From poverty to a Rs 4,000 crore potato wafer empire, know Chandubhai Virani's success journey.
Chandubhai Virani's life is a remarkable tale of triumph against all odds. Born into a modest family, he faced financial struggles right from his early years. At the age of 15, Chandubhai and his family moved to Dhundoraji, hoping for a fresh start with the support of their father's meager savings.
Alongside his two brothers, Meghjibhai and Bhikhubhai, Chandubhai was entrusted with Rs 20,000 to start anew. They embarked on an agricultural products and farm equipment business in Rajkot, but fate had different plans. The venture collapsed within two years, plunging the family into further hardships.
In a desperate bid to make ends meet, Chandubhai took up multiple odd jobs, from working at a canteen in Astron Cinema to sticking posters and repairing torn seats for a meager salary. Financial strain pushed them to the edge, forcing them to flee from their rented accommodation due to unpaid rent. Chandubhai, however, managed to repay the dues later.
Despite these trials, Chandubhai's perseverance paid off when he and his brothers secured a contract worth Rs 1,000 per month, based on their exceptional work at the canteen.
It was during this time that Chandubhai noticed the demand for wafers at the theatre. He sensed a business opportunity and decided to try his luck in the wafer industry. With a small capital of Rs 10,000, he set up a makeshift shed in his courtyard and began experimenting with chips.
The response to his homemade chips was overwhelming, not only within the theatre but also beyond its confines. Encouraged by this success, Chandubhai established Gujarat's largest potato wafer facility in Aji GIDC, Rajkot, in 1989, funded partially by modest revenues and a bank loan of around Rs 50 lakh.
In 1992, Chandubhai, along with his brothers, founded Balaji Wafers Private Ltd. The name of the company was inspired by a small glass idol of Lord Hanuman kept in their room. Over the years, Balaji Wafers thrived, expanding its presence with four factories across the country, boasting a capacity of 6.5 million kg of potatoes and 10 million kg of namkeen per day.
The journey was not without its challenges, but Chandubhai's determination and vision made him a potato wafer mogul. As of FY21, Balaji Wafers' revenue reportedly stood at a staggering Rs 4,000 crore. Despite receiving a buyout offer worth the same amount, Chandubhai chose to stay true to his roots and declined it.
Today, Balaji Wafers employs 5,000 individuals, with an impressive 50 percent of the workforce comprising women. Chandubhai's success story serves as a beacon of hope, reminding us that with dedication and resilience, one can rise from humble beginnings to great heights of achievement.
Read more: Meet Punit Renjen, from leaving school due to financial troubles to becoming global CEO of Deloitte
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 "Chandubhai Virani, Balaji Wafers, rags to riches")
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