Jaipurkurti.com Will Be A Global Brand In 3 Yrs: Anuj Mundhra
Last month, Jaipur-based manufacturer of women apparels Nandani Creation, better known by its brand name Jaipurkurti.com, got listed on the SME exchange of NSE Emerge raising Rs 4.04 crore. The company raised the funds to expand its inventory and range of products, an important strategy for online sellers to lure a segment of customers who are known to have the patient to sift through piles of dress materials before selecting one.
“The Indian woman is very choosy when it comes to buying wearables for them. Besides quality, multiple options are another way to capture their attention. One of the main objectives of the initial public offering to raise funds which will go into adding newer varieties while churning larger volumes,” said Anuj Mundhra, chairman and managing director of the company in an interview to Business Rankers.
Jaipurkurti.com has specialized in ethnic wear and draws heavily on the rich and famous Rajasthani tradition. But Mundhra says that one cannot solely depend on product power. “Style and look cannot alone guarantee you success in a marketplace that has several players competing to outpace each other. We always believed in quality, variety and delivering on time.
Moreover, like others we never got drawn into price wars. Several of our rivals adopted price as a tool to undercut others. But they were defeated in their own short-sighted strategies. In the past four years, we have not only seen consistent growth but also gained the trust of the marketplaces. The fact that all of the major e-commerce players have assigned dedicated accounts managers for our products vindicates our commitments to the ethics of not compromising with quality,” explained Mundhra.
Jaipur Kurti sells its wares on most of the leading e-commerce marketplaces like Myntra, Flipkart, Snapdeal, Amazon, etc including its own website. There is no physical store presence. Although, it has no active plan now for the brick and mortar retail format, the company will look at the option later.
“In the past four years since we started the company in 2012, we have witnessed sustainable growth. There is enough demand for our products from online buyers. That’s why we don’t feel the need now to go offline. But, we will look at the offline format as and when we feel there is a reason for it,” added Mundhra. In the first year of operation, the company had a revenue of Rs 59 lakh and in the last financial year, its sales have crossed Rs 15 crore. But Mundhra said they will do much better this year giving projections of Rs 25-30 crore revenue in the current financial year. “So far, we have achieved sales of Rs 14 crore and it won’t be difficult to hit the target,” added Mundhra.
While Jaipur Kurti will continue to add new range of products in its core ethnic wear segment, the company is planning to introduce a fresh line of products under a new brand – Desi Fusion. “We will launch the product exclusively only on one marketplace. We have already tied up with a leading e-commerce company and are going to introduce the product in coming January,” said Mundhra.
The listing marks a new phase in the company’s growth plans. Mundhra says their objective is to make Nandani Creation an international brand in the next three years and reach an ultimate revenue size of Rs 5000-6000 crore in the next 8-10 years.
For Mundhra, who started the company with a capital of just Rs 2 lakhs in 2012, the long-term targets may seem uphill. But he says that for a person who worked in a private company for just Rs 1400 a month, it is also a little out of the ordinary to reach where he is now.
Recalling how he came to think of starting the venture, Mundhra said, “In 2004, I started a job work for fabric printing. I did the work for eight years. One day, I was travelling to Delhi and saw the hoardings of Snapdeal and Jabong. I was sitting on a metro station and the idea to start something like this took birth there. When I came to Jaipur, I spoke to a CA and wanted to understand how to start a company. I didn’t have money. That’s why I preferred to start it small. Since then, there has been no looking back.”
Behind every successful man, there is a woman. While his mother remains a perennial source of inspiration, his wife Vandna Mundhra spearheads a critical part of the operation.
“Vandna is a fashion designer with a penchant for latest trends taking shape globally. She is the brain behind the motifs, designs, textures, etc that make Jaipur Kurti’s a craze in the market. Her contribution is simply invaluable,” added Mundhra.