What about Bewahoof:
Bewakoof is a fashion brand. It was founded in 2012 by Siddharth and Prabhkiran Munot, two IITians. It provides modern Indians with high-quality, stylish clothing. Bewakoof was founded on the idea of creating effect through creativity and integrity.
Bewakoof.com sells clothes and covers for cell phones. It is known for its unique catalogs, such as the ‘Ghanta‘ series of college student T-shirts featuring slogans like ‘Ghanta Engineering/Ghanta MA.’ The collection was a huge success and was promoted by Bewakoof as the ‘best-seller.’
Prabhat Singh founded the lassi brand called “khadhke Glass’s.” But, he discovered that people in the monsoon don’t drink lassi. So he had to close the outlets. Siddharth Munot, his batchmate, was then paired with him to start Bewakoof.com. The first hurdle was financing. Singh and Munot took out a mortgage on their family home and were willing to take great risks in order to build the brand.
The phase of covid-19:
In FY20, the start-up had reported revenues of Rs 200 Crore. However, sales dropped to zero after the nationwide lockdown was implemented in March. Singh observed that essential goods were in demand, and fashion falls under the non-essential category due to the lockdown. Therefore, the revenue was null as no one knew when it would reopen.
As a result, in these extremely tough times, the business decided to look at how it could prosper and succeed. Prabhakaran was now ready to create a strategy based on these hypotheses.
Magic of Customers Loyalty:
Bewakoof was pleased to see traffic return to their platform. However, there was still a gap because buyers were looking for more. The company decided to focus on the items that were needed during the lockdown period.
Prabhakaran conducted a survey to determine if there was a shortage in the production of masks. Therefore, bewakoof’s production units have been shifted to these products.
Other products were also introduced by the company, including sanitisers and face masks. These items were very popular during the initial period of the pandemic. Bewakoof also began to market the merchandise to other companies.
The company was able to generate revenue of up to 10 crores within two months of its production. This was enough to manage cash inflow, outflow, and payroll for the jobbers.
Lessons for Bewakoof:
During the covid-19 lockdown, these entrepreneurs have learned many things which could not be possible.
Because of that adverse time, they have improved many folds, such as exporting production, switching technology staff, or recruitment of third-party vendors.
Lockdown has given them the strength to stand steady and bound back again.