Buffett also said investors are better off owning a basket of stocks than 30-year bonds and other fixed-income securities as a strong United States economy bolsters corporate profits despite higher costs from tariffs, which have also affected Berkshire. Warren Buffett's Berkshire Hathaway has recently picked up a 25 billion rupees ($356 million) stake in the parent of digital payments firm Paytm.
Todd Combs, investment manager, Berkshire Hathaway, said, "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".
Billionaire Chairman Warren Buffett's assistant, Debbie Bosanek, confirmed Berkshire's interest in India's One97 Communications Ltd in an email.
Other Paytm board members include Alibaba co-founder and executive chairman Joseph Tsai and Ant Financial CEO Eric Jing; Goldman Sachs Asia chairman Mark Schwartz and Shardul Amarchand Mangaldas managing partner Pallavi Shroff.
Paytm was earlier valued at around $7 billion last year when it raised $1 billion from Softbank Vision Fund and around $10 billion earlier this year during a secondary share sale by employees of the company.
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"They've got to keep having the product that this huge clientele regards as indispensable", Buffett said. "If I used the iPhone - I use an iPad a lot - if I used the iPhone like all my friends do, I would rather give up the plane", Buffett said.
For Paytm, the fresh funding comes as a shot in the arm at a time when it is locked in a bruising war with rivals like Flipkart's PhonePe and Google's Tez.
The investment is a huge endorsement for Paytm that has grown to become India's leading digital payments platform in just eight years of its operation. Paytm has also been aggressively diversifying its business into areas like investment management and e-commerce.
Paytm has been one of the prominent beneficiaries of the governments move in November 2016 to scrap high denomination notes. That investment would value Paytm at about $7 billion. It claims to have an annual run rate of 5 billion transactions and $50 billion in gross transaction value.