Building a profitable business from scratch after retirement

DP Mangal retired from full-time employment in 2010. At the age of 62, he decided to give entrepreneurship a try. Eight years later, his yarn manufacturing company, Lagnam Spintex, got listed on the stock exchange.
37 CLAPS
0

Good Morning,

For most people, retirement signifies the end of their working life. But for Dwarka Prasad Mangal, the work had just begun.

At the age of 62 in 2010, Mangal wanted to do something on a large scale and decided to try his hands at entrepreneurship. Having worked in the textile industry for several years, he started cotton yarn manufacturer, Lagnam Spintex.

Mangal shifted his base from Delhi to Bhilwara, and got Rs 31 crore — 30 percent of it from his own pocket — as an investment to start the business. But these decisions weren't easy to take.

“It was tough since I put my life’s earnings into the business. Also, shifting from Delhi to Bhilwara, which is not as developed, was not easy,” he says.

The company makes denims, terry towels, bottom wears, home textiles, industrial fabrics, and more. It exports to Europe, Turkey, Portugal, Columbia, China, and Bangladesh.

At present, Lagnam produces 35 tonnes of yarn every day and expects a turnover of Rs 325 crore this year. In 2018, the company got listed on National Stock Exchange’s SME platform and migrated to the main platform this year.

As per Lagnam's financial reports, the company is seeing staggering growth, recording a profit after tax (PAT) of Rs 6.14 crore for the quarter ending September 30, 2021 — 438 percent higher than the corresponding last year quarter.


The Interview

In the first session of the two-part Knowledge Series powered by Intuit India, Sandeep Khurana and Shivanshu Gupta deep-dive into unified ingestion platforms and how they can be leveraged to empower source teams and data engineering professionals by providing reliable data ingestion.


Editor’s Pick: Product Roadmap

Founded by Amrendra Singh, Shyam Sundar, Adarsh Srivastav, and Shashank Kumar, Gurugram-based DeHaat aims to help farmers increase their yield using technology.

Today, the technology-based business-to-farmers (B2F) platform offers full-stack agricultural services, including distribution of high-quality agricultural inputs, customised farm advisory, access to financial services, and market linkages for selling their produce. Read more.


Startup Spotlight

Making websites look pretty… and run faster

Remember the dial-up internet days when images would take several minutes to load? Today, an image taking that long to appear would immediately lead to a disgruntled user and loss of business. Gurugram-based ImageKit.io’s SaaS product simplifies real-time image manipulation, optimisation, and resizing across devices, meaning websites run with greater efficiency. 

The plug-and-play offering is being used by 750 companies, including names such as Nykaa and Bigbasket, and 50,000 small businesses in more than 60 countries. Read More

YS Design Team


News & Updates

  • Global venture capital firm Antler says it will dedicate up to a third of capital investment planned in India towards backing Web 3.0 and blockchain projects.
  • The total number of SaaS (software-as-service) unicorns in India has grown to 13, according to the India SaaS Report 2021 by Bain and Company. New SaaS startups to read the coveted $1 billion valuation include Eightfold, Gupshup, BrowserStack, Chargebee, Innovaccer and MindTickle
  • Gurugram-based edtech startup PlanetSpark has raised $13.5 million in a Series-B funding round from Prime Venture Partners and marquee global entrepreneurs, including Binny Bansal, Deep Kalra, Dr Ashish Gupta, Gokul Rajaram, and Shirish Nadkarni.

Before you go, stay inspired with… 

“Ensure you also work with the right individuals and build a strong team that believes in you and your values, and reflects the same.”

Asha Jindal Khaitan, Founder, Asa Beauty


Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!

Latest

Updates from around the world