The chairman emeritus of Tata Group has invested an undisclosed amount in Generic Aadhar, a pharma startup founded by 18 year old, Arjun Deshpande.
It a proud moment to announce Great association with Honourable Mr Ratan Tata Sir to provide affordable medicines to Indian people pic.twitter.com/uIlf6dIzwv
— Arjun Deshpande (@arjundeshpande4) May 7, 2020
The Bombay native announced on Thursday, his partnership with the veteran industrialist. Generic Aadhar was started by Deshpande two years ago with the goal of providing quality medication to the Indian population. The startup works as a pharmacy-aggregator, sourcing drugs directly from the manufacture and selling to the retailer, cutting out middlemen. This is allowing the company to offer pharmaceuticals at lower-than-market price. The startup boasts a current annual revenue of Rs.6 Crore.
Though reports claim the investment will entitle Mr. Tata to a 50% stake in the company, he quickly took to twitter to set the record straight.
As happy as I am to support this venture, it has been a minority token investment.
I have not purchased 50% stake in the company. pic.twitter.com/RXbC5aabiB
— Ratan N. Tata (@RNTata2000) May 8, 2020
Arjun and Generic Aadhar hope the association will facilitate the company’s presence in every Indian city.