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

Tata invested an undisclosed amount in Arjun Deshpande's Generic Aadhaar on Thursday.

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 keep people updated about fake news.

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.


ADVERTISEMENT
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.
ADVERTISEMENT

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

Not Just Fake News, Be A Pro At Spotting All Things Bogus On the Internet
1/10

Fake news is just the tip of the iceberg. The truth is, the internet is full of lies and you need a keen eye to segregate the bogus from the bonafide.

Fake news is just the tip of the iceberg. The truth is, the internet is full of lies and you need a keen eye to segregate the bogus from the bonafide.

Fraudulent job emails usually don’t have detailed information about the role, company and package.

Also, if an offer asks you to pay for an appointment or interview, it’s fake. No employer asks for money in the name of security deposits in advance.

Fraudulent job emails usually don’t have detailed information about the role, company and package. Also, if an offer asks you to pay for an appointment or interview, it’s fake. No employer asks for m..
Read More

Social media influencers often grumble about fake profiles.

But they are not difficult to identify — a fake profile will have a stock image or no image, not many friends, lack of activity in the platform and too many or too few followers.

Then there are bot accounts that are fake voters with loud opinions or obsessive re-tweeters.

Social media influencers often grumble about fake profiles. But they are not difficult to identify — a fake profile will have a stock image or no image, not many friends, lack of activity in the plat..
Read More

Do you know one among four products in your shopping wishlist at an e-commerce site can be counterfeit?

Irrespective of what you intend to buy, compare the product with the one listed on the brand’s official website, and look for the assurance tag on the product to ensure it’s genuine. Also, avoid products offering heavy discounts.

Do you know one among four products in your shopping wishlist at an e-commerce site can be counterfeit? Irrespective of what you intend to buy, compare the product with the one listed on the brand’s ..
Read More

Fake reviews are nothing new on hotel, restaurant, book and e-commerce sites.

But they can be damaging. Unlike genuine reviews that contain words specifically relating to the place or product in question, the fake ones are vague and include repeated use of same words or marketing terms.

Questionable grammar and the use of superlatives are also signs of suspicious reviews.

Fake reviews are nothing new on hotel, restaurant, book and e-commerce sites. But they can be damaging. Unlike genuine reviews that contain words specifically relating to the place or product in ques..
Read More

Fake mobile apps mimic the look of legitimate applications to trick you to install them.

Once installed, they tend to perform malicious actions. Such apps are usually hosted on third-party app stores.

If you come across apps in the App Store and Play Store that are crowded with ads, then stay away. You should also check all app permissions carefully.

Fake mobile apps mimic the look of legitimate applications to trick you to install them. Once installed, they tend to perform malicious actions. Such apps are usually hosted on third-party app stores..
Read More

Unlike malware or spyware, scareware pretends to be real security protection and then tricks you into paying to clean up infections it claims to have detected.

To avoid falling into the trap, install a decent anti-virus, avoid visiting dubious web locations, and if a fake ransom demand popup refuses to leave your screen, call its bluff by killing the browser using Task Manager.

Unlike malware or spyware, scareware pretends to be real security protection and then tricks you into paying to clean up infections it claims to have detected. To avoid falling into the trap, install..
Read More

We are all introduced to fake or phishing emails where the sender is ‘fishing’ for our personal information.

And they are not difficult to identify as well — just ‘report spam’ if you receive an email with impersonal greetings like ‘Dear user’ or ‘Dear [your email address]’, or if the email asks you to click on links that take you to a fake website, contains unknown attachments or conveys a false sense of urgency.

We are all introduced to fake or phishing emails where the sender is ‘fishing’ for our personal information. And they are not difficult to identify as well — just ‘report spam’ if you receive an emai..
Read More

The internet has hundreds of legitimate survey sites. Then there are the fake ones that invite people to take surveys.

If a site offers outrageous incentives such as free vacations, expensive products or a lot of cash, it’s fake.

Stay away from platforms that ask for your family or bank details, or asks you to download software.

And never share your frequently used email IDs.

The internet has hundreds of legitimate survey sites. Then there are the fake ones that invite people to take surveys. If a site offers outrageous incentives such as free vacations, expensive product..
Read More

There has been a rise in misleading ad experiences from third-party tech support providers recently.

In a bid to crack down on scam ads, Google will roll out a verification program in the coming months.

Last year, the company took down over 3.2 billion ads that violated its advertising policies.

There has been a rise in misleading ad experiences from third-party tech support providers recently. In a bid to crack down on scam ads, Google will roll out a verification program in the coming mont..
Read More
Download
The Economic Times Business News App
for the Latest News in Business, Sensex, Stock Market Updates & More.
READ MORE
ADVERTISEMENT

READ MORE:

LOGIN & CLAIM

50 TIMESPOINTS

More from our Partners

Loading next story
Text Size:AAA
Success
This article has been saved

*

+