These businesses show you just need a strong idea to succeed: Top SMB stories of the week
Not all businesses see a high growth curve when they start out. However, there are many entrepreneurs who, with a strong idea to bring a change, saw exponential growth right after their launch.
It is difficult for businesses to see an exponential growth during their initial years. Many work hard to make their presence felt when they start out. But all the business needs is a strong idea to help with the catapult.
This week, SMBStory covered many such stories of entrepreneurs who, with a drive to make a change, were able to taste success early.
Responsible Whatr
India struggles a lot to collect the waste plastic water bottles. According to a Central Pollution Control Board (CPCB) report from 2012, India generates 15,000 tonnes of plastic a day, of which 40 percent remains uncollected. This uncollected plastic waste adds up, leading to land and water pollution which poses a serious threat to the environment.
Not just industries and households, but five-star hotel chains and restaurants also generate alarming levels of plastic waste, mostly in the form of plastic water bottles. After seeing such large-scale plastic consumption, Ankur Chawla, a beverage expert and a veteran of the hospitality industry, undertook research to find a solution.
In an interaction with SMBStory, he says,
“I wanted to solve the plastic waste problem which I have been witnessing for many years. I quit my job in 2016 and for the next three years, I set up a catering company and worked as a consultant for big brands and the problem of waste disposal existed there too. It was like everyone was seeking a solution but nothing was available. And then I chanced upon some luck.”
Ankur met Bhrigu Seth who was into exotic farming and was supplying greens to modern retail shelves. Both of them realised that they shared a common goal and it didn’t take long for them to draft a plan of action.
After going through the intricacies of the issue at hand, the duo came up with a solution — aluminium.
Ankur and Bhrigu decided to launch Responsible Whatr, natural spring water beverage packed in an aluminium can to solve the problem of waste plastic water bottles. In just a month of launch, the duo has sold 30,000 units of the aluminium water beverage can.
The Yarn Bazaar
The
, which is the basic raw material for fabrics, is sourced from mills across the country. The market is highly unorganised and fragmented. In addition, the presence of several middlemen in the value chain also makes it difficult for the buyer to get a fair price.Today, the ‘Vocal for Local’ campaign and rapid digitisation are being hailed as the need of the hour in order to revive businesses from the COVID-19 impact. The same holds true for the yarn and textiles industry.
Mumbai-based The Yarn Bazaar is one company that is digitising the yarn industry. In just a year, the company has closed a GMV of Rs 58 crore.
Pratik Gadia’s family works in the textile industry. The business entailed manufacturing and wholesaling of textile fabrics. After working in the family business for almost five years, Pratik realised that the industry was in dire need of change. He says,
“I saw that procurement of yarn was a big challenge and it also impacted our production plans.”
The industry works on credit which means a lot is at stake, and if there is a delay in delivering the yarn, then the entire production process is disrupted.
This is when Pratik thought of the idea to start an online B2B marketplace as a one-stop solution for all yarn needs.
Other top picks of the week:
Duroflex Mattress
During his visit to Germany in the 1960s, the late PC Mathew studied the application of rubberised coir in car seats. Impressed by its high durability and cushioning properties, the engineer in industrial chemistry toyed with the idea of using rubberised coir to make mattresses.
Mathew ran a small mattress manufacturing business along a quiet canal at Alleppey, Kerala. He started Duroflex in 1963 with an initial investment of Rs 3 lakh .
While coir held promise, it would be new to the Indian market, and Mathew was not sure if it would be accepted. Taking a leap of faith, he began importing coir mattress manufacturing machines from Austria into his factory at Alleppey.
However, the 60s were a difficult time to be an entrepreneur. India was a developing country and access to technology and knowledge was limited. There were restrictions on importing machinery, and this posed a problem for Mathew.
“He decided to import a few of the bigger components of the machinery, and based on what he saw in Germany, he reengineered the machines locally. The machinery and components were brought in through cargo boats through the canals of Alleppey,” says Mathew George, a third-generation entrepreneur who is now Director, Operations and New Product Development at Duroflex.
The Government of India came in clutch for the founder when it gave Duroflex a big order for hospital beds, battle tank seats, and railway coaches. This helped the Kerala mattress brand gain acceptance for its coir mattresses.
What began as a modest mattress factory along a canal is now a leading enterprise in the sleep products category. Today, the family business Duroflex is a Rs 500 crore revenue company headquartered in Bengaluru, and has over 500 employees. It owns three manufacturing facilities in south India. In 2018, Duroflex raised $22 million in private equity from Lighthouse Fund.
Elanpro
According to MarketWatch, the demand for less-time consuming, frozen and packaged food, and beverages has also increased, fuelling the growth of the commercial refrigeration market in the country.
While there are a number of Indian companies in the segment such as Tata Voltas, Birla Aircon, Blue Star, etc, Gurugram-based Elanpro has managed to uniquely position itself in a short span of time.
Started in September 2009, the company was founded by industry veterans Sanjay Jain, Ranjan Jain, and Shashank Joshi. It currently offers products such as chest freezers and coolers.
The company claims to have clocked a turnover of Rs 145 crore in FY 2018-2019, but due to the pandemic, it recorded Rs 115 crore turnover this financial year.
Rowan Bioceuticals
Indians, especially the youth, are giving importance to skin and hair-related problems more than ever before. These problems can be attributed to increased stress levels, hormonal changes, lifestyle changes, and other environmental factors.
However, the increase in skin-related problems and growing awareness about these issues are driving the growth of the dermatology segment in India. According to a report by Research and Markets, the Indian skincare market stood at $1.6 billion in 2017, and is projected to grow at a CAGR of 9 percent to reach $2.7 billion by 2023.
India currently houses several well-known brands in the pharmaceutical and derma-cosmetic segment such as Sun Pharma, Abbott,
, etc.Despite the competition, Delhi-based Rowan Bioceuticals Private Limited has managed to carve a niche for itself in the Indian and international market. Founded in 2005 by Arun Narang (56), the pharmaceuticals company manufactures products that fall under the derma-cosmetics domain in the skincare and haircare category.
It claims to clock a turnover of almost Rs 20 crore annually and is currently exporting its products to countries like Turkey, the US and the UAE.
Edited by Kanishk Singh