India’s next-gen business heirs shift from operating roles to family offices and PE-led growth
A reported majority-stake sale in Homemade Baker’s illustrates a wider shift among India’s younger family-business heirs: stepping back from daily operations, partnering with private equity and directing wealth through family offices.
What happened
Indian family-business heirs are increasingly shifting wealth into family offices. Homemade Baker's sold a majority stake to Growtheum Capital to add
Key facts
- $100 million family-office assets under management
- 944,000 dollar millionaires in India
- More than 300 family offices in 2024 versus 45 in 2018
- About $18 billion in buyout and control deals involving family- and founder-owned businesses from 2020 to 2025
- Homemade Baker's revenue exceeded $1 billion in FY2025
What changed
Indian family-business heirs are increasingly shifting wealth into family offices. Homemade Baker's sold a majority stake to Growtheum Capital to add manufacturing capacity and share, with a possible IPO in a few years; Dabur’s family owners remain non-operational investors.
Why this matters
Family-business operators should strengthen professional management and governance as next-generation owners increasingly shift from daily control to capital-allocation roles.
What to watch
- Increase in majority-stake sales or PE control deals involving second- and third-generation Indian family businesses.
- Appointments of external CEOs, independent directors and institutional CFOs at family-owned consumer and retail companies.
- New family-office vehicles, co-investment platforms and alternative-asset allocations following founder liquidity events.
- Rising PE competition and valuation multiples for profitable regional brands and founder-led mid-market businesses.
- Public disputes over succession, governance or minority-shareholder rights that make families favor cleaner ownership exits.
Also reported by
- BL · Consumer & Economy — Same time