Sunday, June 23, 2024
Outlook.com
Outlook India
Outlook Business

Godrej Promoters To Set Up New Family Office: Report

The new family office will start with funding of a few hundred crore and then seek to raise more capita

Godrej Promoters To Set Up New Family Office: Report
Nadir Godrej, MD of Godrej Industries

Outlook Start-Up Desk

POSTED ON May 15, 2023 1:36 PM

In an attempt to invest in new-age businesses and incubate a new set of ideas, the promoters of Godrej Industries are all set to launch a new family office. 

According to a report by the Mint, the new family office will start with funding of a few hundred crore and then seek to raise more capital. The will be handled by professionals and Adi Godrej’s son Pirojsha Godrej will supervise the project. 

Talking about the initiative, Nadir Godrej, the younger brother of Adi Godrej and the managing director (MD) of Godrej Industries, told Mint, “We are in the process of setting up a family office. Because we have a very diversified business, we usually invest through the businesses. The businesses themselves have occasionally invested in PE-VC funds, sustainability funds and things like that. So, there was no great need for a family office till now." 

“We have made a few investments already. Often, we want to make early-stage investments, which might be strategic, but it is too early to get (in through Godrej Industries), so, it’s better to do it in the family office. Later, if the opportunity is good, we can get it into the business”, he added. 

The mint report also stated that Nadir invested in some companies in his personal capacity. 

“Sometimes, I’ve invested in the underlying companies in the fund alongside the fund," he added. His direct investments include Hector Beverages, which owns the Paperboat brand of traditional beverages and foods,” he added. 
 

  • Related Articles

    With this initiative, the company aims to upgrade every retailer, in its active network, to benefit from the ongoing e-commerce acceleration

    PayNearby Launches ‘PayNearby Mall’ For Small Businesses And Consumers Ahead Of ONDC Rollout

    Prior to this, Neuberger Berman, a New York-based investment management firm slashed PharmEasy’s valuation by 21 per cent to 4.4 billion as of February 28

    Janus Henderson Slashes Valuation Of PharmEasy

    According to App Annie’s State of Mobile Report 2022, time spent on shopping apps scaled to more than 100 billion hours

    Foodtech Apps Enjoy 60% Higher Repeat Transaction Rates Compared to E-commerce: Report