The venture is aimed at helping Murray, ranked second in the world after last week's win at the Miami Masters, develop his off-court interests in Asia and the Middle East.
Murray's commercial activities have been managed by Simon Fuller's XIX Entertainment since 2007, but there had been speculation the 25-year-old Scot may switch to a rival to help him further his business interests.
"I believe a mix of Simon Fuller's experience and Mahesh's understanding of the sport will create the perfect team for my off-court interests and will allow me to continue to dedicate myself and focus on my goals on the court," Murray said.
Bhupathi launched GloboSport, a media and entertainment company, in 2002 and this week was revealed as the brainchild behind plans for an International Tennis Premier League, based on cricket's Indian Premier League and played during tennis' short off-season in November and December.
It is reported the leading players have already been approached and Murray's involvement with Bhupathi could lead him to become a key figure if the league gets the green light.
Murray's stock is currently sky high after he beat Novak Djokovic in New York last September to became the first British man to win a Grand Slam singles title for 76 years.
He also won the gold medal in the Olympic men's singles earlier in 2012, thrashing Roger Federer in the final just weeks after losing to the Swiss great in the Wimbledon final.