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This is about a social entrepreneur from Patna named Kaushlendra who passed out from IIM Ahmedabad as a topper and went on to manage a business in Bihar starting in 2007, now worth Rs.6 Crore.
Kaushlendra was born in Nalanda district of Bihar in a farmer’s family. After completing his MBA from IIM A, he could have chosen to sit in the plush air-conditioned premises of a top multinational like his peers. But he chose to rough it out.
He started with the mission “Help small vegetable growers and vendors get the best price” in his mind.
The Beginning Of The Journey
The seed for Kaushlendra’s business idea was sown very early in his student life. Growing up in a farmer’s family, he was troubled by two observations. One, farmers struggle to get the right value for their produce. Two, consumers in Bihar, the third-largest vegetable producing state, ironically can’t get fresh vegetables. By the time he passed out from IIM (A), he knew what to do. He started “SAMRIDDHII” Before starting he had to understand the needs of farmers, consumers and even vendors and then create a supply chain. After passing out of IIM-A, he did extensive fieldwork, meeting farmers, studying cultivation techniques and finally taking a bank loan of Rs.4 million to start the project. It took him nine months in all. He discovered new aspects of the vegetable supply-chain during this period. He understood why the mandi-system does not work. He started by saying “The Age of the Entrepreneur is here and now. If you have a dream, there is but one life to realise that dream.” To begin with,
And that is the belief that has carried Kaushlendra to the giddy heights of the entrepreneur world. Ahmedabad. They also created a public private partnership with Agriculture Technology Management Agency (ATMA). It was his childhood dream to contribute to the development of rural Bihar. fragmented vegetable sector. She taught him that success is the by-product of struggle with patience and successful people write history. he was making commitments without knowing how to fulfil them. At one point. The biggest influence in Kaushlendra's life has been his mother who has continually encouraged and supported him even in his darkest hour. 50 lakh for their project. established in 2007. He has opted to make vegetables the new brand of Bihar. He was there to do something. Thankfully. the Kaushalya Foundation. he had been deemed as a failure. That was the period when everybody laughed at him and used to make fun of him. in order to get such a large project off the ground the Foundation required quite a large sum of money. focuses on mobilizing and organizing the informal. They received a second boost when Punjab National Bank (PNB) agreed to sanctioned Rs. they managed to acquire a soft loan from the Friends of Women World Banking (FWWB). But he always knew that in the end everything would fall in place. The Kaushalya Foundation launched project Samriddhii in Patna in February 2008. Patna. His venture. his mother instilled within him the confidence to take on any challenge. Moreover. The Foundation primarily targets poor vegetable growers as well as the vendors and the farm hands from the state of Bihar.Kaushlendra believed in himself even when all those around him raised their eyebrows. However. He spent his life in Patna without having a single penny in his pocket for several days. Today she is a primary school teacher in his village and Kaushlendra wants to do her proud.But above all. Nothing is impossible! His mother made sacrifices for her family and school children of their village. To begin with Kaushlendra wanted to ensure that his product was preserved from the moment it left the fields to the time it was placed in the hands of the .
which Samriddhii bought with bank loans. Waiting for them at those centres are 600 farmers. Less than three years since it sold its first kilogram of vegetables. when Kaushlendra kicked off his business. 6 crore. Initially. Kaushlendra may not have got any private equity or venture capital funding till now. shops. he is minutely studying consumer behaviour as he goes along. The biggest advantage that this system offers is waste reduction. This saves them the cost of the dearly middlemen. The vendors hire them for a security deposit of Rs 3. After doing his MBA. Each cart costs Rs 50. five of the Samriddhii members from Patna start towards collection centre in rural Bihar. coupled with service bundles. Samriddhii members spend the next two hours picking and choosing the best vegetables on offer. mandis and hand driven carts in Patna. margins are between 20% and 30%. is ice cooled to keep vegetables fresh for up to five days. It was important for him to study consumer behaviour when they purchase vegetables from his pushcart to help prepare a blueprint of expansion. Unlike other vegetable vendors. to connect and maintain the flow of goods. His pushcart is made of fibre with an attached weighing machine. greater shelf life and a diminished cost price. they pay farmers in cash. But the 29 year old has done well in area where big players such as Reliance Fresh have failed and those like Bharti are trying to find their feet. with loads of fresh vegetables. Working of SAMRIDDHII As early as 5 am. By evening Samriddhii sells all the vegetables it procured early morning. The Kaushalya Foundation has employed an integrated supply chain. and sold under the brand name of ‘Samriddhii’.customer. This has been the routine since December 2007.000. Samriddhii has a turnover of Rs. It will go up in the next phase. he along with some of his friends and teachers from IIM-A developed a pushcart to make it easy for vendors to carry a vegetable load of up to 200 kg. What is more. there was only one pushcart for trial but now he has already ordered 50 more. Within less than three years since it sold the first lot of . Having procured 5 tonnes in all.000. The vegetables then find their way to homes.
without which they will be left to fend for themselves in a marketplace that is becoming ruthless by the day. Vegetables are given to vendors on credit. it brings together farmers and vendors under an umbrella. though. They now maintain the quality of vegetables supplied to the carts. To have an edge in the cut-throat market. Clad in a simple shirt and trousers. particularly women in the Kankarbagh colony. In 2009 Samriddhii annulled contracts with men vendors and gave the charge to their wives. This led to payment delays. A major setback was alcoholism. they return the money after selling the stock. The profit earned. a middle class locality. Samriddhii offers quality assurance for which it has roped in wives of farmers and vendors.Indore alumnus. is shared between vendors and Samriddhii. The experiment worked. after paying the establishment costs. Vikas Diwakar. Since the market price of vegetables fluctuates every day the profit margin varies.vegetables. the women segregate vegetables according to quality and weigh and pack them. . After the produce is brought to collection centres. did not come easy. the bespectacled youth is popularly known as the “MBA sabziwalla” among his loyal customers. Advantage Samriddhii Making money for itself is not the reason why Samriddhii is in existence. The best quality vegetables go to carts and the low-grade ones are supplied to hotels. and two other B-school graduates joined him after Samriddhii started rolling in 2007 Success. Samriddhii works with over 500 farmers of 20 villages. The decision also gave the women a sense of ownership. Kaushalendra has tied up with over 250 vegetable growers in different villages in Nalanda and Patna districts. an IIM. He has also tied up with the Agriculture Training and Management Agency (ATMA) to take his dream to vegetable producers in different parts of state. Kaushlendra started this under the kaushalya foundation to help small vegetable growers and vendors. 200 vendors and offers jobs to 500 families. A steady income gave rise to increased cases of alcoholism and gambling among vendors. In a bid to establish direct links with vegetable growers or farmers. To start with.
He felt a need to tell this to the consumers. Kaushlendra knew that Bihar’s vegetables are still not getting the right price. But they continue to sell it to Samriddhii just because they get the cash payment. Locals pay the same market rate. across the country and abroad within five years. Very few know that Bihar has the lowest use of chemical fertilizers per hectare. About 60% of the produce is organic by default. Unlike Safal. launched by his NGO Kaushalya Foundation. During lean times Kaushlendra’s team organises training for farmers in organic farming. He is confident that all major players in the vegetable market. He plans to take Samriddhii. Vendors on the other hand can get vegetables a tad cheaper from Samriddhii than elsewhere. The Samriddhii model loosely resembles how Mother Dairy runs its fruit and vegetables brand Safal in Delhi. The Future Dreams With orders flowing in. Samriddhii’s consumers can also look forward to grading and differential pricing. . best practices and cultivation of new exotic vegetables. About 600 farmers and 3000 vendors are doing business with Samriddhii. including Reliance Fresh. will purchase from them in the next five years. The formation of the selfhelp groups has also given its members easy access to bank loans. Attractive partnerships have been formed between the farmers and the vendors with a focus on shared interests and mutual growth. They want to empower them through our project Samriddhii to help them face the future challenges in the new global economy. Farmers are not tied to Samriddhii and can sell their produce to anyone. Kaushalendra’s next target is to supply vegetables grown in Bihar’s fertile riverine area across the country.Samriddhii works with farming self-help group. By next year he plans to launch Samriddhii in Lucknow. But there are differences. His vegetables are priced slightly lower than those sold by other vendors. They have been working towards professionalizing street vendors of vegetables and marginal growers. The taste of vegetables change within kilometres in Bihar.
They are eyeing to scale up the model to an all-India level and in the process make Bihar the “Vegetable Capital Of India” I wish him all the success in future. Samriddhii’s target is ambitious. Their expansion in other states will bring the economies of scales and revenues. It is gunning for a turnover of 100 crore by 2011. Safal’s procurement area is spread across the country.Samriddhii does not hand hold farmers on the choice of crop and the quantity to be produced. . with different regions supplying different products. Its other plan is to send vegetables to large retailers in Bangalore and Delhi. By that time it should be up and running in Uttar Pradesh. Chhattisgarh and Maharashtra. Samriddhii works on the principle of local procurement. it sells quality seeds to farmers 25% cheaper than the market price. For this it will get 15 refrigerated vans from Europe by next year. Rather. He must carry the good works.
Small and Medium ENterprise .) Name the CEO of the company 2) Members of the audit committee 3)Name the section of the companies act 1956 under which additional director is appointed 4)Name the clause of the listing agreement which requires a company to provide a "corporate governance" report 5)Name the stock exchange where the shares are listed along with stock code 6)Name the rate of dividend proposed by the directors of the company for the yr 2009 7)Members of the compensation committee 8)what are the comments of the auditors regarding "loans and advances" granted by the company 9)Did the auditors physically verify the inventories of the company 10)Name the different sources from which the company has obtained secured loans. 11)Has the company acquired any intangible assets during the yr? if yes specify the amount 12)Name the method adopted for writing off depreciation 13)How much did the company spend on interest and financial charges for the year ended 2008-2009 14)Name the reserve from which the company wrote off right issue expenses 15)How does the company deal with borrowing costs in relation to aquisition of fixed assets 16)At what rate are transactions in foreign countries recorded by the company 17)How much is the company's basic and diluted earnings per share for 2008-2009 18) Give the generic name of any 2 principal products of the company 19)Give the amount of "Capital work-in progress" shown for 2008-2009 20)Does the company have any liabilities towards Micro.
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