How India’s young millionaires are defying family norms to create new sources of wealth

Lately, new breed of millionaire heirs  have been dabbling with family offices in India . These are entities that exist solely to manage the fortunes of these ultra-rich families. While these offices have been around in some of the world’s biggest financial capitals for a long time now, in India, they are catching on now . What’s really interesting is that these single and multi family offices haven’t just been popping up in big metro cities, they are also gaining popularity in tier 2 cities like Surat, Ludhiana, Lucknow, Coimbatore and the like. 

This largely has to do with the growing number of rich people in a lot of smaller cities and towns. A byproduct of this seems to be the rise in family offices. In the last six years alone, the number of family offices in India has shot up from 45 to 300. 

Some of these function like a seed-stage venture capital firm and invest money to the tune of hundreds of millions of dollars.

Tune in.

**Correction: In this episode the host mistakenly referred to Nishant Batra as someone who leads investments at Catamaran, whereas he works for Dholakia Ventures. We apologise for the error.

Daybreak Unwind recommendations for 'favourite translated novels.'

Rahel: The Vegetarian by Han King
            Hangwoman by KR Meera

Snigdha: The Legends of Khasak by OV Vijayan
                 There's a Carnival Today by Indra Bahadur Rai

Listeners: Ghachar Ghochar by Vivek Shanbag

Daybreak is now on WhatsApp at +918971108379. Text us and tell us what you thought of the episode!

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.