While the age-old wisdom of older entrepreneurs who have decades of experience in the market is invaluable to growing a business, their successors also bring a lot to the table.
This new generation of entrepreneurs is equipped with a lot of passion, enthusiasm and new skills for innovation, transforming and helping the growth of these legacy companies, allowing them to be competitive in a market that is experiencing rapid technological progress. , digitization and other changes.
This week, SMBStory met many new generation entrepreneurs from all over India who are proud to carry forward their family legacy.
Vidur Kapur – O3+ Skin Care
The beauty industry in India has been on the rise for two decades with an increase in the number of households shifting to a more consuming lifestyle. The period between the late 90s and the 2000s saw many beauty brands disrupt the market. It was then that O3+ set foot in the then fledgling industry.
Founded by Vineet Kapur, O3 Plus began its journey in 2004 from New Delhi to serve the needs of the salon industry and assist beauticians by offering a premium range of skin care products for facial care.
Starting off as a small company, O3+ has today captured a decent market share for its products across India, making an annual turnover of Rs 150 crore.
In an interaction with SMBStory, Vidur Kapur, a second-generation entrepreneur, says O3+ is trusted by more than 50,000 salons that offer product lines ranging from facial kits to serums, masks, face packs, toners, bleaches, peels, skincare line oculars and capillaries and much more. . The brand is present in India, Nepal and Bangladesh, and is also successful in Dubai and Canada.
As natural beauty products are now in vogue and Indian customers have become more product conscious and demand more natural, organic and vegan products. Vidur says O3+ has also kept pace and was recently PETA (People for Ethical Treatment of Animals) certified.
Vidur says the brand adheres to vegan formulations for its products.
“We also have a different product range where the products are blended in the concept of modern Ayurveda to serve our customers.”
He adds that O3+ is also set to offer more premium ranges to its customers and is also looking forward to partnering with premium salons for its product offerings.
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Anurag Soni – Sangam India Ltd
In the early 1980s, the textile industry became a lucrative space for budding entrepreneurs. The policy reforms that have materialized in India have eradicated barriers to entry for many to set up various Indian businesses especially in the spinning industry.
Ram Pal Soni, a PwD engineer, also thought of taking this opportunity and decided to quit his job. In 1984, with an investment of Rs 20-25 lakh, he launched Sangam.
From eight weaving machines, based in Bhilwara India is now recognized as one of the leading companies in the textile industry, achieving an annual turnover of Rs 1,363 crore.
In an interaction with SMBStory, Anurag SoniSecond-generation entrepreneur and full-time director, Sangam India, talks about the company’s heritage and how it is moving into the B2C space, in addition to B2B, to tap into new opportunities.
Sangam India operates three verticals – the first in the manufacture of synthetic fabrics for the manufacture of denim, the second in the production of synthetic yarns and cotton and the third in the garment sector.
Each year, the company produces 30 million meters of PV fabric and 48 million meters of denim fabric from more than 2.8 million spindles and 3,000 rotors. Its client base includes Indian Defense Services, State Police Departments, etc.
Anurag says that in 2015 the company entered the B2C sector with the launch of C9 Airwear – a casual wear and sportswear brand – because it wanted to go directly to consumers.
Currently, the brand is available in 1,000 multi-brand outlets in India and major online retail marketplaces. Its flagship brand – Sangam Suitings – operates through one distribution channel and has a pan-India network of 10,000 retailers.
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Other favorites of the week:
1 Hair Stop
Around the world, styling hair with extensions, silk toppers, highlights, volumizers, etc., is just one fashion choice among many.
Although India is one of the largest hair exporters in the world, surprisingly, these products are not in high demand in the country.
Hyderabad-based Hritik Exim, established by Lalit Grover in 2008, is a leading exporter of hair extensions to China, Brazil and other countries.
When Lalit’s daughters – Richa Grover Badruka (30) and Raina Grover (28) – were charting their career paths after graduation, they found that despite Indian women suffering from hair loss problems, they are not ready to try hair extension and solve this problem. problem.
“While I joined my dad’s business, Raina pursued a job in the digital marketing agency. As I handled international sales, I saw a huge global demand for hair extensions made in from the hair we exported. However, the demand was almost negligible in our India,” says Richa. SMBStory in an interaction.
Today, a large percentage of women are facing hair loss and thinning hair issues. Most of these issues stem from COVID-19, pregnancy, thyroid disorders, anemia, PCOS, and skin conditions including psoriasis and seborrheic dermatitis. With alternative therapies, treatments, and medications, results vary.
Richa saw this untapped opportunity in India and discussed the potential idea of starting a hair extensions brand with her sister. By then, Raina had quit her job and entered the business full-time.
But the sisters were entering a market where there was no demand!
In October 2019, the sister duo launched 1 Hair Stop, which offers luxury hair extensions, toppers and easy-to-use clips for women who are at different stages of thinning and hair loss.
Although Richa did not disclose the turnover, she claims that the company has served more than a lakh of customers across India.
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