Ratan Tata did not buy 50% stake of 17-year-old's start-up, confirms it was minority token investment

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ET Online and Agencies | 

Ratan Tata did not buy 50% stake of 17-year-old's start-up, confirms it was minority token investment
BCCL

Rata Tata has been calling out fake news ever since the country has been in lockdown due to the coronavirus pandemic.

    NEW DELHI: Ratan Tata has been using his social media accounts to update the people better.

    The billionaire, who is known for pumping hundreds of crores of rupees into start-ups since he retired from the Tata Group, invested an undisclosed amount in a 17-year-old entrepreneur's pharma start-up Generic Aadhaar, in his personal capacity on Thurday.

    Generic Aadhaar was founded by a Thane-based young businessman, Arjun Deshpande, in April 2019, when he was 16. It supplies quality generic drugs from reputed manufacturers at up to 80 per cent lesser cost and other medicines 20-30 per cent cheaper.

    Some news reports started claiming that he acquired 50% stake in the DAV Public School alumni's company.

    Like the last two times, the Tata Group Chairman Emeritus was quick to take to share an update on social media, confirming that it was a minority token investment. "I have not purchased 50% stake in the company," he mentioned.


    The 82-year-old businessman has been updating people about fake news being spread using his name. He had posted clarifications on his official Twitter account in April and May this year amid the coronavirus lockdown.


    The Tata Trust Chairman has so far invested in over a dozen start-ups since he retired from the group in December 2012 and all his investments are routed through his investment company RNT Associates. Some of his investments include Ola, Paytm, Snapdeal, CureFit, Urban Ladder and Avanti Finance.

    Generic Aadhaar sources generic drugs directly from manufacturers and sells it to retailers, eliminating 16-20 per cent wholesaler margins.

    The start-up boasts of an annual revenue of Rs 6 crore and is looking at a revenue of Rs 150-200 crore in the next three years, the statement said. It also claimed to have employed about 55 persons, including pharmacists, IT engineers and marketing professionals.

    Generic Aadhaar supplies diabetes and hypertension drugs but will soon start offering cancer drugs at rates much lower than the market prize.

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