From eyeing an IPO to becoming a successful 'Chaiwala': top stories of the week
In December 2021, Ahmedabad-based towel manufacturer,, filed for the draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI), with plans to raise Rs 254.96 crore from its maiden initial public offering (IPO).
The B2B (business-to-business) company, which manufactures various kinds of terry towels and towelling products, is projected to reach Rs 1,000 crore in revenue by the end of the current fiscal year, according to its CEO, Ronak Chiripal.
Belonging to the legacy textile business Chiripal Group, Ronak started Nandan Terry in 2016, and in a span of about seven years, he managed to have the company reach a turnover of Rs 538.52 crore (in FY21), in addition to being profitable.
In a candid chat with SMBStory, Ronak shares they are in the process of getting the final approval for the IPO, post which they will announce the stock market listing. He also shares what lies ahead for the relatively new company, and its plans ahead of the IPO.
Other top stories of the week-
“Karna tha sangharsh toh road pe chai banaya (As part of my struggles, I made roadside tea),” says Prafull Billore, famously known as ‘MBA Chaiwala’.
Neither is Prafull a foodie nor is he very fond of cooking, but he still built a multi-million business of selling chai (tea) across India. Sounds weird, right?
But for Prafull, it isn’t weird at all.
“I wanted to be a big man. Bachpan se bahut tang samay dekha tha (Have seen tough times since childhood), and so my only passion was to make more money and live a comfortable life. My parents thought if I did MBA, I’ll get a high paying job and life would be settled. But that didn’t happen. I failed thrice in the CAT entrance exam despite my hard efforts,” Prafull tells SMBStory.
Hailing from Dhar, a small town in Madhya Pradesh, Prafull had lost his passion for MBA, which he had been pursuing from Ahmedabad University since 2017. However, what kept him motivated was reading books, and imbibing the quotes of famous business leaders.
Fast forward five years, the 25-year-old is now a multi-millionaire entrepreneur who has built, a Rs 4 crore turnover business with 50 outlets pan India.
In a conversation with SMBStory, Prafull gives us the answer to ‘why chai’, and how he overcame obstacles not just from his peers but from his family too.
We have all grown up enjoying ice creams with our friends and families.
Vadilal was started in 1907 by Ranchodlal Gandhi when ice creams were hand-made. “His vision was to give the city something that had not been experienced before,” says Aakanksha Gandhi, Brand Director, Vadilal, who joined the business four years ago.
In 1926, the company decided to import ice cream-making machines, and there has been no looking back for Vadilal. Over the years, the legacy company has expanded to sundaes, dollies, and also exports frozen vegetables.
At present, Vadilal is on track to venture into the cafe-experience space, with its first outlet in Ahmedabad, called Now For Ever.
In an interview with SMBStory, Aakanksha, a fourth-generation entrepreneur, shares the intention behind exploring this category and the company’s future plans.