From a side hustle to a multi-crore rakhi biz
Raksha Bandhan, which marks the beginning of India's festive season, sees sisters all over the country searching for the perfect rakhis for their brothers.
And Shree Rakhi has been fulfilling this demand since 1962. Started as a way to make ends meet, Murli Dharji Mohta and his wife Pushi Devi Mohta decided to start making simple rakhis at home, seeing the significance of the festival in the country.
Jiwan Das Mohta, second-generation entrepreneur and director of Shree Rakhi
“Earlier, we were selling rakhis without any branding and in an unorganised way. When I joined, I thought making a brand out of rakhis would benefit us, and so, we started labelling our rakhis as ‘Shree Rakhi’,” says Kamal Soni, Murli’s grandson.
Today, the company has become one of the largest manufacturers of rakhis, serving 700 districts across India and selling 2.5 crore rakhis a year. The company clocked a revenue of more than Rs 33 crore in FY 2019-20.
Engineering batchmates Shivam Thakral, Devesh Aggrawal, and Atulya B started to build a cryptocurrency exchange while still in college and founded BuyUCoin in 2016.
The exchange claims to have seen one million users and transactions worth $800 million to date.
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News & Updates
- Real estate startup Square Yards introduced a ‘Zero Deposit Programme’ for property renters through its subsidiary Azuro, which provides rental and property management services. The programme entails a residential rental bond, which will act as a guarantee for the landlord.
- Finance Minister Nirmala Sitharaman launched 'Ubharte Sitaare Fund' for export-oriented firms and startups. It identifies Indian companies that have the potential to be future champions in the domestic arena while catering to global demands
- Drug firm Zydus Cadila said it is looking to supply its COVID-19 vaccine ZyCoV-D by the middle to end of September, adding the pricing of the dose will be announced in the next one or two weeks. The vaccine was granted emergency use authorisation (EUA) by the DCGI.
- Odisha Chief Minister Naveen Patnaik on Friday launched smart health cards under the Biju Swasthya Kalyan Yojana to enable around 3.5 crore people to get cashless healthcare services in 200 hospitals in the state and other parts of the country.
Before you go, stay inspired with…
Michelle Zatlyn, Co-founder and COO, Cloudflare
“I got better at a high rate of learning, and I've held onto it because I think it's a really huge superpower if you can do that.”