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3 multi-crore Indian businesses started out of small shops and tiny workspaces

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We often read or hear about how companies like Apple, Dell, HP, and others in Silicon Valley got their start in a garage or a small workshop. Here are few brands from India whose stories started the same way.

Mufti:
Kamal Khushlani lost his father when he was 19 years old, and to make ends meet, he had to work for a video cassette company. To start his company, he borrowed Rs. 10,000 from a maternal aunt. In 1992, he started his first company, Mr & Mr, which made men’s shirts. Mufti, which stands for ‘casual dressing’ was his first fashion label, which he introduced in 1998.
Kamal founded Mufti on his own, using the profits from his previous company to fund it. He used to ride his bike with kilos of fabric and drop it off at the workshop, then return to pick up the finished goods for sale. In the 2000s, the brand grew in popularity, growing from small, single-brand stores to big, multi-brand stores. 20 years later, they clocked a turnover of approximately Rs. 450 crores.

Rubans Accessories:
Chinu Kala used to sell knives and coasters door-to-door for Rs 20 a day. Customers would slam the door in Chinu’s face and refuse to buy his product. Chinu reached the finals of Gladrags Mrs. India Pageant in 2008. She then explored various jobs for over eight years to ensure she could manage on her own. Chinu now runs Fonte Corporate Solutions, which specialises in corporate merchandising. She is also the face of a fashion line for the Indian fashion label L’Oreal. Rubans didn’t have any branding on the accessories they offered. Chinu decided to expand her business and in time shut all her offline stores, switching to the online mode of selling. She listed herself on various e-commerce portals like Flipkart, Myntra, and Jabong. The brand made Rs. 56 lakh in revenue in 2016-17, growing by 114% last fiscal year (FY19), bringing in Rs. 7.5 crore.

Mariam Mohuideen Bakers Treat:
Mangalore (Mangaluru) is well-known for its coastal food dishes, such as kori roti, neer dosa, and Mangalore buns. Burgers, pasta, and pizzas are in high demand among millennials. Mariam opened Baker’s Treat, a bakery that sells home-baked foods, in December 2014. “Things went off nicely,” she continues, “and everything fell into place at the perfect time.”
Mariam, a self-taught baker, has also taught over 600 people how to cook since 2013. She argues that individuals rarely congratulate one another on their self-made accomplishments. “The Baker’s Treat kitchen’s honesty and justice to any meal prepared have garnered a lot of confidence,” she says.

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Business

Facebook to rebrand the company ‘Metaverse’

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Facebook is the world’s largest, and arguably most influential, social media platform, with more than 2.8 billion monthly active users and a net worth as of now of $1 trillion.

It’s safe to say that the majority of our lives rely on Facebook. Recently, Facebook, the parent company of Instagram and WhatsApp, hit the headlines when it went dark for six hours, causing havoc all over the world.

According to a report by The Verge, Facebook is planning to rebrand the company with a new name to focus on building the metaverse. Metaverse, as the term suggests, is a virtual-reality space in which users can interact with a computer-generated environment and other users.

According to the report, CEO Mark Zuckerberg will reveal the company’s new name on October 28 at the annual Connect conference, but it could be announced sooner.

Facebook, which aspires to be renowned for more than just social networking, revealed on Sunday that it will hire 10,000 people in Europe over the next five years to help construct the metaverse, which the corporation regards as critical to its long-term success.

In July, Zuckerberg said that Facebook’s future lies in the virtual metaverse, in which users will live, work and play inside.

Facebook already has more than 10,000 employees who build consumer hardware like AR glasses that Zuckerberg believes will be as ubiquitous as smartphones.

The company wants to be known as much more than a “social media” company, and is promising to change the way humanity interacts.

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Business

One to lookout for: Rakesh Jhunjhunwala invests in a furniture startup!

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Rakesh Jhunjhunwala, often referred to as India’s own Warren Buffett, is an ace investor with a track record of successful investing. Many treat him as a bellwether, and look to him for guidance and inspiration when it comes to navigating the vagaries of the investing landscape. And so, it would be of interest to investors to know that India’s Big Bull has out his money where his mouth is and invested in a furniture-based startup, Arrivae.

What is Aarivae?

Founded in 2017, Arrivae is a customized full home interior solution provider that enables customers to get the house customers want. From designing the finest homes by some of the finest architects and interior designers to material supplied by some of the most credible vendors. It specializes in providing practical solutions for various situations. Arrivae works in four simple steps; meeting the designer, designs made for customers, intelligent manufacturing and lastly concierge services.

Arrivae raised Rs 50 crore in its first round of external funding, backed by ace investor Rakesh Jhunjhunwala. Enam family, Siddharth Yog (Founder, Xander Group), Anand Jain (Chairman, Jai Corp), Harsh Jain (Founder, Dream 11), and Ramesh S. Damani (Chairman, DMart) all participated in the fundraising round.

“At Arrivae, we’re still in the early phases of our plan to build India’s most comprehensive home renovation ecosystem. Partnerships are important to us at Arrivae because they help us build brand confidence in the ecosystem, especially among customers.” said founder Yash Kela.

Kela rounded things off by saying, “All the veterans who have participated in this round will enable more faith in the Arrivae brand.”

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Business

The right pricing will be crucial for the launch of Zydus Cadila’s vaccine.

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The destiny of Zydus Cadila’s Covid vaccine is in doubt, as the vaccine’s price appears to be delaying its introduction into the vaccination program. The business has received emergency use authorization from the FDA to inject its Covid vaccine, ZyCoV-D, to children aged 12 to 18.

Zydus Cadila, located in Ahmedabad, has imported the pharmaJet, a needle-free applicator for painless intradermal vaccine delivery. 

Each jet is responsible for delivering a specific amount of vaccination. 

As a result, a single dose is split into two shots, one for each arm. “It’s an expensive device and hence jacks up the overall price,” a government official said.

Around 20,000 dosages can be administered with the jet injector.

The government has been purchasing Covaxin at 225 per dosage and Covishield, another Covid vaccine developed in India, at 215 per dose.

The price of the Zydus Cadila vaccine, according to Health Secretary Rajesh Bhushan, will be significantly more than that of existing vaccines.

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