80p
FIRST & FOREMOST ASIAN WEEKLY IN EUROPE
R
Let noble thoughts come to us from every side
1 - 7 SEPTEMBER 2018 - VOL 47 ISSUE 18
BUFFET BETS ON INDIA
India’s largest digital payment services provider Paytm, owned by One97 Communications Ltd, said that the fintech startup has raised an undisclosed amount from Warren Buffett-owned Berkshire Hathaway Inc. Berkshire’s investment manager Todd Combs, who was leading the investment discussions with Paytm, will be joining the board of One97 Communications. It is reported that Buffett’s Berkshire Hathaway Inc. will buy a 3-4% stake for £220-250 million in One97, making it the billionaire investor’s first investment in an Indian company. The current round pegs Paytm’s valuation at about $10-$12 billion. The Omaha, Nebraska-based Berkshire has steered away from making any investments in India till now. This is not just Berkshire’s first investment in the country’s buzzing startup ecosystem; it is also the company’s first investment in a privately-held technology company in the world. “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,” said Todd Combs. While Berkshire Hathaway’s long term investment strategy in India remains still unclear, this deal marks a ringing
Justice knocks twice SEE PAGE 15
Warren Buffett and Vijay Shekhar Sharma
endorsement of Paytm and India’s internet and tech ecosystem. “We feel both excited and humbled by this endorsement. 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 to 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,” said Paytm’s
TRAVLIN STYLE 0203 751 4242
5938
inside:
46 Church Road Stanmore Middx London HA7 4AH * All price are from and subject to change and availability*
founder and CEO Vijay Shekhar Sharma. Berkshire Hathaway joins a strong list of globally renowned investors, who have parked their money in Paytm. Some of the names include Japan’s SoftBank Group, China’s Alibaba Group and Ant Financial. It also counts SAIF Partners and MediaTek as investors. The news comes in at a time when India has turned into a battleground for winning the digital payments war.
Congress President Rahul Gandhi concludes 2-day visit to the UK
Continued on page 26
SEE PAGE 2
Mumbai: Delhi: Hyderabad: Chennai: Ahmedabad: Rajkot: GOA:
£385 £375 £385 £380 £380 £455 £380
Bangalore: Bhuj: Lucknow: Kochi: Kolkata: Amritsar: Dhaka:
£380 £455 £475 £380 £385 £380 £450
Singapore : Bangkok: Katmandu: HongKong:
£450 £395 £400
£405