Ratan Tata is a well-known industrialist in India. He once led Tata Group and took it to new heights. The 86-year-old industrialist has also invested in many startups and companies. In 2016, he had invested in the stock broking platform Upstox. The Tata Group chairman emeritus has now cashed in on his early investment in the company.
He has reportedly received a 23000 per cent return on his original investment in the Tiger Global-backed platform, ET reported. It is based on the last round valuation of USD 3.5 billion (29393 crore) of Upstox. Tata continues to hold 95 per cent of his original investment. Recently, the company announced a buyback of 5 per cent of its holding, allowing Tata to exit a portion of his investment. He had acquired a small stake (1.33%) in Upstox in 2016.
Kavitha Subramanian, Co-founder of Upstox, highlighted how Rata Tata's investment and guidance have been instrumental in shaping the company's mission to provide wealth management services.
"His early belief in our vision was a huge vote of confidence, and his challenge to us was both simple and profound: "How can we offer the same top-quality wealth advice to the everyday Indian that wealthy individuals receive?" This question has been at the heart of everything we do at Upstox," Subramanian said.
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