Business Business: Veteran businessman Ratan Tata has sold his 5% stake in discount brokerage firm Upstox. 86-year-old Ratan Tata had bought 1.33% stake in this company in the year 2016. Out of his investment, he has now sold only 5% stake and the remaining 95% stake is still with him. Upstox recently announced that the process of buying back Ratan Tata’s 5% stake in the company has been completed. By selling this stake, Ratan Tata got a huge return of 23,000% on his 2016 investment. This return is based on the company’s current valuation of $3.5 billion. Upstox co-founder Kavita Subramanian said on the occasion that it is a matter of great pride for us that a respected and iconic person like Ratan Tata is a part of our journey.
Our mission has always been to give solid returns to all our investors and today we can proudly say that we have been able to return a part of Tata’s investment. Ratan Tata’s investment has been a great support for Upstox and his guidance has played a vital role in the company’s growth. Even after this buyback process, Tata has retained most of his investment in the company, which shows his confidence in Upstox. Upstox is a discount brokerage platform that was founded in the year 2009. In recent years, the company has become one of the fastest-growing brokerage platforms in India. The company earned a revenue of Rs 1,000 crore in FY 2022-23, which is an indication of its strong financial performance. The major investors of the company also include large investment firms like Tiger Global. The growing popularity and number of users of Upstox have made it one of the leading brokerage firms in India. Ratan Tata’s early investment and support have helped the company strengthen its roots.
