Business tycoon Ratan Tata has sold 5% of his stake in Upstox to the company in a buyback transaction, leading to a 10-fold realised return on his investment, according to a statement.
While Tata continues to hold 95% of his original investment, he is set to make 23000% returns on his money, based on Upstox's last round valuation of $3.5 billion.
The 86-year-old veteran industrialist had purchased a 1.33% stake in Upstox in 2016.
“We are particularly honoured that Mr. Tata, a respected and iconic figure in India, has been such a key part of our journey… 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," Upstox cofounder Kavitha Subramanian said.
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