The new business will provide its clients with investment advisory, tax and estate planning as well as inheritance and succession planning and other solutions.
Dubbed Wealthapp Family Office, the unit will initially manage around INR100m ($1m) in assets.
Wealthapp Family Office managing director and CEO Anindya Paulchaudhuri was quoted by the publication as saying: “We would like to be the personal munimji — the very trusted lieutenant who has nothing but babu’s interest in mind.
“We will offer a comprehensive suite of services that will take care of every aspect of the family’s financial requirement.”
Paulchaudhuri further noted that the family office unit is a private wealth management service that aims to offer high-net-worth investors improved control of their family finances.
The outsourced service has been designed to allow large families to handle financial and investment activities. It will also facilitate the development, preservation and transfer of family wealth, according to Paulchaudhuri.
He added: “At Wealthapp we have a professional management team to help large families to set up their family office.
“A family may wish to create a formal distinction between family wealth and the assets of the business. This will mean financial risk diversification, improve transparency and corporate governance of the family business.”
The latest development follows the acquisition of Wealthapp’s mutual fund distribution unit by Indian wealthtech company CashRich.