[ad_1]
Berkshire Hathaway sold its shares in the Paytm-parent firm One97 Communications Friday, booking a loss of about 40% on the investment it made more than five years ago.
The Warren Buffett firm invested about $260 million in Paytm in 2018, acquiring a 3% stake in the financial services startup at a valuation of about $10 billion.
The investment giant — which sold a stake worth $36 million in Paytm in 2021, at a profit — sold its remainder position on Friday for $121.6 million, according to disclosure by the local Indian stock exchange. Berkshire secured a return of $157 million on its ~$260 million investment in Paytm.
Paytm was Berkshire Hathaway’s first direct startup investment in India.
Shares of Paytm, which made its IPO debut in 2021 at $25.8 apiece, fell to as low as $5.58 a year ago. The Indian firm has since rebounded, ending Friday at $10.73 apiece following fast revenue growth and improving finances in recent quarters.
[ad_2]
Source link
