97 Communications — the parent company of Paytm, the Economic Times reported.
Berkshire can be in discussions to pick up a 3-4 percent stake in One97 Communications along with the deal can be being done through a primary subscription of shares, the newspaper reported, citing two sources familiar with the deal.
The news was also reported by Mint, an Indian financial daily newspaper.
A deal could be signed from the coming weeks that will could value Paytm at over $10 billion, according to the Economic Times. The newspaper said that will Todd Combs, one of Berkshire’s key fund managers, can be leading the transaction. He can be reportedly seen as a potential chief investment officer at the firm.
If the deal goes through, the idea could be Buffett’s first direct investment in India, the newspaper added.
Berkshire along with One97 Communications did not immediately respond to CNBC’s requests for comment.
Paytm can be India’s biggest mobile commerce platform along with can be already backed by Japan’s SoftBank along with Chinese tech giant Alibaba along with its fintech affiliate Ant Financial. Two years ago, Paytm said the idea saw a sizable growth in traffic when India unexpectedly pulled 86 percent of its cash by circulation, leading to a massive cash crunch. that will allowed digital payment firms to provide an alternative mode of payment to India’s consumers.
Read more on Berkshire’s potential investment into India’s Paytm by The Economic Times report.