Meet the man who founded a 100,000 CR firm at the age of 15

1. When his father died in 1968, Inder Jaisinghani, then fifteen years old, was left to take over his father’s modest four-year-old hardware store, Sindh Electric Stores in Lohar Chawl, Mumbai. He stopped attending school to focus on expanding the firm.

2. Inder enlisted the help of his older brother and two younger brothers, determined to construct wires and cables. He quickly realized that producing them may bring in a sizable profit. And he made a major move.

3. He left the family business to form a company with his brothers in Sewri, Mumbai, where they rented a 10,000 square foot garage and began producing Polyvinyl Chloride (PVC) insulated wires and cables. Polycab was founded in 1983.

4. Inder started when BEST (Brihanmumbai Electricity Supply and Transport) had made cables compulsory for buildings. Their demand was peaking, but manufacturers were not able to supply. Polycab filled this gap and got a license to establish a plant in Gujarat. 

5. As it shifted to a 10,000 sq ft big factory in Halol, Gujarat, it started manufacturing aluminium and bare copper wires with international standards for power, overhead conductors and even railway signals. However, manufacturing and labour were getting tough without capital. Inder had to do something. 

6. He worked out of the garage of his Wadala home, saving every cent and forgoing the construction of an office. To meet his distributors, he often took second-class passenger trains. The worldwide financial crisis of 2008 occurred at the same time as Polycab wires and cables became ubiquitous in Indian electrical stores.

7. The price of copper fell by 65%, but Inder kept his own. Despite suffering significant inventory losses, he continued to accept deliveries from his suppliers at higher prices and provided more credit options and financial perks to channel partners. In 2014, Polycab achieved remarkable success, with revenues of 3832.94 CR.

8. Polycab started producing electric fans, LED lights, switches, and solar items in addition to cables. It changed its name to Fast Moving Electrical Goods (FMEG) Company and generated 7956 CR in revenue with a 1014.2 CR profit in 2019. And then the big day arrived.

9. On April 16, 2019, Polycab listed its 1346 CR initial public offering (IPO) on the stock market, which was 52 times oversubscribed. With more than 100,000 retail locations throughout India and exports to 40 countries worldwide, it rose to become a household name.

10. Polycab reports 18039.4 CR in revenue and 1802.9 CR in profit as of right now. It is valued at 101,300 CR and has 28 manufacturing facilities, 3800+ distributors, 205,000 retail locations, and an astounding 26% market share.

Last year, Inder Thakurdas Jaisinghani, with a net worth of 53,298 CR, was ranked as the 32nd richest man in India. His sustainable manufacturing, which has improved 77,930 people’s lives, is actually what has made him wealthy.