This Family Was Amongst the First to Bring Family Offices in India
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At a time when families are tearing apart because of disputes related to money, this Indian family has set up an example of a united family by adopting family office culture.
Steered by Amit Patni and his daughter Ayushi Patni, RAAY Global Investments is a single family office that not just manages the investments of company but also offers a holistic approach towards asset management and capital preservation for the family.
In an exclusive chat with Entrepreneur India, the father-daughter duo Amit Patni and Ayushi Patni of RAAY Global Investments spoke about why the company aims to make every family business in India, a family office to save their personal wealth.
One of the Early Entrants in Family Office
It was the two scions of Patni Computers Pvt Ltd. – Amit and Arihant Patni who first brought the concept of family office into action by spotting the significant growth opportunity in the area. Amit and Arihant Patni invested in the wealth management agency, Waterfield Advisors to advise others looking to manage family assets. Noticing the concept is picking up among the Indian family businesses, Amit Patni started up his own venture with her daughter and named it RAAY Global Investments.
From advisory services for family offices to investment management, RAAY Global Investments offers multiple services to the B2B community. Talking about the multiple services the company offers under its portfolio, Amit Patni said, “With RAAY Global Investments, the idea is to find the good managers who can run a company well.”
The company was established in 2002 as a family office. Patni brothers restructured the company to become the holding company for investment as well as to manage the personal wealth of the family businesses in 2012.
The company has also backed a lot of startups like payment solutions provider TranServ Pvt. Ltd, online gaming company games2win, e-commerce platform KartRocket, hyperlocal marketplace Zopper, online local services marketplace UrbanPro, talent measurement solutions provider Jombay and healthcare IT services provider Healthsprint under its venture fund Nirvana.
‘Diversify your business through family office’
Talking about how the idea was struck, Amit Patni said, “Our business was in computers and software earlier, which we had run for many years. There was no concept of family business 15 years before. We created this concept with a thought that we can create separate entity to save our personal wealth.”
“We had private equity investors come in, the company went public. We had the cycle where the company was grown in private equity investments come in. It was then that we decided to create investments. I thought it's better that instead of getting into operating role we create a platform that can provide advisory services and also include strategic and financial backing,” added Patni.
Emphasizing that the RAAY Global Investments incubated the concept of family office in India, Patni also mentioned, “There are very few pro family offices which are doing the same thing what we do.”
‘Significant shift from private wealth to family offices’
India’s wealth management industry has evolved over the past decade, getting increasingly organized and dynamic, similar to what’s available in the developed world, said Patni.
Talking about the change in people’s awareness and education about family offices, he said, “Today people want to know how to invest in a better way, but they are still apprehensive about the family offices.”
Majority we are seeing now is the shift from private wealth to family offices, said Patni.
The company has educated not just Indian business community about the concept of family offices, but has also touched the base of international business community. With Campden Family Connect, a UK-based organization, the company has built a huge network for India’s ultra-high net worth community.
“At Campden, right now the majority of family offices are coming to us which do not have family business and are looking to explore the idea of family business,” said Patni.
Father and Daughter duo – a Perfect Business Relationship
The company today is being managed by Amit Patni and his daughter successfully. The duo also spoke about how different this relationship is and how it is helping them to succeed professionally.
Patni’s daughter, Ayushi Patni said, “I have seen how the family businesses run. It’s a good scene of walking and guiding. One thing I make sure is that I don’t take the business home. Our professional relationship should be at office and our personal relationship should be at home.”
Hailed from a Marwari family background, Amit Patni explained how there is a change of rules and values in different generations. He said while we had always discussed the business at home, my daughter doesn’t advocate that. According to her, the business talks should be confined to office only.
Talking about the current Indian scenario which is still baffled about the concept of family office, the duo said, “In this field, the word of mouth publicity and references are important. Today families need the holistic advice. There is still a lot of networking that needs to be done, for which we have already built a base.”