People took us seriously once Ratan Tata came on board: Startup founders and investors pay tribute to the legend

Tata Sons Chairman Emeritus Ratan Tata attends a panel discussion during the annual general meeting of Indian Merchants' Chamber in Mumbai

Late on October 9, Tata Sons’ Chairman emeritus passed away at the age of 86. The iconic industrialist and former chairman of Tata Sons, leaves behind a legacy that will resonate with people across generations. Known for his business acumen, humility and his role in putting India on the map, he was a beacon of hope and mentorship for several right from titans like NR Narayana Murthy to younger founders like Ola’s Bhavish Aggarwal and more.

While he is credited for growing Tata Consultancy Services (TCS) into a global tech behemoth, he also played a pivotal role in nurturing India's burgeoning startup ecosystem, which has grown into the world’s third-largest in a short span of time.

In all, Ratan Tata invested in around 45 startups, according to Tracxn, a private markets data provider, also a company backed by Ratan Tata.

Kaushal Dugar, founder of Teabox, a tea company, said his company would not be where it is today if Ratan Tata had not invested in them back in 2016.

“I am extremely saddened by his loss and am still coming to terms with it. His investment and mentoring at Teabox changed our trajectory in the Indian market as till then we were looked down upon by the tea industry as a bunch of misfits trying to change something that's been "working" for about 100 years. Once Mr. Tata came onboard, literally everyone started taking us seriously in India and we got the much needed boost to grow,” Dugar said.

That was not his fondest memory, though. Dugar also recalls his first meeting with Ratan Tata.

“What remains etched in my memory of my first meeting with him was his smile/warmth/grace. He himself opened the door and led us inside and made us feel comfortable realising that I was pretty nervous meeting him. At the end of my presentation, he only remarked that - ‘there is nothing in your presentation that resembles a tea company, except the tea spoon image in that one slide’. (Despite that) he took a bet on us. And his life is about such bets that have transformed not just Tata group but in some ways India and her standing in the world. Teabox, India and the world has lost one of our greatest sons,” Dugar said.

Ratan Tata’s bets have earned him handsome returns, too. While Upstox delivered a return of over 23,000 percent, an early bet on Lenskart reportedly gave him a 28X return on his investment. Similarly, Ola Electric and Firstcry, new-age companies that went public this year, gave him returns of 10X and 450 percent respectively.

Beyond an investor, Ratan Tata also advised companies and hand-held them until they stood on their own.

“I met Mr Ratan Tata first on August 12, 2015 . That meeting ended in him accepting our request to be an Advisor to Chiratae. Since then for over six years including during Covid time, over zoom he gave time almost every time to me, founders of our portfolio and the Chiratae team. In every interaction what always stood out was humility , his curiosity to learn more about the startup ecosystem and his ability to advise on governance , integrity , strategy and more in every meeting . He never rushed for time and was liberal as a teacher, a student and a tall father figure to everyone. His passing away is a personal loss to me, the Chiratae team and every founder of a startup in India,” Sudhir Sethi, founder and chairman, Chairatae Ventures said.

Sethi also recalled Ratan Tata’s love for animals and dogs in particular.

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“You have left in every startup entrepreneur you met, a Ratan Tata, who will truly inspire us every day,” Sethi said.

“In our very first meeting with him back in 2015, he told us, ‘India needs what you are building, keep the quality high and the rest will follow’. We at Urban Company were fortunate to have him join us subsequently as a shareholder, and derive immense inspiration from his words and the values he stood for. Some men do live on forever. Salute to the greatest Indian I have ever met,” Abhiraj Singh Bhal, co-founder of Urban Company, a home solutions provider, said.

“Mr. Ratan Tata was an embodiment of all the values which India and Indians should strive for - humility, integrity, service before self, trusteeship, excellence, grace, conscious capitalism and love for nation,” he added.

Others like Kunal Bahl of Snapdeal echoed those feelings.

“India has lost one of its greatest titans, a true statesman of industry. Mr. Ratan Tata was more than just a business leader—his compassion, humility, and kindness inspired millions. His legacy will live on forever,” Bahl said.

Ratan Tata’s startup bets went beyond conventional ecommerce.

“Sir Ratan Tata is a legend - his passion for India, manufacturing and startups is unmatched and I had a pleasure to have him as an investor, mentor and guide. May his soul RIP and we shall continue to build towards viksit bharat,” Rahul Garg, founder of Moglix, a manufacturing company that Ratan Tata had invested in.

Another founder, Abhishek Goyal of Tracxn, who raised money from Ratan Tata took inspiration from the industrialist early on.

“I grew up listening to his stories from a very early age and the Tata way of doing business. Our entire generation got inspired, to build a people-centric business and keep a global ambition, from him,” Goyal said.

For some like Shanti Mohan of Lets Venture, life had come full circle when she raised money from him.

“Eight years ago, I had the privilege of meeting Ratan Tata sir. As an early-stage founder, I was struck by his humility and sharp focus. He listened intently to my story and expressed how proud he was of what we had built, especially coming from a city like Jamshedpur. His mere presence commanded reverence. His integrity, absolute simplicity and humility stand out,” Mohan said.

“Having grown up in Jamshedpur, with three generations of my family in the Tata Group, meeting him felt like life coming full circle. India has lost an icon, but his legacy will endure. May he rest in peace,” she added.