Very good article in Forbes India magazine (issue has Zerodha founders on cover) on Mr Chandramogans journey documenting his humble beginnings from starting with Rs 13000 capital raised by father from selling ancestral property which was used to set up first ice cream factory of Arun Ice Creams. In the 80s, knowing they were unable to match with larger players like HUL, they targeted college mess canteens and ships and gained sizeable market share in that segment. Next they forayed into rural TN by adopting franchisee model where most of the capex such as freezers was incurred by franchisee.
Article also gives interesting insight into use of debt by Mr Chandramogan right from early days, in fact he even calls himself glorified employee of bank once having debt to equity of 5:1.
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