At just 15, Inder Jaisinghani had to take over his father’s modest four-year-old hardware shop, Sindh Electric Stores, in Lohar Chawl, Mumbai, following his father’s passing in 1968. He dropped out of school, driven by the desire to grow the business. 🤔
- With a determination to manufacture wires and cables, Inder enlisted the help of his elder brother and two younger siblings. He soon recognized the significant earning potential in this field and made a bold decision. 🤞
- He left the family shop and, together with his brothers, started a partnership firm in a 1,000 sq ft rented garage in Sewri, Mumbai, to produce Polyvinyl Chloride (PVC) insulated wires and cables. Thus, Polycab was born in 1983. 🚀
- Inder began his journey when BEST (Brihanmumbai Electricity Supply and Transport) mandated the use of cables in buildings. With demand at its peak and suppliers unable to keep up, Polycab stepped in, securing a license to establish a plant in Gujarat. ✅
- As the business expanded to a 10,000 sq ft factory in Halol, Gujarat, it began manufacturing aluminium and bare copper wires to international standards for power, overhead conductors, and railway signals. However, without sufficient capital, managing production and labor became increasingly difficult. Inder had to find a solution. 🤔
- He saved every penny, foregoing an office to operate from the garage of his Wadala home. Inder also traveled in second-class passenger trains to meet distributors. As Polycab’s wires and cables became a staple in electrical stores across India, the 2008 global financial crisis struck. 👇
- Despite copper prices plummeting by 65%, Inder remained loyal to his suppliers, continuing to accept deliveries at higher prices. He also provided additional credit and extended financial support to channel partners facing heavy inventory losses. Polycab emerged stronger, reaching revenues of 3,832.94 CR by 2014. 📉
- Polycab diversified its product line, venturing into electric fans, LED lights, switches, and solar products, becoming a Fast Moving Electrical Goods (FMEG) company. By 2019, it achieved revenues of 7,956 CR with a profit of 1,014.2 CR. Then came a major milestone. 👇
- On April 16, 2019, Polycab went public with a 1,346 CR IPO, which was oversubscribed 52 times.
- Today, Polycab generates revenues of 18,039.4 CR with a profit of 1,802.9 CR. With 28 manufacturing plants, over 3,800 distributors, 205,000 retail outlets, and a commanding 26% market share, the company is valued at 101,300 CR. 💪
➡️ Inder Thakurdas Jaisinghani was ranked as India’s 32nd richest person last year, with a net worth of 53,298 CR. But his true wealth lies in the sustainable manufacturing practices that have positively impacted the lives of 77,930 people. 🙏