Managing director of Shapoorji Pallonji Group, Cyrus Mistry, who had been sacked from the position of the Chairman of India’s largest corporate group Tata Sons, have launched a venture capital firm called - Mistry Ventures LLP. The latest firm aims to fund and guide startups not just in India, but globally. The fund will be deployed to incubate new startups and provide seed, early stage and growth capital along with offering strategic insights to the ventures. However, the size of the capital fund hasn't been disclosed yet.
The newly minted startup focussed firm will be jointly operated by Cyrus Mistry and his elder brother Shapoor Mistry, who's a 50 percent stakeholder in it, and jointly shares the ownership of the family-held Shapoorji Pallonji Group.
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. Acknowledging Iyer’s competence, Cyrus Mistry said in a statement shortly after making the announcement,
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.
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.
Cyrus Mistry returns to the corporate world
The launch of the brand new equity fund emerges exactly two years after the Irish businessman of Indian origin, Cyrus Mistry, was booted out of Indian conglomerate Tata’s Board after serving as the chairman of the company for merely four years, which then followed with the former suing the conglomerate under various grounds leading to long drawn court battles.
Shapoorji Pallonji Group
The company was founded as a partnership firm Littlewood Pallonji, in 1865. 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 is spread across in over 60 countries globally.
The 153-year-old company, Shapoorji Pallonji is regarded as one of India's most valuable private enterprises with a net worth of surpassing $2.5 billion. Shapoorji Pallonji Group has two listed companies, Forbes & Company Ltd. and Gokak Textiles. Shapoorji Pallonji Group is the singular largest shareholder in the Tata Sons conglomerate owning about 18.4% equity.
According to the Forbes 2018 ranking, the Mistry family is the fourth richest in the country with a fortune of over $18.7 billion.