Ratan Tata sells 5% of his stake in Upstox; reaps massive 23,000% return
stock broking startup Upstox has bought back 5% of Ratan Tata's shareholding in the company. In a statement, the company said that Tata got a 23,000% return on his initial investment.
Tata continues to hold 95% of his original stake in the company. Back in 2016, he had acquired a 1.33% stake in the Tiger Global-backed startup. According to data from Tracxn, after an equity round that Upstox undertook in September 2022, Tata was left with 0.9% stake in the company.
This share buyback happened at a $3.5 billion valuation which the startup had achieved back in 2022.
In FY23, Upstox had reported a net profit of Rs 25 crore and its gross revenue crossed Rs 1,000 crore. As of August, Upstox has around 2.7 million active clients, as per NSE.
«His (Ratan Tata's) vision inspired the creation of Upstox Wealth, a platform designed to give every Indian access to the best financial tools and advice—no matter their background or investment size. Our mission is to deliver strong returns for all our investors, and we’re proud to say that today we’re able to return part of Mr. Tata’s investment,” said Kavitha Subramanian, cofounder, Upstox.
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