Ravi Modi and the story of Manyavar

  1. Within the confines of Kolkata’s AC Market, Ravi Modi’s father operated a modest 140 sq ft store, dealing in T-shirts and trousers but lacking traditional Indian wear. At the age of 19, Ravi sought to address this gap.
  2. Ravi successfully sold 80 out of 100 sourced kurta-pyjama sets within a week, gaining his father’s approval to initiate a company. With a Rs 10,000 seed capital from his mother, Manyavar was established in 2002.
  3. The concept was straightforward: introduce Indian Ethnic Wear to mainstream apparel beyond just wedding attire. Ravi diversified the offerings from kurta-pyjamas to sherwanis, and the brand gained traction. Despite external skepticism, Ravi reinvested all earnings to build a robust supply chain over the next five years.
  4. In 2008, Manyavar Sherwani opened its first exclusive outlet in Bhubaneswar and intensified its marketing efforts. In 2014, the brand made a mark by becoming one of the first to advertise during movie theatre intervals.
  5. By 2016, Manyavar achieved a revenue of 500 CR without any external funding and minimal debt. Western brands took notice, prompting Vedant to sign Virat Kohli as the brand ambassador, marking a significant milestone.
  6. As Manyavar became mainstream, with a presence in 400 outlets across 173 cities and a profit of 139 CR, Ravi recognized the need to cater to women. In 2016, he launched Mohey, a collection of women’s ethnic lehengas. Anushka Sharma, set to marry Virat Kohli, became Mohey’s ambassador.
  7. Together, Virat Kohli and Anushka Sharma featured in marriage ads, establishing Manyavar as the go-to brand for wedding attire. The brand reached revenues of 1000 CR, outperforming major competitors and attracting PE firm Kedara Capital to acquire a 10% stake at a valuation of 4500 CR.
  8. With funding, Manyavar Sherwani expanded rapidly to over 600 stores in India and 11 globally, achieving a revenue of 6000 CR. In 2022, Ravi raised 944 CR from 75 anchor investors to take the company public, marking a historic moment for the Ethnic wear category.

Today, Manyavar operates in over 240 cities in India and five countries globally, closing the previous year with a valuation of 26,000 CR. Ravi Modi’s journey, from aspiring to drive a Mercedes in 2002 to steering the entire Indian ethnic dress category, exemplifies his remarkable success over 15 years.