Berkshire Hathaway sold its shares in Paytm’s parent company One97 Communications on Friday, losing about 40% of the investment it made more than five years ago.
Warren Buffett 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 $36 million stake in Paytm in 2021 at a profit – sold its remaining position on Friday for $121.6 million, the local Indian stock exchange revealed. Berkshire received a return of $157 million on its nearly $260 million investment in Paytm.
Paytm was Berkshire Hathaway’s first direct investment in India.
Shares of Paytm, which first went public in 2021 at $25.8 per share, fell to $5.58 a year ago. The Indian company has since rebounded, ending Friday at $10.73 apiece after rapid revenue growth and improving financial conditions in recent quarters.