Built With Threads of Relationship: Saurabh Kumar Agarwal

Reshamandi, a natural fibre supply chain startup, has registered three times revenue at Rs 1,248 crore in the first three quarters of FY23. Re-looking at its product mix, margins, efficient use of capital and human resources and the like has helped Reshamandi bring profitability and growth to the business through the efficient use of resources at hand, says Saurabh Kumar Agarwal, Co-founder and CTO of the company.

Relationships & Trust

Reshamandi’s leadership has always prioritised relationships and trust. “Trust is intrinsic to every relationship, and Reshamandi stands true to its tagline, ‘relationships matter’. We strengthened it by putting more trust in our teams, our employees and our stakeholders. All business-to-business companies are built on relationships and our growth is a clear indicator of that,” Agarwal adds.

In the last financial year, Reshamandi has gone from Rs 20 crore in FY21 to probably closing around Rs 2000 crore in FY23, with Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) profitability in the last two quarters of 2022–23. Agarwal explains that the company is open to collaborating with the right set of people and organisations that share its desire to make a difference and create large value for this ecosystem.

Traditional Mindsets: An Obstacle

Reshamandi faced its share of early-stage challenges. “Having been used to the traditional methods, it took us time to prove the benefits of technology,” recalls Agarwal. Another persistent challenge was the “cash-deprived nature of the textile sector”, which Reshamandi is attempting to address via ReshaMudra by providing short and long-term financial support to the stakeholders.

In the future, Reshamandi plans to focus on creating a robust tech-led business instead of just a tech-enabled business model. As far as investments are concerned, Agarwal says, “We are looking for a non-banking financial company (NBFC) partner with whom we can address the textile sector’s capital problem. We will also concentrate on expanding our overseas business at a rapid pace.”

Reshamandi also plans to move into the private label space, where it will be able to come up with its blends and fabrics and launch these private labels via B2B platforms.