Customer Success Story: Lakshmi Devi Medical Distributors

May 12, 2023
Updated on

Access to cash at the right time can be a game changer for MSMEs, especially during periods of exceptional growth and high demand in their sector. In such situations, MSMEs face a critical need for immediate financial support to seize emerging opportunities, expand their operations, and effectively meet the surge in customer demand. Timely access to cash provides them with the necessary resources to scale up their production, enhance their infrastructure, invest in technology, and bolster their inventory. With quick financial assistance, MSMEs can seize market opportunities, ramp up their supply capabilities, and ensure that they can meet the growing needs of their customers in a timely manner.

The ability to grab these opportunities and match the spike in demand with sufficient financial backing can lead to significant business growth and increased profitability for MSMEs. By having the necessary funds at hand, they can swiftly invest in additional machinery, equipment, or skilled workforce, which are crucial to expanding their production capacity and meeting the surging market requirements. This agility and responsiveness enable MSMEs to capitalize on the market dynamics, stay ahead of the competition, and establish a stronger market presence.

Introduction: Lakshmi Devi Medical Distributors

Raghavendra’s entrepreneurial journey began in 2013 when he took a bold step to establish Lakshmi Devi Medical Distributors. With a modest capital investment of Rs. 3 lakhs, which he had diligently saved from his previous job, Raghavendra embarked on his entrepreneurial endeavour. Initially, the company had a small team consisting of one employee, and their monthly revenue ranged from Rs. 3-4 lakhs.

While the business was able to maintain a steady performance, Raghavendra soon realized that the company was not progressing to the next level of growth. Recognizing the need for expansion and a stronger market presence, he set out to explore financing options that could propel his operations and help the business make a mark in the competitive market.

Capitalizing on Growth

Understanding that scaling up operations required additional financial resources, Raghavendra began exploring various avenues to secure the necessary funding. He looked into different financing options. He knew that accessing adequate capital would enable him to invest in infrastructure, expand the product range, enhance marketing efforts, and attract a larger customer base.

In 2020, he was approached by a Kinara executive and offered a business loan. He was quick to recognize the huge potential of the pharmaceuticals sector, particularly after the outbreak of the pandemic, and grabbed the opportunity by securing an Rs.9 lakh loan. With Kinara’s financial assistance, he was able to rapidly build the business to meet the expanding demand for healthcare items. 

He shares, “I was able to quickly expand my business, and even upped the number of employees from 1 to 4. My monthly turnover shot up to Rs.15-20 lakhs, and now the business makes a turnover of Rs. 2-2.5 crores each year. Kinara’s support has been instrumental in driving the exponential growth of my business and ensuring a brighter future for me and my employees.”

Larger Impact of Kinara’s Support

Timely access to cash provided Raghavendra with a sense of financial stability and confidence. It allowed him to effectively manage his working capital, maintain smooth cash flow, and meet operational expenses without unnecessary delays or disruptions. This, in turn, enhanced his overall business efficiency, reduced the risk of financial strain, and facilitated sustainable growth by capitalizing on the industry’s potential.

It not only fueled the immediate growth of his business, but also created a positive cycle of development. With increased business growth and profitability, he was able to create employment opportunities and drive a positive impact on the local economy.

Raghavendra is one of the thousands of entrepreneurs who have benefited from Kinara’s loans. If you are a small business entrepreneur, it’s time to get your growth journey started with Kinara Capital. To get a business loan for your small business, check your loan eligibility in 1 minute in the myKinara App by downloading it from the Google Play Store, with 7 language options available, choose your preferred vernacular. You can now get a business loan by giving a missed call on 080-68264454 and go from decision to disbursement within 24 hours.

You may also like