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How Did This IIM Dropout Build A ₹1,300 Crore Business? | The 1% Club Show | Ep 9

Finance With Sharan・21 minutes read

An individual started with humble beginnings, transitioning from a finance career to founding a successful brand, Soul Store, by printing humorous lines on t-shirts without pursuing an MBA, with the company now aiming for profitability and an IPO in the future. The founder's journey reflects the importance of passion, patience, and embracing the unpredictable nature of success, especially for aspiring entrepreneurs in India.

Insights

  • Transition from finance to content creation due to unchallenging nature of finance job, leading to the successful establishment of Soul Store through innovative strategies and perseverance.
  • From humble beginnings teaching math to building a multi-crore business, the founder's journey highlights the significance of passion, strategic collaborations, and a customer-centric approach in achieving entrepreneurial success in India.

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Recent questions

  • How did the individual start their career?

    By transitioning from mechanical engineering to finance.

  • What challenges did the individual face in the early stages of their business?

    Sourcing struggles and waiting for t-shirt orders.

  • How did the company expand its brand reach?

    By securing licenses for popular shows and collaborating with well-known brands.

  • What marketing strategies did the company employ?

    Focusing on Instagram and Facebook ads for customer retention.

  • What are the company's future plans?

    To go public in about 2.5 years and aim for profitability.

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Summary

00:00

From Engineering to Entrepreneurship: Soul Store Success

  • The individual discusses their net worth, primarily invested in Soul Store shares, with a quarter of a recent transaction amounting to over 12,300 crores.
  • Initially studying mechanical engineering, the individual transitioned to a career in finance, starting with a salary of 16,000 rupees a month in 2011, eventually reaching over a lakh a month post-MBA within two years.
  • Despite financial success, the individual found the finance job unchallenging due to excessive number crunching, prompting a shift towards content creation.
  • The individual's decision not to pursue an MBA led to skepticism from family, but with 1.75 lakh in savings, they, along with co-founders, started Soul Store by printing humorous lines on t-shirts.
  • The early sourcing struggles involved waiting for hours for t-shirt orders, with initial revenues approximating 30-40,000 rupees monthly, breaking even without paying themselves or others.
  • To sustain personal expenses while building the business, the individual taught math and stats at HR College for 500 rupees an hour, earning around 20,000 rupees monthly.
  • After a year, the first salary of 10,000 rupees was taken, marking a milestone as the company generated enough cash to pay its founders, with revenues reaching 5-6 lakhs monthly.
  • Securing licenses for popular shows like Big Bang Theory and Friends marked a significant milestone, leading to collaborations with Warner Brothers, Disney, and WWE, expanding the brand's reach.
  • Marketing efforts primarily focused on Instagram and Facebook ads, emphasizing customer retention over acquisition to ensure long-term profitability.
  • Over a decade, the company grew from an initial investment of 5 lakhs to a 30 CR online business, with a valuation of around 150 CR in five years, attracting investments from rpsg and later, elevation.

13:35

Youth Lifestyle Brand: Founder's Journey to Success

  • The company aims to be a lifestyle destination for the youth, offering casual wear, sneakers, and underwear, with a focus on quality and customer satisfaction.
  • The team consists of around 3,400 people, with the founder opting out of an MBA to pursue the business, which has now become a successful brand.
  • Personal expenditures have increased, with the founder buying a Ducati Panigale bike for around 12-13 lakh, upgrading from a 1BHK rented house to a larger one, and investing in cars and racing.
  • The company recently raised 130 crores in funding, with plans to go public in about 2.5 years, aiming for profitability and involving friends in investment.
  • The founder's drive stems from a passion for the business, emphasizing the importance of patience and understanding the unpredictable nature of success, especially for aspiring entrepreneurs in India.
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