Saga

It’s the new year and January again when Gym memberships explode, smoothie sales soar, and yoga mats sprout in every living room. Every year, you swear to get fit, eat healthier, and conquer that mountain of well-being.

In India alone, 80% of New Year’s resolutions are purely catered to gym memberships, reflecting the massive $31.97 million growth projected for India’s fitness industry by 2027. The fitness and healthcare industry is constantly evolving and has grown to a $5 trillion market. Gone are the days of dusty dumbbells today, it’s the tech-fuelled beasts, where smartwatches count your steps and AI whispers personalized workout tips in your ears. 

Think back to pre-smartphone days when New Year’s resolutions were a solo mission. Now, you have fitness trackers telling you you’re slacking, meditation apps soothing your January blues, and personalized meal plans arriving at the tap of your phone. Technology has become our cheerleader, coach, and therapist, all rolled into one sleek gadget.

So, who’s winning in this tech-fueled wellness revolution? Read on

The Data-Driven Darlings

Fitness trackers, smartwatches, and health apps are leading the charge. Companies like Fitbit, Apple, and Peloton are raking in profits as we obsess over our heart rates and calorie counts. Imagine – they know more about our bodies than our doctors!
Smartwatches alone will contribute a projected $26.9 billion by 2026.

The Personalized Pros: 

Forget generic gym memberships. Boutique studios offer tailored workouts based on your fitness level and DNA.

This fitness frenzy fuels a global gym market worth $96.7 billion in 2022, expected to reach $124.2 billion by 2027.

And it’s not just exercise – think personalized nutrition plans, stress management programs, and even genetic testing to understand your health predispositions. 

From high-energy Zumba and gravity-defying Pilates to meditative Yoga and adrenaline-pumping Boxing, there’s something for everyone’s fitness personality. Companies like CultFit and Golds Gym are thriving on this trend.

The Tech-Savvy Therapists

Telemedicine is no longer a sci-fi fantasy. Platforms like Practo and MFine are making healthcare accessible and convenient.

Imagine ditching the waiting room for a virtual consult with a top specialist from your couch! Expanding reach and efficiency is a boon for patients and healthcare providers.

The Wellness Wearables

From sleep trackers to smart clothing, wearable tech has become essential to our daily lives. Companies like Whoop and Oura Ring are tracking everything from sleep patterns to stress levels, offering real-time insights into our health.

This data goldmine is attracting not just fitness enthusiasts but also corporations and insurance companies looking to incentivize healthy lifestyles.

The Corporate Champions

Companies are investing in comprehensive programs, including mental health resources, on-site fitness facilities, and financial incentives for healthy habits.

This focus on employee well-being boosts productivity, reduces healthcare costs, and attracts top talent.

Smaller Businesses And Their Niche

Wellness apps cater to specific needs like pregnancy fitness or chronic disease management. Virtual therapists offer specialized sessions for anxiety or depression.

Local gyms partner with nutritionists and mindfulness coaches to create a comprehensive well-being experience.

Not Just About Profits

It’s about empowering individuals to take control of their health. By understanding our bodies through data, we can make informed choices about our workouts, diets, and overall well-being.

It’s about moving away from fad diets and unsustainable routines and towards a personalized, data-driven approach that fits our unique needs and preferences.

Embracing The Revolution

So, this New Year, let’s embrace this revolution instead of making another fleeting resolution.

Explore the technology, find the brands that resonate with you, and build a well-being journey that’s sustainable, personalized, and, most importantly, enjoyable.

Because, in the end, the only way to conquer that mountain of well-being is to find a path that makes you want to climb it daily.

Diwali Sunday (a designated dry day) saw an astounding 64 lakh bottles picked up from store shelves, leading to Rs 120.92 crore in revenue this year.

Diwali, Christmas, and New Year’s Eve bunched together in the chilly months call for bonfires and booze nationwide. In 2023 alone, a mind-blowing 5 billion liters of alcohol – enough to fill an Olympic pool twice over – flowed freely, marking a 12% jump from the previous year. 

From Punjab to Himachal Pradesh, liquor sales are soaring like hot pakoras, with a 15-20% surge compared to the rest of the year. Even down south, winter brings a respectable 7-10% rise in the spirit of cheer. Wow! Can you imagine what the number could be on New Year’s Eve? 

India, the land of chai and spices, is making waves in the international spirits scene, shaking things up with mass appeal and award-winning sophistication. How did we do it?  Check out the intriguing story… 

India’s Thirst Is Bottomless

From a sip or two in 2005, the average Indian now drinks up 5.7 liters of pure alcohol a year, with that number expected to explode to 6.21 billion liters by 2024. 

India is the world’s ninth-largest consumer of all alcoholic drinks and the world’s second-largest consumer of spirits, such as whiskey, vodka, gin, rum, tequila, and liqueurs, only behind China. 

India’s total alcohol consumption has surged to over 663 million liters, marking an 11% increase since 2017. Approximately 10% of all adults in India are alcohol consumers, with 18.8% of adult men and 1.3% of adult women consuming it.

From A Humble Start To The World’s Best

An Indian single malt, the Indri Diwali Collector’s Edition 2023, beat global giants to become the world’s best whisky! India is the unmistakable king of whisky consumption, drinking a staggering 60% of the world’s share.

Royal Stag, McDowell’s, and Officer’s Choice are household names that fuel the massive Indian-made Foreign Liquor (IMFL) industry.

Packs a punch!

India’s liquor scene isn’t just about top-most sophistication. It also includes “Knock Out” beer, the world’s most potent brew with a jaw-dropping 8% alcohol content. Brewed by SABMiller India, this is a favorite among lower-income groups and living up to to its name.

Where Budget Reigns Supreme

On the other end, there’s Bagpiper, the world’s cheapest whisky, clocking in at a mere $0.50 for a bottle.
Made from molasses and artificial flavors it’s the go-to for the rural and urban underprivileged, often diluted with water or soda.

Who’s Cheering The Most?

This party for drinkers was also a feast for profits for alcohol companies. While consumers made merry with their drinks, liquor giants like Diageo and Radico Khaitan enjoyed an estimated 20% revenue growth. The unique offerings of craft breweries and micro-distilleries also appealed to taste buds.

The 8 Giants of India’s Alcohol Empire

Meet the eight biggies who control what gets poured and where — United Spirits, United Breweries, Radico Khaitan, Globus Spirits, GM Breweries, Assoc Alcohol and Breweries, Tilaknagar Ind, and Som Distilleries and Breweries. These liquor lords rule from Kashmir to Kanyakumari.

1/1/2019

A Land of Contrasts

From award-winning to budget-friendly alcohol, the duality of India’s liquor market is intriguing and has ensured it’s constantly evolving and emerging on the global stage as a powerhouse.

What Does The Future Hold?

While we’re celebrating our rise as a ‘spirits’ champ, here’s a downer: India’s still a lightweight compared to top players like France and the Czech Republic. 

We’re averaging only 5.5 liters a year per person. However, analysts say our thirst is growing fast, thanks to rising disposable incomes, a rising urban middle class, and changing social norms.

By 2024, we’re expected to consume over 6 billion liters; by 2030, that could double. That’s enough to give the world a spectacular hangover!

What’s Your Favorite?

Imported Brew and craft brews to impress your IG followers.
Lite is In: Low-alcohol beers and ready-to-drink cocktails. 
2 Am Late-night doorstep deliveries 
Artisanal Blends, if unique beverages are what you seek.

So, next time you see a steaming mug of chai replaced by a clinking glass on a chilly Indian winter night, remember, it’s the season for spirits to rise!

‘Tis the season of joy, wonder, and those beautifully wrapped surprises! With Christmas around the corner, have you solved the mystery of who your Secret Santa was last year? Or hope the chit is scribbled with your work bestie’s name to spoil them silly with a gift?

After all, Christmas without gifting is like Rudolph without his red nose!

Christmas isn’t just about sparkly lights, mistletoe, and gingerbread houses. While it’s a season steeped in the history of giving, it also has a bearing on Christmas Gifting as an industry. Moreover, the Santa Rally in the Indian stock market is often the talk of the trading town. Let’s take a ride through this fascinating journey!

Gift Giving

Let’s now step back and take a sleigh ride through the fascinating history of the tradition of gift-giving during Christmastide.

The Ancient Roman Fiesta

Long before Santa’s red suit and reindeer crew, the ancient Roman festivity Saturnalia (December 17 to 23) was a time of merry-making, sharing, and thanking Saturn for the year’s bountiful harvest.

Folks gathered for grand public banquets and exchanged gifts to gain fortunes the following year.

And The Christian Era

Fast forward to the Christian era, and gifting during Christmas became a symbol for the gifts of the Magi or the Three Wise Men — Melchior, Gaspar, and Balthazar delivering precious presents of myrrh, frankincense, and gold to baby Jesus.

Christmas in Early Modern Europe

Christmas wasn’t always family-focused. Young men would ‘wassail’ or go drunk from house to house, demanding gifts from the upper class.  

The Jolly ol’ fella

America tamed Christmas in the 1800s, and the gift receivers turned from lower-class young men to children. And thus, Santa Claus slid through the chimneys!

Know Your Claus

Everyone loves the merry guy who gets his origin from the generous St Nicholas, name from the Dutch “Sinterklaas,” and iconic appearance as the “right jolly old elf” from Clement Clarke Moore’s 1822 poem, An Account of a Visit from St. Nicholas, famous as ‘Twas the Night Before Christmas.

Let’s thank merchant John Pintard for introducing Santa or St Nicholas or St Nick or Father Christmas in the early 1800s.

The Gifting Market Size

Did you know the season’s gift market in India rocks at a staggering $30 billion and is set to grow at a speedy 20-25% every year?

We have more cash to splash, and there’s been a lifestyle switch-up with the rising love for experiential gifting. 

From Fruitcakes to More Excitement

Move over, sweaters and fruitcakes. Today’s shoppers crave adventures and moments over physical presents. Think thrilling sports, fancy dining, relaxing spa days, and more as gifts.

This shift has sparked the rise of fresh faces in the scene, like experiential and activity-packed gift hubs.
If Book the Surprise lets you gift unique experiences such as creating a cabana at home or paragliding.

With Gifting Owl, you can send someone wanderlusting in India or abroad. Hint: they have a Wild Dolphin Swim and Cruise in Adelaide. 

Christmas Gifting

Skip to the 20th century when Christmas exploded like confetti in America. Santa at shopping malls gave a shop-till-you-drop extravaganza that retailers cashed into and turned gifting into a dazzling industry.

So much so that an average American spends close to $1,000 (approximately ₹83,300) on Christmas gifting.  

Stock Market Santa Rally

Christmas has gone global, becoming less about religion and more about sharing good vibes with Kris Kringle or Kris Kindle parties and Secret Santa swaps. The stock market will also be on a festive high with the Santa Claus rally when the stock market sees an upward trend. 

The rally has come to India early, shortly after Diwali. Stock prices will rise like the holiday spirit, with Nifty at 20,350 and Sensex at 66,988. 

Wrapping Up The Tale

As India has hopped on the gifting sleigh, the stock market high will also be a gift that keeps on giving. As we make our cherished tribe’s Christmas merry and extraordinary, the bulls of Indian markets will also receive gifts from a strong GDP and renewed FPI inflows.

Experts are optimistic that the rally will let the market sustain the momentum and stay on until February! 
’Tis the season of gifts, after all, that’s here to stay longer after Christmas! 

Imagine you’re strolling down Delhi’s Safdarjung Road or Janpath and being surrounded by people adorned in their traditional finery, bustling towards a destination—a scene straight out of a Bollywood extravaganza. But hold your popcorn because this isn’t reel life; it’s the real deal, unfolding in the heart of the capital city.

We’re not talking about a few intimate gatherings here. A jaw-dropping 4 lakh weddings are set to grace New Delhi in three weeks, with a staggering 15,000 wedding ceremonies slated for November 30th alone. And before you think this is an exclusive Delhi affair, think again. This auspicious wave of celebrations spans every nook and cranny of our diverse nation.

Welcome to the Big Fat Indian Wedding, where the Shubh Mahurat extends its influence far and wide.

Behold the Grandeur!

Estimates suggest a whopping business turnover of around ₹5 lakh crore during this festive period, showcasing emotional unions and a colossal economic extravaganza.

Yes! As per CAIT Research & Trade Development Society, as many as 35 lakh weddings will be solemnized between 23^rd November and 15^th December.

PM’s love affair with Local

In the spirit of ‘Vocal for Local,’ even our honorable Prime Minister subtly nudged people to embrace our homeland for wedding venues.

The ‘Make in India’ ethos is making its way to the sacred vows and vibrant celebrations, reminding us to celebrate our cultural heritage with pride.

Couples – Active Decision Makers

From simple ceremonies of the past to the extravagant celebrations of today, it’s nothing short of a cinematic love story. Arranged marriages -once the norm where parents decided everything has gracefully given way to love marriages.

Couples are now active decision-makers in their journey of togetherness. Possibly a reflection of the global exposure to Western wedding trends.

Jul 5, 2022

The Big Fat Indian Wedding Phenomenon

Extravagant celebrations, never-ending guest lists, exotic locations — it’s not just about exchanging vows anymore; it’s about showcasing wealth and social status through elaborate events.

There’s a stark transformation, emphasizing the ever-evolving nature of our celebratory customs.

Wedding Bills Ring in a Thriving Economy

The economic dance during this season extends beyond eye-popping wedding costs. Former
Karnataka Minister, Janardhana Reddy’s daughter’s wedding cost over ₹500 crores, turning the economic vaults into a high-stakes tango. An average Indian wedding can range anywhere from ₹10 lakhs to ₹5 crores.

About half the spending is on fashion brands such as Manyavar, Zara, high-end couture, jewelry brands like Tanishq, TBZ, Kalyan Jewelers and others. The jewelry market in India is expected to reach US $76.77 billion in 2023.

Not to forget, the electronics, dry fruits, and sweets markets, while the other half fuels banquet halls, hotels, event management, catering, and travel services. The Hotels market is expected to earn around US $7.68 billion in 2023.

More than Traditional Splurges

The narrative is that of modern consumer behavior, witnessing increased investments in electronic goods, consumer durables, and a myriad of gift items.

The demand for services like beauticians, salons, photography, videography, and entertainment, including orchestras and bands, is hitting a crescendo, painting a picture of the evolving spectacle of the Indian wedding.

The revenue for Indian Beauty and Personal Care market is expected to reach US $30.54 billion in 2023.

Budgets that Redefine Opulence

Beyond the wedding industry, other sectors like real estate and automotive will witness a surge of around 15-20% in sales during this season. The loan industry, too, experiences a spike as couples seek to turn their dream weddings into reality.

Celebrity unions flaunt budgets that epitomize the very essence of lavishness. For instance, Lakshmi Mittal, the steel magnate, splurged over ₹220 crores for his daughter Vanisha’s wedding.

Culturally Diverse

Cultural fusion takes center stage as Western elements seamlessly intertwine with traditional Indian weddings. From attire to ceremonies and themes to destinations, couples are crafting a unique blend that resonates with the past and the present. Destination weddings have boosted the outbound tourism market in India, which is worth US $15.2 billion today. The

This fusion, however, prompts a reflection on cultural identity and preservation in the face of evolving trends.

Savour the Culinary Crescendo

Did you know the Indian Foodservice Market in 2023 is worth US $69.78 billion?

Weddings have evolved into a culinary marvel, shedding the shackles of excess and embracing a world of quality and variety.

Guests hunger for thrilling experiences, tantalizing their taste buds with audacious culinary experiments. It’s a feast for the senses, where every dish tells a story, and every bite is an adventure.

Sustainable Weddings are Trending

In a heartening twist, there’s a growing awareness of the environmental impact of weddings. Sustainability and conscious choices are gaining traction, with eco-friendly practices making their mark.

Sit-down dinners are making a comeback, adding an element of grace to the festivities. Couples, inspired by the likes of Milind Soman and Ankita Konwar’s grand gesture of planting a tree for each guest or Dia Mirza and Vaibhav Rekhi’s commitment to a strictly no plastic policy and minimal, biodegradable decor, are setting the tone for an eco-friendly ceremony.

These celebrity initiatives show a shift towards mindful celebrations, where each step down the aisle is a conscious stride towards a greener and more sustainable future.

Technology – The New Entrant

The COVID-19 pandemic. It disrupted plans, introducing a new normal; the pandemic has led to the rise of intimate ceremonies and virtual weddings.

Technology has become an indispensable ally, shaping new norms and practices in the wedding landscape.
Make way for Wedding Gift Registry, Memes, QR codes, Insta-Invites, Hashtags, the list goes on.

And Now…..

The big fat Indian wedding has evolved into a dynamic celebration that weaves cultural, social, and economic threads. The journey from traditional ceremonies to extravagant spectacles reflects our ever-changing society. 

As we anticipate future trends, one thing is certain: the Indian wedding will continue to be a vibrant canvas, painting the love stories of generations to come.

If you haven’t invested for your wedding or weddings in your family yet, then begin today. Cheers to the evolving saga of Indian Weddings.

MORE FROM SAGA

The Rise, Fall & Turnaround of Cafe Coffee Day

Flair Pens Rewrite the Narrative

The Making of 2000 Cr Company, MDH

A Gripping Tale of Byju’s

Our good ol’ Flair Pen folks have made a pensational IPO proposal that opened on 22 November 2023 and closed on 24 November 2023. Flair Writing Industries Limited filed papers with the Securities and Exchange Board of India (SEBI) to raise a staggering ₹745 crore, which was listed on the 1st of December 2023.

The name will take you back to childhood and youth in a click! Feeling all grown up after just two months of summer vacations when you graduated from pencils to pens.

Do You Still Play Jolly?

The days of ‘jolly’ on our palms, points for missing, and the loser giving the winner a goodie or getting a friendly whack!

Sword Fight

When the pen became the sword in a pen fight! 

Teen Games

FLAMES as a teenager, anyone? How many of you really ‘M’arried or made an ‘E’nemy of the person you were crushing on?

Last-minute Studying

Sure, there were also classroom notes, late-night studies, projects, or receiving a pen set as a gift in elocution or extempore competition, and everything else in between.

Tic-Tac-Toe

We’re not tearing up; you are tearing up at the fond memories! Whether or not you had a flair for writing and scoring a 9/10 in the essay on the ‘Autobiography of a Pen,’ here’s the story of the writing instrument giant that shaped our wonder years of doodling through lectures or playing Tic Tac Toe. 

1976

Meet Flair

Circa 1976, Khubilal Jugraj Rathod ushered in the Flair Writing Industries after manufacturing 1,000 metal pens daily, selling at ₹1 to ₹1.50 in the Mumbai wholesale market, Delhi’s Sadar Bazar, Chennai, and Bengaluru at his cousin’s pen factory. 

Providing pens to companies that branded metal pens with their own names paved the way for the brand Flair with new packaging and models. 

1990

Ballpoint Was “In”

Market expansion brought in the trusty plastic pens in 1990

1994

Pierre Cardin

KJ Rathod’s passion for designing pens led to the introduction of Pierre Cardin, synonymous with fashion and new models. Flair would later buy the brand in 2014. 

1995

Flair Sunny

Flair Sunny, named after the Little Master Sunil Gavaskar, came in as a tribute to his fours in cricket with the first ever four-coloured (blue, black, red, and green) pen. 

2006

Here Comes The Bestseller

This one’s for the ‘scholar’ classmates who furiously fill out supplements in exams (you know who you are!). Write up to 10,000 meters (10 kilometers).

Thanks to the special ink and tip, it comes with a meter to tell you when to change the refill. The longest-writing pen in the world has been a bestseller and is exported to Europe and Russia.

Today

Crafting Success

Flair has scripted its success from manufacturing 1,000 pieces to 70 lacs daily, with eyes on 1 crore daily. Angular pens for left-handers, the gamechanger retractable Ezee-Click, Hauser XO, the stylish and experimental Woody, a designer pen in ₹10 with YOLO, take your pick and scribble away. 

Flair Pens offers 727 different products as of June 30, 2023, selling 344.32 million pens in Q1FY24 and 65.11 million units sold globally.  

Here’s to writing countless stories, the nostalgic relic of cherished moments forever etched in our shared memories!

Here’s a story of a man who embarked on a journey that changed how Indians experience and cook food. He is none other than Mahashay Dharampal Gulati. The echoes of his legendary story still linger in the catchy jingle, “Asli masale sach sach, MDH MDH.” Do you remember humming the jingle? We’re sure you do.

What lies behind this household name is a story of adventure and determination that transformed a humble seed capital of Rs 1,500 into a massive Rs 2,000 crore business empire.

This extraordinary saga is a classic example of the Hindu Undivided Business involving slow but tangible growth for generations. This story will pay tribute to the man who gave us the taste of India and the infamous MDH Spices, one spice blend at a time.

1923

Humble Beginning

It all began on a sunny day, March 27, 1923, when Mahashay Dharampal was born into a close-knit Hindu family. Chuni Lal’s father had already set the stage for the family’s legacy by selling spices from a small shop.

1933

Give Up Formal Education

After completing only the fifth grade, he was forced to discontinue his formal education. This decision worried his father, who was determined to impart practical skills to his son that would ensure a secure livelihood.

Mahashay Dharampal explored various odd jobs during his teenage years, from textiles to hardware, but none seemed to offer a sustainable career path. It wasn’t until he was around 15 years old that he discovered his true calling.

1937

MDH Mahashian di Hatti is Born

At his father’s insistence, he spent more time at the family’s spice shop, where he learned the art of grinding pepper and various other spices.

This seemingly small stint sparked a fire in him, a commitment to furthering the family’s spice business.

The shop quickly became a rage and was popularly known as ‘Mahashian Di Hatti,’ which meant ‘the respected man’s shop.

1947

The Impact of the India-Pakistan Divide

When Mahashay Dharampal took the reins of the family spice business, India and Pakistan were partitioned. The family was forced to leave their thriving enterprise behind and become refugees in Amritsar. But resilience and determination were in Dharampal’s DNA.

1947

Laying The Groundwork of MDH

Dharampal then traveled to Delhi with Rs 1,500, investing in a horse carriage. Realizing it wouldn’t suffice, he sold the carriage and bought a small shop in Karol Bagh, laying the foundation of the MDH spice empire.

1959

Birth Of ‘Deggi Mirch Wale’ & MDH Spices

Dissatisfied and tired of external sources and low-quality spices, he set up his spice factory and called it ‘Mahashian Di Hatti Private Limited,’ fondly known as MDH.
 
Mahashay Dharampal was not alone in this journey. His younger brother, Satpal, joined him, making it a Hindu family business. Under Mahashay Dharampal’s watchful eye, ‘Pal di Mirch’ (chili powder) and ‘Pal di Haldi’ (turmeric powder) were introduced.

The consistent quality and flavor soon gained recognition, earning Mahashay Dharampal the distinctive title of ‘Deggi Mirch Wale.’

1960

The MDH Legacy Begins

Mahashay Dharampal had a vision. He wanted to see MDH masalas in every Indian household.

Mahashay Dharampal launched pre-packaged masalas in cardboard boxes.

Innovative Marketing Approach

The cardboard packaging prominently featured Dharampal Ji’s photograph and a brand promotion message, assuring consumers of their quality with the words “Hygienic, full of flavor & tasty.”

This touching marketing approach convinced customers and solidified the perception of MDH masalas as superior in quality, taste, and flavor. The success of pre-packaged spices led to the launch of ‘Garam Masala,’ ‘Degi Mirch,’ and ‘Kasuri Methi.’

60 Products, 1000+ Stockists, & 4+ lakh Retail Dealers

MDH, established by Mahashay Chunni Lal Gulati in Sialkot in 1919, had grown into a brand with over 60 products, 1000+ stockists, and 4+ lakh retail dealers.

Under the leadership of Dharampal’s son, Rajeev Gulati, MDH Spices reached global markets, including the United States, Canada, the United Kingdom, Europe, and more.

Overcoming Challenges

Success was not easy. MDH faced several obstacles, including convincing people to buy spices in a market where many needed help to meet basic needs and maintain consistent quality.

Mahashay Dharampal Gulati refused to compromise on quality or principles for a greater market share.

It led to higher initial production costs, resulting in razor-thin profit margins in an economically disadvantaged market with a risk of running a loss-making business.

So, what helped Dharmapal to up this business game? Let’s find out.

Creating A Brand Marketing Strategy

MDH, as a brand, has much more to offer than spices. We are talking about their marketing campaigns. While many brands opt for celebrity endorsements, MDH took a unique approach.

They built a solid one-to-one connection with consumers by featuring Mahashay, the CEO,  in their advertisements. This approach helped establish trust and a personal bond with the brand.

Building a Brand Legacy

MDH delivered consistent quality, keeping its promises to customers intact. Despite affordable prices, there was no compromise on the quality of products, making them accessible to the Indian middle class.

Understanding the importance of packaging in brand identification, MDH recognized that it played a crucial role, especially for commodity products. They embraced the concept early on, with a remarkable array of 150 packaging designs for their 62 products, creating a solid brand identity.

Product Diversity and Innovation

Although Indian households prefer buying single-ground spices and mixing them to their taste, MDH introduced blended spice formulas for various Indian dishes.

This innovation became an instant success as families began experimenting with ready-made formulas, expanding their culinary horizons beyond regional boundaries.

The Customer is King

MDH’s brand building is rooted in aligning with the larger values of its target customers. Their success lies in connecting with the cultural and culinary diversity of Indian households, and by doing so, they became the quintessential choice in every Indian kitchen

1975

A Socially Responsible Brand

MDH has been a pioneer in extending its brand for social causes. Infact, Dharampal was not only an industrialist but also a philanthropist.

He helped many underprivileged girls from poor families get married and contributed significantly to the PM CARES Fund during the COVID-19 pandemic, embodying the philosophy of giving back to the world.
 
In addition, the company has consistently demonstrated its commitment to community and social welfare by opening schools and hospitals and dedicating them to society.

2001-2020

Memorable Years

2001 -MDH Spices ranked 490th among the unlisted Indian companies
 
2016 – Revenue shot up to Rs 9.42 billion
 
2017 – Mahashay became the highest-paid CEO
 
2019 – Mahashay receives Padma Bhushan for trade and industry

2020 – Mahashay’s legacy lives on

2020

An Ongoing Legacy

Mahashay Dharampal Gulati passed away in 2020, but his legacy lives on.

MDH is still one of India’s most popular spice brands, and his masalas continue to bring joy to millions of kitchens worldwide.

A few years ago, if you wanted a cup of joe, you just had to walk down the corner of a street. Imagine you are the CEO of India’s largest coffee chain. You have over 1,700 outlets across the country. You have built a loyal customer base, a strong brand image, and a profitable business. But then, debt piles up slowly, your lenders turn hostile, and your competitors eat into your market share. And you’re left with no other option but maybe end things.

How does a company cope with such a crisis? We have just the story that you’d love to read.

1992

Amalgamated Bean Coffee Trading Company

From investing heavily in the stock market to an early career in J M Financial, where V.G. Siddhartha managed portfolios for two years before setting up Sivan Securities, which later became Way2Wealth.

By 1985, he was a full-time investor who owned 10,000 acres of coffee farms. That was how Amalgamated Bean Coffee Trading Company was born.

1992

The Beginning of a Dream… CCD

Within two years of its inception, Amalgamated Bean Company emerged as India’s premier coffee exporter.

Inspired by the Tchibo espresso brand in Germany, V.G. Siddhartha dreamt of sharing the rich flavors of coffee with people in India. He wanted to build an empire that created a captivating coffee journey for people.

That’s how Amalgamated Bean Company (ABC) became the foundation for Coffee Day Global.

1996

The Rise of Café Coffee Day

The farm-to-cup company opened doors to its first cafe on Brigade Road, Bangalore. This hangout spot caught the fancy of the youth in Bangalore, quickly becoming the place for conversations and more over a cuppa joe.

2011 -2016

Cafe Coffee Day Expansion

The cafe culture of the West caught on in India, and V. G. Siddhartha’s dream found the demand to expand to 2000 cafés by 2016 with a presence in Austria, Egypt, Malaysia, Nepal, and the Czech Republic becoming a $1 billion company one cup at a time.

2017

Icon For Innovation & Excellence

The Coffee Day brand flourished, becoming more than just a name associated with coffee with red branding. It symbolized innovation, diversity, and Siddhartha’s unrelenting pursuit of excellence across various industries, from owning the crops and producing the coffee, espresso machines, and furniture for the outlets and Coffee Day Resorts.

2017-2019

A Prospering Dream

The Coffee Day Enterprises owned around 1,700 cafes, more than 48,000 vending machines, 532 kiosks, and more than 403 locations where ground coffee was sold. A Moneycontrol report from 2019 reported that Coffee Day Enterprises had a yearly revenue of Rs 4,264 crore.

2019

Café Coffee Day Rising Debts…

Café Coffee Day had a total debt of almost Rs 6,574 crore 2019. Adding to its woes was the 10% fall in coffee exports in India, which led to a drop in coffee prices for the first time in 13 years. Meanwhile, the company’s revenue plummeted by a distressing 28%.

2019

Attempts to Pay off Debts

V.G. Siddhartha decided to sell his 20.32% ownership in Mindtree, an IT services company, for over Rs 3,200 crore to pay off CCD’s debts.

Things worsened when CCD could not obtain the working capital to run the company. It prompted him to agree to sell the flagship brand CCD to Coca-Cola for an estimated Rs 10,000 crore while Blackstone was considering buying his stake in the realty firm Tanglin Developments for Rs. 2800 crores.

2019

Adding to V.G’s Woes

The Income Tax department raided 20 of Siddhartha’s properties and discovered nearly ₹650 crores in hidden income.

At the same time, his father slipped into a coma, and the short-term loan he needed to rescue CCD didn’t come through. This, perhaps, was Siddhartha’s last straw.

Siddhartha was reported missing on July 29, 2019, and was found dead two days later in the river.

2019

Grim Reality

He left a letter that revealed the grim reality of his business. He confessed to the financial abyss he had found himself in and the relentless pressure from lenders, investors, and tax authorities.

As the news of Siddhartha’s passing spread, CCD found itself in a more profound crisis. The company’s stock price crashed, and outlets, once buzzing with customers, faced protests and vandalism.

Creditors were demanding repayment while the board scrambled to find a successor. 

2019

The Downward Spiral

The share prices took a beating after Siddhartha’s unfortunate passing, dropping from ₹193 to ₹122 in just two days. 
The market capitalization plummeted nearly 50%. CDEL’s financials taking a hit wasn’t enough. Sical Logistics, a listed corporation, V.G. Siddhartha, had a 0.68% stake dropped by 20%. 

2020

Malavika Hegde’s Turnaround

Many believed it was the end of the coffee saga Siddharata had begun. But the beans were still roasting — Malavika Hegde, Siddhartha’s wife and mother of his sons, had plans.

2020

A Lot Can Happen Over Coffee

In December 2020, Malavika Hegde took over as CEO of CDEL.
She wasted no time taking bold and decisive actions: Selling off the assets that were not core to CCD’s business, renegotiating the terms of the debt, and shutting down the ventures that were bleeding money. 
But that’s not all!

2020

CCD’s New Avatar

Hegde knew that the heart of CCD was its cafés — had CCD begun to forget it?

Hedge set out to make those cafés even better. New products, exciting services, and rewards for loyal customers — ensuring something special brewed at every café.

Thanks to her tireless efforts, CCD’s debt fell drastically to manageable levels.

2020

Hegde’s Strategies 

Malavika Hegde proved that every wave that falls rises eventually. Under Hegde’s leadership, CDEL reduced its debt by 75%. That, too, despite the ongoing Covid-19 pandemic. 

She took expected and unexpected measures, creating history

2020

Unexpected Measures

First was shutting down underperforming shops and lackluster coffee vending machines and focusing on what truly mattered.

The objective was clear: channel all efforts into nurturing its beloved CCD café chain. It was just the beginning of the grand transformation.

Malavika realized that she needed to muster resources and strength. So, she sold their stake in Mindtree, an IT services subsidiary, and other non-core assets.

2021

Winds of Change

The Global Village Tech Park in Bengaluru found a new owner in the Blackstone Group. The profit from this sale helped to invigorate CDEL’s financial position.

Malavika went the extra mile, implementing cost-cutting measures. The goal was to ensure every resource aligned with CDEL’s grand strategy and renegotiate debt commitments to alleviate financial stress.

2022

An Improved Cafe Coffee Day

In this transformation journey, CDEL sought alliances and partnerships with companies like New World Hospitality from Hong Kong, envisioning a future where they could work together to run operations in India.

The grand finale to its strategic makeover, CDEL had a secret weapon — its vast coffee estates in Kodagu and Sakleshpur, sprawling over 20,000 acres.

These estates were not just estates; they produced the finest Arabica coffee beans. CDEL leveraged this valuable asset, borrowing against it to fuel its ambitious plans further.
.

2023

The Scene Now

CCD has made its mark across the country again. It serves fresh cups of delicious coffee in over 500 locations nationally. Plus, it supplies people at workplaces with 36,000 coffee vending machines.

2023

Financial Numbers To Note

In 2019, CCD had a heavy debt load of ₹7,200 crores. But by 2023, they managed to trim this heavy debt by 95%! 

In FY2022-23, its retail coffee division raked in ₹869 crores in revenue. What’s more, they grew — a whopping 75% year-on-year increase.

Let’s not forget CCD managed to shrink its losses to ₹68 crores, down from ₹112 crores the previous year.

2023

What’s Next

With such a dramatic reduction in debt, remarkable revenue growth, and a successful battle against losses, Malavika Hegde turned the tables.

But can this strategy survive the test of time? It remains to be seen. 

Byju Raveendran, Founder & CEO of the edtech unicorn– Byju’s, had a vision. He envisioned a world where education was not bound by classroom walls but accessible to anyone with a smartphone. And thus, Byju’s – The Learning App was born.

We bring you a journey of triumphs, unprecedented highs, fall from the limelight, and more within a few years. Let’s begin with a trip down memory lane and meander to the story of what happened with Byju’s…

The Rise of the EdTech Unicorn

2008

The Idea of Byju’s is Born

Byju’s humble beginnings can be traced back to Raveendran’s days as a college coach in Bengaluru.
He could simplify complex subjects, making his classes wildly popular.
 
Soon, he taught thousands in a sports stadium, projecting lessons on giant screens. Raveendran’s teaching methods stood out in a country with scarce quality instructors.

2011

Floats Think and Learn Pvt Ltd

Recognizing the potential of his teaching approach, Raveendran recruited his brightest students to join him. He opened 41 coaching centers and, in 2011, officially registered his venture as “Think and Learn Pvt Ltd., the parent company of Byju.”
 

2015

Launches Self-learning App

In 2015, Byju launched a self-learning app primarily focused on math, science, and English for primary school students.

The app’s engaging video lessons simplified complex concepts, making it immensely popular. Byju’s was no longer just a platform but a revolution.

The company’s rapid growth attracted substantial funding, with global giants like Tencent and the Chan Zuckerberg Initiative investing heavily. Sequoia Capital, an early supporter, joined in 2015 with a $58 million investment

2016

Monetization

Byju’s understood the art of monetizing education. They offered free content to lure users and enticed them with subscription plans.

With millions of users subscribing, Byju’s revenues skyrocketed. They also acquired competitors like Toppr and WhiteHat Jr. Aakash, further solidifying their position.
 

2019

The Pandemic Boost

When the COVID-19 pandemic hit, Byju’s was ready. With schools shut down and students stuck at home, the demand for online education surged.

Byju’s cashed in, reporting exponential user numbers and revenue growth during this period.

The Beginning of Decline

What went wrong? You ask.
We’ll tell you

2021

Trouble Brewing

Byju’s had its share of troubles. As it grew, concerns arose.

Byju began diverting from its core mission of providing quality education, instead focusing on selling hardware devices such as tablets and laptops to students and parents.
The free content that once defined Byju’s now was vanishing.

2021

Facing Backlash

Byju’s aggressive marketing strategies faced backlash, with allegations of misleading ads and aggressive sales tactics.

Public perception shifted, tarnishing the once-shining brand. Critics questioned the quality of the content and the pressure placed on students to enroll in costly courses.

2021

Waning Business Prospects

As the pandemic waned and students returned to physical classrooms, Byju’s was shaky.

The rapid adoption of online learning in India was less enduring than anticipated because of cultural preferences for traditional classroom-based education, the digital divide, and limited internet access in many areas.

2021

Adding Perspective

 
Dr. Usha Batra, an academic researcher, remarked on Byju’s approach, saying, “What Byju’s did was to use technology as a replacement, rather than a complementary, tool to learning. While selling expensive courses to children, the company overlooked digital disparity, affordability, and literacy.”

2021

Regulatory Challenges

Indian authorities began scrutinizing the edtech industry closely, imposing restrictions on certain practices.

Queries about the firm’s financial accounts for the fiscal year ending in March 2021 raised concerns, and the enforcement directorate even issued summons to company officials.

2021

Losses Revealed

 
Eighteen months following the end of the financial year, Byju revealed its audited statements, projected losses of 45.7 billion rupees, marking a significant 13-fold increase compared to the previous year.

2021

Facing Fierce Competition

The ed-tech space became fiercely competitive. Several new players entered the market, offering innovative solutions and challenging Byju’s dominance.

This intensified competition forced Byju’s to spend more on marketing and acquisitions, putting pressure on its finances.

2021

Financial Woes

Byju’s rapid expansion came at a cost. The company accumulated substantial debt, raising concerns about its financial sustainability. Investors started to question whether the unicorn could justify its sky-high valuations.
 
In 2021, Byju’s posted a staggering loss of $327 million, and the firm’s financial instability raised alarm bells.

2021

Financial Woes Continued

Employees questioned Raveendran’s business instincts: Even as the lifting of Covid restrictions battered edtech, he sought to raise more equity — rather than conserve cash and target profitability.
 
The company borrowed heavily from various sources, including banks, private equity firms, and venture capitalists (VCs), to fund its expansion and acquisitions.

The company struggled to generate sufficient cash flow to meet its debt obligations promptly. This resulted in a $300 million loan default from Redwood Global Investments, a fund headquartered in Singapore, in 2021.

2022

Reworking Debt, Rising Doubts

Byju’s then attempted to rework the conditions of a separate $500 million loan from the same fund but encountered another default in 2022.

In the face of this liquidity crunch, investors were concerned about Byju’s financial stability. Some creditors, including Blackstone, divested their holdings.

Byju’s defaulted on a $40 million interest payment, resulting in a lawsuit against the lenders in New York.

2023

Leaving The Shipwreck

In June 2023, Deloitte, one of the world’s premier auditing firms, abruptly resigned as Byju’s auditor. They cited prolonged delays in receiving financial statements and unresolved modifications to the audit report.
 
Furthermore, Prosus significantly reduced Byju’s valuation from $22 billion the previous year to just $5.1 billion.

2023

Things Change For The Worse

Things worsened when Byju’s took an unconventional path, resorting to extensive layoffs.

Thousands of employees were given the pink slip, and the rest were subjected to grueling double shifts with unrealistic targets.

2023

Investor’s View

Dr. Aniruddha Malpani, an angel investor, shared his perspective, calling Byju’s “the classic case of a man biting off more than he could chew. It’s a story of greed and a nauseous race to strike gold in the valuation race by savage competition that plagues the start-up space today.”

2023

A Sigh of Relief

In a recent development, Byju’s received a lifeline earlier this week when the steering committee of lenders announced their decision to amend a $1.2 billion term loan with Byju’s, with the deadline set for August 3, 2023.

The company appointed a new CFO, former SBI chairman Rajnish Kumar, and former Infosys CFO TV Mohandas Pai to the board advisory council.

Will this be enough?

2023

A New Chapter?

Today, Byju’s stands at a crossroads. The rise was undoubtedly spectacular, but the decline has been equally precipitous.

Will the Ed-tech giant adapt to a changing landscape and rebuild customer trust? It may need to pivot its strategy, prioritizing quality education and ethical practices over aggressive growth.

2023

Is It The End?

The story of Byju remains a captivating tale of ambition and achievement, highlighting the potential and pitfalls of modern education technology.

Will Byju recover from its downward spiral or decline further to become one of the thousand businesses that failed to correctly capitalize on their USPs.

Only Time Will Tell?