India’s largest (by population) and in terms of economy most important city as it generates 6% of the country’s total GDP: Mumbai. Additionally, it is India’s wealthiest city with a net wealth of $950 billion with 46,000 millionaires and 26 billionaires. Furthermore, India’s most important financial institutions, such as the Bombay Stock Exchange, Reserve Bank of India, National Stock Exchange have their headquarters in Mumbai, often located in the south making it the “nerve center” of the Indian economy. Along with the rest of India, Mumbai has witnessed an economic boom since the liberalization of 1991, the finance boom in the mid-90s and the IT, export, services and outsourcing boom in the 2000s. Given all these facts it is not a surprise that when taking into account all the private investment companies of high net worth individuals, Mumbai is the #1 to go for Indian single family offices. With the release of our newest database of the largest single family offices in Asia it became quite clear that most of the Indian single family offices have their headquarters in Mumbai. In the following we want to present you three of them.
- 122 entries, thereof 92 with E-Mail address, 115 with executive names
- Investment focus: Real Estate, Venture Capital, Private Equity, Financial Products, Renewables
- 23 columns included: Name, Family Name, Estimated Family Wealth, Detailed Investment Focus and exemplary investments, address, phone, e-mail, website…
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#1: Sharrp Ventures
Sharrp Ventures, as the name suggests, is a venture capital oriented single family office. The man behind is Harsh Mariwala, an Indian entrepreneur, who is the founder and Chairman of Marico, a Fortune India 500 company. Mariwala began his career in 1971 with Bombay Oil Industries which was controlled by his family. In 1990, he founded Marico, a fast moving consumer goods manufacturer and distributor that now has operations in 25 countries across Asia and Africa. The company has built a portfolio of brands in the hair care, skin care, edible oils, health foods, male grooming, and fabric care space. He is also the founder of Kaya Limited, which runs a chain of skin care clinics across India and the Middle East. Forbes estimates his net worth at around $2,3 billion. Sharrp Ventures is dedicated to venture capital investments and acts generally industry agnostic but looking at the portfolio, you can see a slight bias towards the consumer industry. The portfolio includes, for example, HealthKart which offers fitness products, services and community to help consumers achieve their fitness goals. Another example is Wooqer. The company provides an “One App for All Operations” app that enables businesses and teams of all sizes to get actions on ground in-sync with strategy. Digitize paper, excel or informal workflows, Train people & share ideas, all in one place on the Wooqer app.
#2: Omidyar Network
Omidyar Network acts as the personal single family office of American billionaire entrepreneur, software engineer and philanthropist Pierre Omidyar. He is the founder of eBay where he served as chairman from 1998 to 2015. He started his way back in 1988 when he graduated from Tufts University with a degree in computer science. Shortly after, he went to work for Claris, an Apple Computer subsidiary. In 1995, as he was working for a client on a computer code for an online listing, he implemented a simple prototype of eBay in his personal web page, not thinking that anyone ever really would use that service. Surprisingly, the business exploded as correspondents began to register trade goods of an unimaginable variety on his site. Omidyar incorporated the enterprise, the small fee he collected on each sale financed the expansion of the site. In 2020, Omidyar stepped down from the board of eBay as part of a broader overhaul of the company. Today his net worth is estimated by Forbes at around $19 billion. His single family office Omidyar Network invests, besides of investing venture capital into business active in education, information technology and financial technology, a large part into impact driven businesses. Investments include, for example, GramCover. GramCover is a tech-enabled insurance marketplace for rural India. The company focuses on development and brokerage of rural insurance products to farmers. It aims to reduce costs and increase penetration in rural areas by leveraging technology and innovative distribution approach.
#3: Piramal Group
The Piramal Group, a conglomerate with interests in pharmaceutical, financial services, real estate, healthcare analytics and glass packaging, serves the private investment and holding company of Ajay Piramal and his family. Ajay Piramal is an Indian billionaire industrialist and the chairman of the group. He holds a bachelor science degree from the University of Mumbai and a masters degree in management from the Jamnalal Bajaj Institute of Management Studies. In 1977, at age 22, Piramal started out in his family’s textile business, founded in 1934 by his grandfather which over the years developed to todays Piramal Group. Today the business is divided into 4 key companies: Piramal Enterprises, Piramal Glass, Piramal Realty and Piramal Foundation. The group actively executes real estate and private equity deals. The real estate portfolio focuses on asset management and project development in the commercial, office and residential sectors. For example, the Agastya Corporate Park is part of the portfolio. In private equity, the group mainly searches for business verticals in the fields of pharma, financial services, real estate, glass packaging and manufacturing. Notable holdings include Piramal Pharma and Piramal Glass.
Picture source: Hardik Joshi
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