The UC-RNT fund, a joint venture between Ratan Tata and the University of California established in 2015, is in the process of winding down. This fund, initially envisioned as a $300 million investment vehicle, aimed to actively invest in India’s burgeoning startup ecosystem. The University of California sought to expand its investments in India, and a chance encounter with Ratan Tata, a renowned industrialist and investor known for his integrity, solidified their commitment to the Indian entrepreneurial landscape.
However, the fund’s journey took an unexpected turn after several senior-level exits. In 2018, Forbes reported that the fund’s investments began to be managed by Kotak Investment Advisors, the alternatives arm of Kotak Mahindra Capital, with the intention of an eventual exit. While the fund’s official life extends until 2032, the recent passing of Ratan Tata has cast uncertainty over its future.
The UC-RNT fund boasts a portfolio of prominent Indian startups, including Ola Cabs, Ant Financial (Alibaba’s payment arm), NestAway, LivSpace, Curefit, MSwipe, Axio Biosolutions, and YourStory, a digital media publication.
Beyond financial backing, the UC-RNT fund provided invaluable mentorship and guidance under the leadership of Ratan Tata. Axio’s founder, Leo Mavely, recalls a meeting with Tata where all the fund’s investee companies presented their progress. Tata’s insightful questions and deep understanding of healthcare left a lasting impression on Mavely, who credits the UC funding for propelling Axio to new heights.
Srini Sriniwasan, managing director of Kotak Investment Advisors, highlights Tata’s unwavering belief in young Indian entrepreneurs. He remembers Tata as an approachable and supportive figure, emphasizing the importance of ethical conduct and long-term vision.
Ratan Tata’s influence extends beyond the UC-RNT fund, as he actively advised prominent venture capital firms like Kalaari Capital, Chiratae Ventures, and Jungle Ventures. His mentorship and guidance have profoundly shaped the Indian startup ecosystem, leaving an enduring legacy of innovation, entrepreneurship, and ethical values.
