[2] Gulabchand was born to a Jain trading family, originally belonging to Wankaner in the Kathiawar region of Gujarat, which had settled by the early 20th century in Solapur, Maharashtra.

[3] He is the son of Gulabchand Hirachand (1896-1967), one of the four brothers who founded the Walchand group, a business conglomerate which flourished in the first half of the 20th century.

They have no children together, but Ajit has been involved in raising Aatish Taseer, Tavleen's son by a previous relationship.

Gulabchand and Tavleen reside in one of the most expensive sea-facing apartment complexes in south Mumbai.

[5] Gulabchand graduated from Sydenham College, Mumbai University, with a bachelor's degree in commerce.