Ratan Tata’s Portfolio: 18 Startups That Show Off His Sharp Investment Skills

As India mourns the passing of Ratan Tata, chairman emeritus of Tata Sons, his smart, early investments in the startup space are once again being celebrated. From betting on Ola and its electric offshoot Ola Electric to getting in on Paytm, FirstCry, and others before they hit it big, Tata was no ordinary investor. He was definitely a visionary with a magic touch in India’s startup ecosystem.

Over the years, Ratan Tata personally invested in more than 40 startups, not just through his family office and venture fund but from his own pocket as well. He knew how to spot the potential, and his backing shaped the journey of many companies across industries like e-commerce, mobility, consumer services, and fintech.

What’s even cooler? Tata didn’t consider himself a numbers guy. He was all about intuition. “If the founder has passion and innovation, he needs to be supported,” he once said. “Not all investments will work out, some will fail—that’s just life.”

And even when he wasn’t writing checks, Tata was out there mentoring, advising, and sharing his wisdom with both startups and funds like Kalaari Capital. Many of the companies he backed aren’t just successful today; they’ve made it through the trenches to hit unicorn status and even go public.

Let’s take a look at 18 key startups in Ratan Tata’s stellar portfolio

1. Ampere

Tata was way ahead of the game when he invested in electric vehicle (EV) company *Ampere* back in 2015, putting in INR 3 Cr from his own funds. Fast forward to 2018, and he made a clean exit, doubling his money. Smart? Absolutely.

2. Atlan

Data is the new oil, and Tata knew this when he backed Atlan, a data collaboration platform founded by Prukalpa Sankar and Varun Banka. The startup raised $105 Mn in May this year and is currently valued at around $750 Mn. Talk about a good call.

3. BlueStone

Tata jumped into e-commerce early on, and one of his notable picks was online jewelry retailer BlueStone in 2014. Fast forward to 2024, and the company is eyeing a $970 Mn valuation after crossing the INR 1,000 Cr revenue mark. IPO incoming!

4. CarDekho

Tata’s investment in CarDekho came in 2015, and it wasn’t just any investment. It was his fourth big bet in the Indian startup scene. Now, CarDekho is heading for a $500 Mn IPO next year after becoming a unicorn in 2021.

5. CashKaro

While Paytm might be the crown jewel in Tata’s fintech portfolio, CashKaro was a bold, early bet in 2016. The cashback and coupon platform now generates over INR 300 Cr in revenue annually, thanks to its clever pivot into financial product recommendations.

6. Curefit

Fitness is big business, and Tata got a slice of the action with Curefit. He first invested $3 Mn through RNT Capital in 2017 and then $75 Mn through Tata Digital later on. The startup became a unicorn in 2021, so clearly Tata’s got the workout plan figured out too.

7. FirstCry

When it comes to kids’ shopping, FirstCry nailed it. Tata’s 0.02% stake in the company bought for just INR 66 lakh turned into INR 5 Cr when he cashed out during their IPO. That’s a 660% return for those keeping score.

8. GOQii

Healthtech was on Tata’s radar way before most VCs caught on. His investment in GOQii in 2016 helped the fitness startup grow into a hybrid platform, combining smartwatches and personalized fitness training.

9. Innoviti

Tata saw the value in Innoviti, a digital payment solutions provider, way back in 2007 when Titan Industries first invested. Later, Tata Capital jumped in too, and today the startup powers credit distribution and payment processing software for retailers.

10. Moglix

Tata’s belief in B2B commerce led him to back Moglix in 2016. Today, Moglix is a unicorn, driving supply chain efficiencies for businesses buying industrial tools.

11. Ola

Ola’s rise to mobility fame had Tata’s backing as early as 2015. By 2017, RNT Capital participated in Ola’s $104.4 Mn Series I funding round, cementing Tata’s legacy as a key player in India’s ride-hailing revolution.

12. Ola Electric

Tata’s love for EVs didn’t stop with Ampere. *Ola Electric* was another personal project close to his heart. He was an early investor, and his firm RNT Associates made an INR 14 Cr bet that eventually paid off with a stunning 10.2X return after Ola Electric’s IPO.

13. Paytm

Paytm needs no introduction, and Ratan Tata’s personal investment in the company in 2015 helped fuel the fintech behemoth’s rise. His role as an advisor played a major part in Paytm’s journey to becoming the first fintech major to go public in India.

14. Snapdeal

Tata was bullish on e-commerce, and his investment in Snapdeal in 2014 was one of his earliest in the Indian startup scene. Though Snapdeal faced ups and downs, it managed to narrow its losses by 44.7% in FY23 and is still a player in the game.

15. Tracxn

Tata backed Tracxn, a market intelligence platform, six years before it went public in 2022. The company posted an 84.6% jump in profit in Q1 of FY25. It’s another example of Tata betting on the right horse, early on.

16. Upstox

Just before his passing, Tata cashed out of Upstox, securing a whopping 23,000% return on his 2016 investment. Yep, you read that right—23,000%. That’s what being a visionary looks like.

17. Urban Company

Urban Company (formerly UrbanClap) attracted Tata’s investment just a year after it launched in 2014. Today, it’s one of the leading service marketplaces in India, and Tata’s influence was felt throughout its growth.

18. Urban Ladder

Furniture marketplace *Urban Ladder* was another passion project for Tata, who invested in the startup in 2014. Even as Reliance Retail bought a 96% stake in the company in 2020, Tata’s early belief in the company’s vision speaks volumes.

The Final Takeaway:

Ratan Tata wasn’t just about building a massive conglomerate—he was also a trailblazer in India’s startup scene, nurturing and investing in young companies that are now industry leaders. His investments weren’t just about money, they were about mentorship, intuition, and believing in people before their time had come. As these startups continue to thrive, Tata’s legacy will live on in the innovation he helped inspire.