Cyrus Mistry floats startup investment fund on second anniversary of his ouster from Tata Sons

By: | Updated: October 24, 2018 7:55 PM

Ashish Iyer, senior partner and formerly global leader, strategy practice at the Boston Consulting Group, has been roped in as the chief executive officer of the newly floated venture.

Mistry was appointed as the chairman of Tata Sons in 2012 and was sacked in October 2016. (PTI)Mistry was appointed as the chairman of Tata Sons in 2012 and was sacked in October 2016.

Former Tata Sons Chairman Cyrus Mistry has launched a venture capital firm on the second anniversary of his ouster as the Chairman of India’s largest corporate group Tata Sons. The fund named ‘Mistry Ventures LLP’ will invest to incubate new ventures and provide seed, early stage and growth capital to startups, as well as offer strategic insights to businesses in India and across the world, according to a statement released by the company on Wednesday.

The new firm will be jointly promoted by Cyrus Mistry and his elder brother Shapoor Mistry, both promoters of the family-held Shapoorji Pallonji Group. Notably, Shapoorji Pallonji Group owns about 18.4% equity stake in Tata Sons and remains the single largest shareholder in the conglomerate. The Mistry family is the fourth richest in the country with a wealth over $18.7 billion, according to Forbes 2018 ranking.

Ashish Iyer, senior partner and formerly global leader, strategy practice at the Boston Consulting Group, has been roped in as the chief executive officer of the venture. “Ashish has worked with companies across sectors globally and brings deep expertise across domains and capabilities such as strategy, go-to-market, digital, innovation amongst others and I am very excited to have him on board,” Cyrus Mistry said in the statement.

“By interpreting some of the major global and local trends and understanding their impact on industries and companies, we will incubate new businesses, forge partnerships and make investments across sectors,” Cyrus Mistry said. “Mistry Ventures will focus on providing mentorship and infusing unique capability sets to help startups craft the appropriate business experiments needed to validate, scale and bring products and services faster to market,” he added.

Mistry was appointed as the chairman of Tata Sons, which is the holding firm of one of India’s oldest and biggest corporate houses, in 2012. He, however, was sacked from the company’s board in October 2016 in a surprise move, without disclosing any reason. Since then, both Mistry and Tata group have dragged each other to courts over his sacking, and other issues.

Cyrus was the second non-Tata chairman of the group after Nowroji Saklatwala, who headed the group as the chairman during 1934-38.

With a history of over 150 years, Shapoorji Pallonji Group is a globally diversified conglomerate and currently operates in infrastructure, real estate, engineering and construction, water, energy and financial services sectors. The group has footprints in over 60 countries globally. Both Cyrus Mistry and Shapoor Mistry own 50% each in the group.

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