Yatrik is a partner in Motilal Dahyabhai Zaveri & Sons, one of the oldest diamond firms in Mumbai.
Yatrik, who chose to don the whites of a monk in the presence of family and friends, now wants to earn knowledge and serve society.
"He has done a lot for himself, now he wants to serve society," one of his relatives told ANI.
The diksha took place in Walkeshwar area of Mumbai. The religious ceremonies including his varshitap procession took place on Saturday.
Yatrik was born in Gujarat's Ahmedabad and joined the family business in his late teens.
He was drawn to the teachings of his guru Labdhichandrasagar Maharaj and decided to give up family and society to become a monk.
Yatrik said he was fortunate to get the support of his family. (ANI)