From earning Rs 1,400 a month to building Rs 43.7 Cr NSE-listed business, Anuj mundra grew an ethnic ecommerce platform
When Anuj Mundra saw a hoarding of Snapdeal and Jabong in Delhi in 2012, he knew that the future of shopping in India was online. Thereafter, he launched an apparel business, Jaipurkurti.com, which did a turnover of Rs 59 lakh in its first year.
Anuj worked in the Saree showroom in Jaipur between 2001 and 2003, earning Rs 1,400 per month. He soon found that, for too long, he couldn't support himself with his salary. He left his job in 2003 and started a suit trading company.
He will buy suit sets from retailers and market them to other manufacturers and shopkeepers as well. Anuj opened his own block and screen printing units in Jaipur when he began earning some revenue.
As Anuj came to Delhi and saw massive hordes of Jabong and Snapdeal e-commerce markets, this went on until 2012. He felt a moment of epiphany and knew that the future of shopping in India will be e-commerce.
He returned to Jaipur and talked to a Chartered Accountant (CA) to inquire about company laws and regulations. He initiated Nandani Formation Pvt. In 2012, the e-commerce offshoot was branded as Jaipurkurti.com. The business itself clocked a turnover of Rs 59 lakh in the first year.
Anuj says that he spent whatever he gained in the business. But then, he found that the business needed more funds in order to expand.
In 2016, just four years after its inception, Jaipurkurti.com was listed on the National Stock Exchange (NSE) Arise, an NSE website for start-ups and mid-sized companies to be listed on.
Anuj Mundra announced its First Public Offering in October 2016 (IPO). For Rs 4,04,32,000, a total of 14,44,000 equity shares were subscribed. Anuj claims the decision to go public too early stems from the decision that by onboarding a venture capitalist investor, he didn't want to dilute the founder's influence.
In June 2019, the company clocked revenue worth Rs 7.12 crore, while in June 2020, amid the lockout and constraints, it clocked Rs 7.37 crore. In comparison, the business clocked a turnover of Rs 43.7 crore in the last financial year and the company wants to become a Rs 100 crore corporation by 2023.
Also Read :
0 Comments