How a failed entrepreneur ( Hritesh Lohiya ) is minting millions with his recycling startup Priti International :-
Venturing into garbage recycling was not a business savvy idea; it was literally the only choice left. Hritesh says, "After losing all our money in these bust businesses, we could not afford to invest in anything new. The only legacy of those failures was the string of garbage strewn around our old factory. There were old gunny bags, drums of chemicals, various bits of plastic and so on. We tried to sell some of these for our bread-and-butter, but no one would buy them. Out of desperation we started thinking about how we could generate any kind of revenue from these waste items. Thus, Priti International was born in 2005."
Hritesh was quite superstitious when christening his umpteenth effort at starting up. "My wife Priti is my rock. She is very lucky for me. I believe that all my earlier startups failed miserably because there was no part of her name in their nomenclature. This time round, I didn't make that mistake." Or rather, this time round, he got it right.
The firm designs and manufactures various handmade products out of waste materials. "We make handbags from old gunny bags, cast off military tents, denim pants, etc. We are also into producing furniture from waste tins, drums, old military jeeps, tractor parts, waste machine parts and lamps from old scooter- and bike-lights. These products are then exported to various countries like China, USA, European nations, and Australia. We are now India's biggest exporter of waste handicraft products, and the only one in India to export to China," he rattles off.
"At present, our current turnover is around $8million. Our customer base is in 36 countries. Our production facilities are spread over 3 large factories, with around 400 people working for us. Our focus market is China, where there is huge customer potential; the new generation is very fond of using our products to decorate bars, cafés, pubs, restaurants etc. We are planning to expand our production facility and scale our venture to $20 million by 2016," Hritesh beams proudly. "We have recently started a retail showroom in Ningbo, China for selling our products in retail. This is just a test showroom, but the response has been heartwarming. Now we are planning to open 12 more showrooms across China exclusively, for our products."
Recently our unique products' success story was filmed by Discovery Channel for their segment titled, 'The Liquidators.' Our work comprises an entire episode, and is scheduled to be telecast in 140 countries around the world. This is a big landmark for us," he exudes.
full article in the link below
https://in.news.yahoo.com/failed-entrepreneur-minting-millions-recycling-013000439.html
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Posted by: Ravi Narasimhan <ravi.narasimhan.in@gmail.com>
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