Former chairman of Tata Group Cyrus Mistry has announced the formation of new venture capital firm named Mistry Ventures LLP. The new firm is jointly promoted by brothers Cyrus and Shapoor Mistry, who own 50% stake each in their family business Shapoorji Pallonji Group.
The new venture capital firm will provide strategic insights and advice to businesses, incubate new ventures and provide seed, early stage and growth capital to startups in India and across the globe.
Ashish Iyer, Senior Partner and previously Global Leader, Strategy Practice at the Boston Consulting Group, will head Mistry Ventures.
Ashish Iyer’s vast experience working with companies across sectors and expertise in various domains and capabilities like strategy, go-to-market, and innovation, will immensely help the venture firm to make smart investments.
With the new initiative, Cyrus Mistry is looking to embed profitable opportunities, with positive social impact.
Cyrus Mistry, said, “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 startups craft the appropriate business experiments needed to validate, scale and bring products and services faster to market.”
Indian startup ecosystem witnessing a funding boom and another venture capital firm by an experienced businessman like Cyrus Mistry will further strengthen the ecosystem.
Recently, it was reported that real estate developer Ajmera Group has set up a fund ₹73 crore fund, to invest in tech startups.
Earlier this month, US-based Tiger Global Management closed its $3.75 billion fund, to focus on tech investments in India, among other markets.