India is one of the biggest marketplaces for silver in the world. As per a report from Statista, there was a 1.8 thousand metric ton demand for silver in 2021 in India. This was a 45% increase from the previous year, indicating a healthy rebound after the COVID-19 pandemic setback.
The Indian utensils market, which has roots in the mediaeval times, is one of the most traditional markets in India. This industry is much older compared to the silver jewellery market. Today, we are presenting the customer success story of an MSME entrepreneur who became successful by manufacturing silver utensils.
J. Durai Raj, a small business owner from Anupanady, Madurai, founded Durai Silver Pattarai in 2014. He had 25 years of experience in making silver utensils. In 2014, he wanted to start a business to create his own identity in the business world. This led him to launch Durai Silver Pattarai.
Durai Raj started his dream business in an 8x10 ft. space with his wife and a worker using a 1 HP motor. He had a limited budget at first, and his capital investment was just Rs. 50,000. He struggled a lot and decided to take a business loan to get sufficient funds to expand his business. He was disappointed that no banks assisted him in getting these funds.
Durai Raj met a Kinara Capital executive through a friend. He approached them, provided the required documents, and was approved for a loan of Rs. 2 lakhs. As he worked from a small room with one machine, he used the loan to buy more machinery.
Durai Raj requested a second loan of Rs. 4 lakhs, which made it possible for him to move from the small space to the larger one. Later, he secured his third loan for Rs. 4.5 lakhs and his fourth loan for Rs. 4.7 lakhs. It helped him to grow his business significantly and generate more revenue. He was earning between 1-2 rupees per kilogram at first, but the expansion of the business helped him make 15 rupees per kilogram. He is able to make about Rs. 10 per kilogram after paying the EMI, indicating the growth he achieved with the collateral-free business loans secured from Kinara Capital.
Durai Raj says, "Since receiving loans from Kinara, my life has greatly improved. I had been struggling since I lacked the funds to build my business. Nobody helped me with the funds except Kinara. Earlier, I used to work for other people. Right now, I am running and managing this company myself. I am grateful to Kinara for helping me. With the loan, I am able to run my business efficiently. I can even afford to employ 5–6 people and pay for my children's education.”
Many small business owners have expanded their dream businesses with the assistance of Kinara Capital. MSME business entrepreneurs can quickly and easily acquire business loans without collateral and with minimal documentation within 24 hours. Download the myKinara app or give us a missed call at 080-68264454 to assessyour company's loan eligibility in just a few minutes.