The story of Royal Bee Natural and other top stories
From how a family business has built a substantial portfolio over the years to how MSMEs may be assisted in their growth journeys—here's what SMBStory covered this week.
Family-owned enterprises have played a significant role in the history of commerce and continue to do so. They may be small, medium, or large enterprises.
This week SMBStory covered the story of one such business whose origins can be traced all the way back to the 1950s and which has endured the test of time. The firm began with honey and now offers Ayurvedic products across 150 SKUs.
Royal Bee Natural Products
Chandmal Pansari, an Ayurvedic practitioner from Rajasthan, gained fame in the 1950s for using Ayurvedic practices to heal ailments. Using his learnings, he began a business of trading herbs and honey. With this, he established contacts with influential players in Rajasthan’s honey sector.
When his son DP Agarwal joined the business, he wanted to do more than merely carry on his father's trade tradition. In 1988, he established a facility in Ghaziabad, Uttar Pradesh, for processing honey and spices.
Using a business-to-business (B2B) approach, his company sold honey and whole spices such as clove, cumin seeds, dry ginger, turmeric and cardamom. In 1994, he passed on the legacy to his son Anjenay Agarwal.
Today, is a well-known Indian Ayurvedic brand headquartered in Ghaziabad offering a wide range of health and wellness products, such as Ayurvedic medicines and herbal supplements.
Other top picks of the week
Cyber support for MSMEs
Cybercrime reports involving small and medium enterprises (SMEs) have been on the rise lately. There has also been a shift in focus from large enterprises, financial institutions, and large corporate houses to small businesses and individuals.
Given the rapid digital acceleration post-pandemic, cyber-attacks and threats are penetrating deeper into the ecosystem as we have become more digitally connected today. These attacks also stem from the easy availability of low-cost cyber weapons and the lack of cybersecurity infrastructure for smaller businesses.
Today, we live in an ever-evolving era wherein organisations are introduced to newer and better technologies to manage and operate their businesses. The pandemic has shifted the primary operations of organisations to remote functioning, and companies today are trying to maintain continuity while steering through the new normal to create a dynamic ecosystem. Eventually, this has raised concerns over cybersecurity.
Institutional assistance needed for MSMEs
There is no doubt that micro, small, and medium enterprises (MSMEs) are the very fulcrum on which India’s economy rests, and the government on its part is undertaking initiatives to make the sector more robust to stand the test of time.
To put things into perspective, MSMEs across sectors such as technology, apparel, retail, fashion, food, agribusiness, interiors and home décor, tourism, fashion, etc., have displayed tremendous pliability during the pandemic and have become a prime driver for the nation’s economic recovery.
However, according to the data shared by the government, even though there are around 63.8 million MSMEs bringing in over 111 million jobs, contributing 30% to the country’s GDP and accounting for 48% of exports, the sector continues to lack in terms of institutional support and avenues for upskilling, which will assist them in their growth journeys.
Edited by Swetha Kannan