MUMBAI: Tata Sons chairman emeritus Ratan Tata has sold a 0.06% stake in brokerage platform
Upstox
for approximately $2 million (about Rs 18 crore), generating a “23,000% return on his original investment (based on 2022 valuation of $3.5 billion)”, the company said on Thursday. The transaction comes eight years after Tata made his initial investment in Upstox. After the share-sale, Tata’s holding in Upstox will be 1.27%.
Tata – who has transformed into an
angel investor
for scores of startups after leading the conglomerate for decades – has been selling his investments in new-age companies as their valuations improve. Before Upstox, the octogenarian industrialist sold some shares of baby care platform FirstCry through the IPO route.
On his share-sale in Upstox, a source said Tata wanted to take out his initial investment in the brokerage firm and then ride on the profit. He still retains 95% of his holding in Upstox, which plans to go public in the near future. Tata had acquired 1.33% in Upstox in 2016, when he was involved in a boardroom dispute at Tata Sons.
