The latest webisode of the Entrepreneur is a curious mix of two very disparate stories. On one hand, it underscores the nationalistic zeal of a person who through his sheer perseverance has become a champion of a domestic industry displacing the overseas companies. On the other hand, there is this story about a young American who by serendipity found himself in India and founded a car rental company.
The common theme running through both the stories is that of innovation and grit. For instance take the case of Veeline Media. Since 2008, the company has been manufacturing hot and cold water dispensers in India and in the process has beaten competitors from overseas. Much before Veeline entered the scene the dispensers were totally imported. But, thanks to the vision and tenacity of its promoter Anil Gupta, Veeline has edged out foreign manufacturers by capturing 90% of the Indian market. Besides, India, the company has managed to gain significant market share in the Middle East and Africa.
What really worked for Veeline Media was its singular focus on manufacturing and the desire to build a world class product. The success is well reflective in the numbers. Between 2009 and 2017 the company’s revenue jumped 11 times -- from Rs 10 crore to Rs 118 crore in 2017. Likewise from reporting a loss of Rs 2.5 crore it has posted a net profit of Rs 5.5 crore. And this numbers will be getting better and better as it is the sole supplier to brands like Voltas, Blue Star, Carrier, Usha, Croma and Big Bazaar.