Customer Success Story – Balaji Tiles and Sanitary

May 23, 2024
Updated on

Since sanitary products are a requirement for every new building, there is a sizable market for them throughout the country. By 2030, the market for sanitary ware, which was valued at $36,5448.6 million in 2020, is expected to have grown to $76956 million, with a 7.5% CAGR from 2021 to 2030. Washbasins, sinks, bathtubs, and other sanitary fixtures and components are made of ceramic. Due to recent improvements in many specifications, the “toilet seats” market sector is the one that is expanding the fastest.

Due to their low cost, chemical and scratch resistance, and ease of maintenance, these ceramic-made bathroom fixtures are preferred by the target market. Here is the story of Nagendra, a tiles and sanitary ware dealer from Rajahmundry, near Visakhapatnam in Andhra Pradesh. Dive into the article to know about his success story.

Balaji Tiles and Sanitary – Introduction

Nagendra established his business Balaji Tiles and Sanitary in West Godavari in 2013–2014, and within a relatively short period of time it rose to prominence in Rajahmundry’s wholesale market. Despite coming from an agricultural background, Nagendra has achieved great success in the target market.

Problem Statement

As Nagendra explains, he was going through a financial crisis when he first launched his firm. Since his company had only been operating for one year, he attempted to obtain capital from different banks but was rejected as the banks required at least three years of operation.

Solution Offered by Kinara Capital

Nagendra approached Kinara Capital while seeking financial assistance, and an official there agreed to provide him with a loan. His loan was handled quickly after his paperwork was verified. He continues by stating that he is the first applicant from the Rajahmundry branch to receive a large sum of INR 9 lakhs.

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Impact of Solution Offered by Kinara Capital

Kinara has encouraged me a lot, says Nagendra Varaprasad owner of Balaji Tiles and Sanitary. After his first loan of INR 9 lakhs, he availed two more loans of INR 10 lakhs each from Kinara Capital. The loan money was invested in his firm to help the already successful shop grow.

His company flourished as he made improvements in operations leading to an increase in business turnover.

Nagendra expresses his gratitude to Kinara by telling a story about how he asked Kinara a question concerning IT returns and they promptly responded with all the details and supporting documents he required to submit on his WhatsApp. He appreciates the efforts Kinara makes to help all of its clients grow, as well as how they use WhatsApp to communicate with them easily.

It was the first time he had observed a lender using the platform for communication. Nagendra likes that Kinara sends frequent EMI reminders since that helps him make sure he has enough money in his account and never misses a payment.

The MSME sector, which accounts for over 30% of the GDP, is regarded as the foundation of the Indian economy. As a result, MSME business owners must have sufficient capital to operate their enterprises. To get the working capital they require for a range of purposes, such as the purchase of new machinery and equipment, the payment of staff wages, or the expansion of their business, they can submit an application for a business loan.

Kinara Capital, an organisation that has been systemically registered with the RBI in India, provides MSME business owners with business loans without collateral. Therefore, in the environment of financial inclusion that Kinara envisions, every small business owner will have fair access to funding. The myKinara app from Kinara, available to download from the Google PlayStore allows customers to upload their KYC documents on a digitally secure platform and assess their loan eligibility in under a minute. Tickets sized from INR 1 lakh to INR 30 lakh are available for loans, which are disbursed in 24 hours.

In order to promote the MSME sector, Kinara Capital has disbursed over 100,000+ business loans totaling more than INR 6500 crores. Also, we have a dedicated customer support team available between Monday – Friday (9.30 AM – 6.00 PM) at our toll free number 1800-103-2683 for any questions or assistance. This ensures that entrepreneurs can get the help they need throughout the loan process.

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