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.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.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.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.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.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.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.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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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.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.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.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.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.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.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.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.<\/p>\n","protected":false},"author":16,"featured_media":1787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t