Upstox delivers 10x returns to Ratan Tata following partial stake sale
Upstox, an investment platform, has generated a 230-fold increase in value for Tata Group former chairman Ratan Tata’s entire holding since his initial investment, following a buyback of 5 per cent of his 1.3 per cent stake in the company, according to a company press release.
The partial sale allowed Tata to get a 10-fold return on the portion of shares he sold, while the total value of his overall investment has grown 230 times since he first invested in the digital trading platform in 2016, acquiring a 1.33 per cent stake. The exact financial details of the transaction were not disclosed by the company.
“We are particularly honoured that Tata has been such a key part of our journey. His early belief in our vision was a huge vote of confidence,” said Kavitha Subramanian, co-founder of Upstox. “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.”
Earlier this year, Upstox’s CEO, Ravi Kumar, indicated that the company is aiming for a public listing within the next 2-3 years. The platform is valued at $3.5 billion and currently has a user base of about 1.3 crore, as per the statement.
“We believe that everyone deserves the opportunity to grow their wealth, not just the privileged few. 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 Tata’s investment,” added Subramanian.
First Published: Oct 03 2024 | 8:51 PM IST