Former Tata Sons Chairman Cyrus Mistry has launched ‘Mistry Ventures LLP’, a new venture capital firm which will invest to incubate new ventures and provide seed, early stage and growth capital to startups in India and worldwide. The new fund will also offer strategic insights to businesses in India and across the world.
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.
As a CEO of Mistry Ventures, the Mistrys have roped in Ashish Iyer, who is senior partner and former global leader, strategy practice at the Boston Consulting Group.
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.
“The intent to deliver profit with positive social Aimpact will be embedded in each of the ventures we promote or partner with,” said Cyrus Mistry.
He further added that Mistry Ventures will do more than just invest in companies. By interpreting some of the major global and local trends and understanding their impact on industries and companies, it would incubate new businesses, forge partnerships and make investments across sectors.
The development comes exactly two years after Cyrus, 52 was ousted as the Chairman of Tata Sons on October 24, 2016 in one of the most closely followed corporate wars in recent times. The Irish-born Mistry had been appointed in 2012.
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.
With Mistry Ventures, Cyrus Mystry has joined the league of other corporate investors and high net-worth individuals who actively invest in star-up ventures. This includes Infosys Ltd co-founders N.R. Narayana Murthy, Azim Premji (PremjiInvest), S. Gopalakrishnan, Piramal Group’s Ajay Piramal and Ratan Tata
Source – Financial Express
[Top Image – bbc.com]