WEB DESK
Business tycoon brothers Cyrus and Shapoor Mistry have announced formation of Mistry Ventures LLP to incubate and fund the startup ecosystem.
The development comes exactly two years after Mistry, 52 was ousted as the Chairman of Tata Sons on October 24, 2016 in one of the most closely followed corporate wars in recent times. The Irish-born Mistry had been appointed in 2012.
Outlining his vision for the new venture, Mistry said: “The intent to deliver profit with positive socialAimpact will be embedded in each of the ventures we promote or partner with.”
“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.