Ratan Tata has sold 5% of his stake in Upstox, earning an impressive 23,000% return on his original investment.
Despite this sale, Tata still holds 95% of his initial stake in the fast-growing stockbroking firm. Upstox completed the buyback at a $3.5 billion valuation. Tata first invested in Upstox in 2016, purchasing a 1.33% stake, which reduced to 0.9% after a 2022 equity round. Upstox, now serving 2.7 million clients, reported a net profit of Rs 25 crore in FY23 with revenue crossing Rs 1,000 crore.