New Delhi: One97 Communications Ltd, the parent of Paytm, has raised $300 million from Warren Buffett’s Berkshire Hathaway Inc., according to regulatory documents sourced from

Mint had first reported on 17 August that Buffet is set to buy a stake in Paytm, India’s largest payment services provider, and talks with Berkshire Hathaway have been on since early February this year to raise about 2,200-2,500 crore ($300-350 million) at a valuation of about $10-12 billion.

The Paytm deal marks Berkshire Hathaway’s first investment in the country’s bustling startup ecosystem. It is also a rare deal for the world’s best known investor, who typically avoids internet firms, and is being considered a boost for India’s startup industry.

A Paytm spokesperson did not respond to an email seeking comments.

As a part of the deal, Berkshire’s investment manager Todd Combs, who was leading the investment discussions, will join Paytm’s board, Mint reported.

Even though Alibaba-backed Paytm reported mounting losses, it came as a surprise to investors that Berkshire Hathaway chose to invest in Paytm, Mint also reported.

The investment comes amidst a digital payments war in the country, where Paytm’s near monopoly status is being challenged by numerous players such as Google Pay, Amazon Pay, BHIM and Flipkart-owned PhonePe, alongside new players like WhatsApp’s payments service.

Berkshire Hathaway joins a long list of globally renowned investors who have parked their money in Paytm, including Japan’s SoftBank, China’s Alibaba and Ant Financial. It also counts SAIF Partners and MediaTek as investors.