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Upstox has purchased 5% of the stake that industrialist Ratan Tata acquired in the brokerage app in 2016. Through this buyback, Tata has already realised a tenfold return on his initial investment, while still retaining 95% of his original stake.

The online trading platform said in a statement that Tata’s stake in Upstox has soared 23,000% at its latest valuation of $3.5 billion. Ratan Tata had bought a 1.33% stake in Upstox in 2016

According to calculations based on the provided figures, Tata’s stock is currently valued at around $46.5 million—a 231X gain from approximately $200,000 invested 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. His early belief in our vision was a huge vote of confidence, and 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,” Upstox Co-founder Kavitha Subramanian stated.

“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,” she added.

RKSV Securities, the parent company of Upstox, is a prominent online brokerage firm in India founded in 2009 by Ravi Kumar, Shrini Viswanath, and Subramanian.

It has received funding from institutional investors like Tiger Global and Kalari Capital, and prominent angel investors including Shikhar Dhawan and Ratan Tata.

Ratan Tata, the renowned Indian industrialist, has strategically invested in a diverse portfolio of innovative startups across various sectors. His investments include prominent companies such as Ola, Paytm, Snapdeal, Lenskart, Cure.fit, and YourStory, among others.