Aditya Birla Fashion and Retail Limited acquired Jaypore e-commerce that started its operations from an old haveli for Rs. 110 Crores. Jaypore is an ethnic apparel and accessories retailer that deals mainly in the traditional market. Puneet Chawla and Shilpa Sharma started the premium online store some eight years ago at an old Haveli in Shahpur Jat, Delhi.
The online store was incorporated in February 2012 by Puneet and Shilpa jointly and offers a wide range of products, ranging from traditional clothes and home décor to jewelry and accessories. Jaypore had revenues of Rs. 39 crore in FY19. The deal is expected to be completed within 30-45 days. Let’s take a look at the success story of Jaypore.
Business Idea
Puneet was earlier associated with e-commerce business and used to sell traditional clothes to NRI customers in the USA. During this time, he got an idea to start the e-commerce business within India and explore Indian customers.
Puneet said, “There was a lot of demand for products made in India, especially from those who wanted to stay connected with their roots.” He further says that only after meeting with Shilpa, both of them decided to start Jaypore. Earlier, Shilpa was working as a consultant.
How was Jaypore started?
Puneet and Shilpa faced the same difficulty as with other startups- the capital investment. The team tried to operate in a tight budget. They also personally invited people to connect on the website. Puneet said, “We got support from friends and families, who shared the Jaypore Facebook page and brought traffic to the site.”
Big Challenge was to Earn Trust
The biggest challenge was to earn the trusts of customers during online shopping. Customers are generally concerned about the safety of their debit/credit card details during shopping. Puneet talked to the few customers on the phone itself to help them clear their doubts. This way, the business grew gradually.
Once the traffic and revenue started generating, the concern of the team about technology and infrastructure increased. The server may crash due to increased traffic. Thus, the team took the help of the engineer friends to fix this. Puneet said, “With increasing business, challenges also increased and changed.” However, over time, Jaypore grew faster than expected. Puneet says that during the whole journey, we did not compromise on quality.
Starting from an Old Haveli to having a worth of Rs. 110 crores, Jaypore is undoubtedly one of the best examples of how one can dream of having a successful business and turn it into reality. If you too run a business and need funds for its expansion, you can avail a small business loan of Rs. 1-5 lakhs from ZipLoan at minimal documentation in just 3 days.
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Source: Bhaskar