Cyrus Mistry makes a comeback, starts VC firm
Mistry Ventures LLP to invest in and nurture start-ups across the world
The venture capital firm will provide strategic insights and advice to businesses, incubate new ventures, and provide seed, early stage and growth capital to start-ups.
Incidentally, the announcement coincides with the second year of Mistry’s ouster from Tata Sons, following a boardroom coup on October 24, 2016.
“The intent to deliver profit with positive social impact will be embedded in each of the ventures we promote or partner with,” Cyrus Mistry said in a statement.
“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, we will incubate new businesses, forge partnerships and make investments across sectors. Mistry Ventures will focus on providing mentorship and infusing unique capability sets to help start-ups craft the appropriate business experiments needed to validate, scale and bring products and services faster to market,” he said.
The VC firm is jointly promoted by Cyrus Mistry and his elder brother Shapoor Mistry, both promoters of Shapoorji Pallonji Group (SP Group), a conglomerate operating in the engineering and construction, infrastructure, real estate among others. The group also has presence in energy and financial services sectors across 60 countries.
The new firm has roped in Ashish Iyer, Senior Partner and previously Global Leader, Strategy Practice at the Boston Consulting Group, to lead the firm. “Iyer has worked with companies across sectors globally and brings deep expertise across domains and capabilities such as strategy, go-to-market, digital and innovation among others and I am very excited to have him on board,” Mistry added.
Mistry, who was the sixth chairman of the Tata Group between 2012 and 2016, was ousted following a board room coup on October 24, 2016. On December 20, 2016, through family-run firm Cyrus Investments he moved the Mumbai Bench of National Company Law Tribunal (NCLT) against Tata Sons and others for oppression and mismanagement.
In July this year, NCLT dismissed Mistry’s petition, ruling in favour of Tata Sons, following which the former chairman moved the National Company Law Appellate Tribunal (NCLAT) in New Delhi.