Satyaki Banerjee

Hot off the press: Issue 153. 𝑺𝒐𝒎𝒆𝒐𝒏𝒆 𝒔𝒆𝒏𝒕 𝒎𝒆 𝒂 𝑫𝑴 𝒂𝒔𝒌𝒊𝒏𝒈 𝒂𝒃𝒐𝒖𝒕 𝒕𝒉𝒆 𝒈𝒆𝒏𝒆𝒔𝒊𝒔 𝒐𝒇 𝒕𝒉𝒆 𝒏𝒆𝒘𝒔𝒍𝒆𝒕𝒕𝒆𝒓. To be honest, it wasn't something I planned. We have had a 𝐟𝐨𝐮𝐧𝐝𝐞𝐫𝐬' 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩 𝐠𝐫𝐨𝐮𝐩 at DSG Consumer Partners for over a decade. That group still exists, by the way. I would share interesting articles I read, podcasts I listened to, thoughts I had, and more about that group. Over time, the founders (and many non-DSGCP founders) requested that I consolidate that into a blog. The product was this newsletter, which is now on issue 153. To subscribe and receive this via email: https://lnkd.in/gYfRKVsd. If you have any feedback, leave me a message/comment below. Anyway, in this week's newsletter: ☕ Nestlé wants to double down on coffee ☕ ZUS Coffee: Malaysia’s leading coffeehouse brand 🦉 Portfolio spotlight: Sleepy Owl Coffee presents instant coffee....again ⚡ Brands rethink distribution and partner with Q-com as consumer behaviour evolves 🧳 The wealthy are spending more on travelling and experiences and less on material goods 📱 Can Zomato make its new District app work? 🍻 Brewlander continues to champion the market for craft beer 🫱🏼‍🫲🏾 India’s consumer venture ecosystem continues to grow 🩺 Nestle India x Dr. Reddy's Laboratories’s nutritional health JV 👩🏾 History lesson: Did you know L'Oréal sold its stake in Galderma in 2014 and is now buying back a piece of it? 💊 The case for gummy supplements 🪴 Portfolio spotlight: Welcome to the Ugaoo farm ⚡ Is Q-com is only sustainable for groceries and CPG? 📰 Select funding & deal news DSG Consumer Partners Hariharan Premkumar Sameer Mehta Leong Hein Hun Pooja Shirali #wswod #insurgentbrands #india #southeastasia #qcomm #coffee #plantparenting #beer #consumer

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Co-lead a workshop (with Sumathi my business partner and Komal lath of Tute Consult) on branding and communication and why/how its' strategic & important for the portfolio companies of an early stage growth focused PE fund in Mumbai this noon. very interactive session. lots of takeaways. one of the biggest benefits of doing such workshops with founders and CXOs of growth companies is that you get to first hand understand their pain points and priorities. which makes you realize there is a long road ahead laden with great opportunity for those in PR & comms if we take off our hats and look at it from their perspective.

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Quick commerce is so quick it can deliver "future products" RIGHT now.. Doing the right thing is difficult, but sustainable Deepinder Goyal https://lnkd.in/g_yAvCHp

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🌟 Lyskraft : Carving a Niche in the Omnichannel Fashion Frontier ? 🌟 In a world where retail giants like Tata and Reliance are continuously expanding their horizons, Lyskraft India Pvt Ltd stands poised to carve its own niche in the omnichannel fashion domain. With a groundbreaking $26 million seed funding round led by Peak XV Partners and support from global investors like Prosus Group, Sofina, and DST Global, Lyskraft is not just entering the market but setting the stage for a retail transformation. 🌐 Understanding the Landscape While major conglomerates like #Tata and #Reliance have made significant inroads into fashion and luxury through platforms like #TataCliq, Tata Cliq Luxury, and #JioLuxe, their approach predominantly revolves around integrating existing brands within a loyalty-driven ecosystem. Reliance's Tira offers a fresh slate, yet its journey is still in its nascent stages. ✨ Lyskraft's Differentiator Lyskraft distinguishes itself by embracing the omnichannel model from the outset, integrating premium online and physical retail experiences that cater specifically to evolving consumer expectations. Our strategy leverages the learnings from global benchmarks set by Ulta Beauty, SEPHORA and Nike, adapting them to suit the unique fabric of Indian retail. 🚀 Strategic Challenges and Vision Navigating the competitive landscape involves overcoming substantial challenges: 🔗 Building Dual Channels: Establishing both online and physical retail platforms simultaneously is ambitious, especially in a market where premium and luxury lines are still blurring and evolving. 📊 Data-Driven Consumer Insights: Starting without historical consumer behavior data demands innovative approaches to engage and understand our target audience swiftly. 🏆 Leadership with Proven Legacy Guided by industry veterans Mohit Gupta and Mukesh Bansal, Lyskraft aims to leverage their deep insights from their stints at Zomato & Myntra Fashion. Their expertise is crucial as we build a platform that not only meets current market needs but also anticipates future trends. 🛣️ The Road Ahead With strategic investments and endorsements from visionary leaders like Deep Kalra of Makemytrip and Deepinder Goyal of Zomato, Lyskraft is envisioned as a trailblazer in the retail space, aiming to redefine how fashion is consumed. We are here not just to participate but to lead the charge in the omnichannel revolution, setting a new standard in the premium segment of the market. Join us on this exciting journey as we stitch a new future in fashion and lifestyle retail, one thread at a time🌍 #Lyskraft #FashionTech #OmnichannelRetail #Innovation #RetailInnovation #DigitalTransformation #LuxuryFashion #SustainableFashion #RetailTech #Ecommerce #BusinessStrategy #FashionIndustry #Entrepreneurship https://lnkd.in/d7u4rxsg

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It’s always a pleasure to chat with CNBC-TV18’s Mangalam Maloo and share the exciting work we’re doing at DSG Consumer Partners. India’s economy is set to grow at 6%+ annually over the next decade, leading to a significant rise in per capita GDP and more disposable income for discretionary spending. In this evolving landscape, a substantial portion of overall consumer spending will shift towards insurgent brands. Consumers across all demographics—Gen Z, Millennials, Gen Alpha, and even the Silent Generation—increasingly seek personalized products and services that legacy brands struggle to deliver. Over the last two decades, we’ve witnessed the emergence of incredible insurgent brands that have reshaped their categories, including Sula Vineyards, Veeba, Atomberg Technologies , epigamia, Plum, Farmley, iD Fresh Food (India) Pvt. Ltd. and many more. In the coming two decades, we can anticipate the rise of numerous insurgent brands, poised to cater to the evolving needs of Indian consumers and capture a share of their ever-expanding wallets. We are just getting started. Share the name of your favourite insurgent brand or brands in the comments. #india #consumer #cpg #insurgentbrands #fmcg #bbb #wswod #brands #venturecapital

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India's quick commerce market is booming and is set to reach USD 40 billion by 2030. This surge is driven by consumer demand for fast deliveries, with 46% of consumers reducing their reliance on traditional Kirana shops. Quick commerce platforms are projected to capture 21% of total Kirana sales by 2024. Quick commerce refers to the delivery of consumer items in 10-30 minutes. Blinkit, Zepto, Swiggy Instamart, and Flipkart Minutes are among the top quick commerce platforms in India. In contrast, Kirana stores, which historically dominated the Indian grocery market are now facing an existential threat. 82 per cent of Kirana consumers have shifted at least one-fourth of their grocery spend to Quick commerce. Quick commerce has witnessed an unprecedented pace of adoption, influencing consumer behaviors across the retail ecosystem. #quickcommerce #indianretail #kirana #Blinkit #Zepto #Swiggy #Instamart

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Reliance Retail is planning to launch a sports format to compete with Decathlon in the athleisure market post-Covid-19 pandemic. The company is looking to lease 8,000-10,000 sq ft spaces in malls and high streets in top cities for the new brand. Decathlon reported significant revenue growth in recent years, prompting other brands to enter the sports category. Leading sports brands like Puma, Decathlon, Adidas, Skechers, and Asics have seen 35-60% year-on-year growth since FY21. Decathlon is in talks with the Indian government to sell products from rival brands in its stores, potentially changing the game in the market. India is a key market for sportswear and footwear companies, with a large population and growing demand for athleisure products. #decathlon #reliance #sportswear

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Celebrating One Year at Elev8 Venture Partners! What started as humble beginnings at co-working spaces like Axilor and WeWork, has finally culminated into our second home at Elev8 VP. Exactly one year ago, we inaugurated our new office on 12th Main in Indiranagar, marking a significant milestone in our journey. Initially, I was hesitant about large offices or high rentals, especially on the high street. However, thanks to Dr. Apoorva Ranjan Sharma, Anuj Golecha, and Gaurav Jain, Anil G Jain, we took the plunge. We secured an office space that was more than I initially thought we could afford. Today, I can confidently say it was one of the best decisions for Elev8 Venture Partners. In the world of venture capital, office location and décor surprisingly play a crucial role, especially for a first-time fund. It's not about extravagance or lavish spending but about creating a welcoming, professional environment. Our beautifully done office, complete with lush plants, has greatly contributed to building a positive external perception. This perception & vibe, is our reality. Home is not built by bricks but by memories. Over the past year, we've made incredible strides. Our investments in IDfy and Astrotalk have been pivotal, marking the beginning of our journey to support high-quality tech companies at the growth stage. This journey wouldn’t have been possible without my incredible team, whose dedication and hard work have turned our office into a second home. Here’s to many more years of growth, innovation, and impactful investments. Thank you to everyone who has been part of this journey with Elev8 Venture Partners. #Elev8VP #Anniversary #VentureCapital #Investment #TechStartups #GrowthStage #Teamwork #Innovation #Success Divy Chopda, Ashwini Khemka, Aman Ahmed, Abhisekh Shah, Parth Doshi, Mayank Jajoo, Komal Vichoor, Zaveria Mohammad, Mitali Rai, Eric (Jung Ho) Yoo, Donghyun Kim

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Great advice on growing D2C. Also a powerful lesson on how an entrepreneur thinks as opposed to a 'founder'. Public market benchmarking on bottom line, not top line. Operating with a ten percent profit margin, you need 150 crores of Earnings, which requires 1500 crore of topline, to get to a valuation of ~5000 crore+ These are similar multiples to what I offer, because they're close to reality. Seeking a 15x+ multiple on your topline? I'm the wrong person to chat with #venturecapital #founder #startups #scaling #valuation

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I’ve always been skeptical about D2C brands for a few reasons. With today's democratization of the internet and knowledge, anyone with enough distribution power can create a D2C brand. We’re seeing this trend with social media influencers launching their own brands and generating massive revenue simply by leveraging their following. It’s no longer just about the product; it's about distribution power, which can make the market feel unfair. Most D2C brands in India rely heavily on digital channels like e-commerce and quick commerce, believing that’s enough to drive significant revenue—and for many, it has been. Digital sales have allowed some brands to scale quickly, but that’s not the whole game. The real challenge, and where most D2C brands struggle, is offline distribution, which is a complex maze. The few brands that figure this out, like Mamaearth, go on to win big. After interacting with Abhishek kaushik and learning about MITRA's journey, I realized they’re doing something completely different. While most brands are focused on going online, MITRA is building a strong offline presence in Tier 2 and Tier 3 cities, where their semi-premium, high-quality products have a real edge. Despite competing with giants like ITC, MITRA's key advantage is offering the same premium experience that people in Tier 1 cities enjoy but at an affordable price—and in stores that are easily accessible to Tier 2 and 3 consumers. These consumers watch the same content and aspire for the same products but often lack access to the D2C brands popular in metro cities. MITRA bridges that gap, offering a unique value proposition in these underserved markets. I’m highly optimistic about MITRA’s future and excited to see their expansion into international markets. At Beej Network, our goal is simple: we invest in companies that have the potential to go global, and MITRA is definitely one of those companies. #angelinvestment #indianstartups #FMCG #D2C #D2Cstartups #foodstartups #startupinvestment #indianinvestment #startupfunding #fundingalert #venturecapital #VCworld #venture

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Unveiling the Myth of Time Management⌛ : A Blueprint for Aspiring Indian Innovators 👨‍💻 With over one and half decades of steering transformative growth in #retail, #ecommerce, and #omnichannel sectors, and shaping strategies for top-tier companies, I’ve consistently confronted a widespread myth: Time Management. 🕒 As elucidated by the "10X Rule," success is not about managing time—it's about amplifying efforts. 🚀 For young Indians determined to rise from middle-class origins and carve a niche in the corporate or #startup arena, this revelation is crucial. Time should not merely be managed but viewed as a canvas for painting with broad strokes of ambition, action, and relentless determination. 🎨🔥 Embrace the 10X Mindset: Success isn't about incremental gains; it surges and amplifies. Elevate your objectives tenfold and shift from survival to dominance. Take inspiration from Amit Jain of CarDekho Group, who transformed a simple concept in a Jaipur garage into a multi-million-dollar enterprise by prioritizing exponential rather than incremental growth. 💡📈 Failures Are Stepping Stones: Each setback is a crucial lesson. Consider Falguni Nayar, who embarked on founding Nykaa in her 50s, overcoming numerous obstacles to lead one of India’s foremost beauty retailers. 🌟💪 Value Creation Over Time Checking: Reflect on Kunal Shah’s CRED, which redefined credit card payments into rewarding experiences, reshaping India’s fintech landscape. It’s not about the hours you log, but the value you create that defines your success. 🏆🕰️ Collaborate and Conquer: The ascent from middle-class to mogul is never a solo journey. Look at Bhavish Aggarwal of Ola, whose strategic partnerships propelled his company from a local startup to a transportation colossus. 🤝🌍 As you forge your path in the vast arenas of corporations and startups, remember that time management is a myth. Focus instead on managing your goals, your growth, and your grit. Arm yourself with a vision ten times larger than your current dreams and chase it with unwavering tenacity. 🌠🔧 To all the aspiring magnates from India's middle class, it's time to scale your efforts, enlarge your vision, and not just transform your life but also impact those around you. Together, let's redefine the boundaries of success and set benchmarks that resonate with our ethos. 🌏🚀 #Leadership #10XRule #Entrepreneurship #StartupIndia #TimeManagementMyth #CareerGrowth #IndianYouth

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I had previously broken down the framework that is #ESG, and its relevance in assessing the strength of a consumer brand. Having spent over 3 years building the ESG vertical at Fireside Ventures we are witnessing progress and impact across our portfolio. Recognizing that consumer brands operate across a dense and complex value chain is critical, however, what's even more critical is recognizing that actions can be taken across this value chain. Here's Part 2 of the 3-part series of "Founder's Guide to ESG" - https://lnkd.in/g-yGCb8v #valueofgood #sustainable #consumerbrands

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Inspired by Mohak Nahta, I will send your choice of one pain relief/muscle recovery product from Zanskar if Lakshya Sen wins the Men's Singles GOLD at Paris Olympics on 5th August. <<Why I'm doing this?>> Lakshya is the only Indian to reach Men's singles Semi-Finals in Olympics, ever. He made a supreme comeback from being 1st set down to defeat Chou Tien-Chen yesterday (quarterfinals). It really has been a thing of beauty to watch him defeat top players in Paris Olympics. He faces a tough match against Viktor Axelsen tomorrow (4th Aug). I believe he will prevail to reach the FINALS. The Gold is within sights. History is within sights. <<Will we charge you anything?>> Your product (including shipping) will cost you ZERO – it is completely on us. <<Which products are covered under this offer?>> Any product that you like, no questions asked. Check https://zanskarhealth.in for more information. <<What do you need to do to avail this offer?>> Drop your email in comments below and we will share the next steps there. Go Lakshya. Go India. 🇮🇳 Anshul Mittal

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Thoroughly enjoyed speaking with Anurag Goyal on his show Sip to Success. He's running a great business in packaging and interviews founders from fmcg, retail and d2c industries. In this podcast, we talk about: 1. My decade long journey in #entrepreneurship, how after 2 failed tech startups, I went #offline and I founded New Shop with Charak Almast and Mani Dev Gyawali as we saw a $40 Billion opportunity in standardising modern convenience retail in India. 2. India is an Entrepreneurship obsessed country and 83% Indians choose to become entrepreneurs as against the global average of 53%. but, 90% of them fail. We know How being a failed #entrepreneur feels like, and that's why we are on a mission to empowering and democratising business ownership in India, by having built a breakthrough #franchising model that's already empowered 100s of #franchiseowners of New Shop. 3. How New Shop's #franchise model works and how we plan to empower 10,000 successful business owners by 2030. 4. The future of franchising, estimated to become a $150B industry by 2028. 5. The future of retail industry is pegged at $2Trillion by 2032, and there will be many players in different types of #modernretail, #ecommerce, and #qcommerce solving for different consumers needs - like how it has happened in evolved consumer markets like USA, China. 6. There will be a consolidation in #traditional retailers, driven by new age consumer demands, infrastructural developments and franchise aspirations. 7. Our experience of working with #d2c brands, and how they can improve to better position for offline retail. https://lnkd.in/gXRp83XH

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Excited to share that my insights on the premium consumer brand space in India were featured in the LiveMint, which highlights this view and overall investment strategy on the consumer space. At Sauce.vc, we've consistently recognized premiumization as a strong investment theme through the years. The landscape is evolving with established digital playbooks and the rise of quick commerce, allowing brands to scale quickly and effectively. Yet, the push towards more specialized, sharply-defined premium brands reflects a growing consumer demand for uniqueness and quality. Brands like The Whole Truth Foods, Mokobara, and Innovist exemplify this shift towards products that are not only premium but also distinct and innovation-driven. Dive into the full article to explore how this trend is reshaping the industry and driving strategic investments. #Investment #ConsumerGoods #Premiumization #VentureCapital

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Our Story: The journey began around 45 years ago when Mr. Paresh Rajda's cousin in a postcard from Germany asked him, if he knew of any industrial gloves manufacturers in Kolkata. Rather than looking for someone, Mr. Paresh Rajda decided to start his own business. This laid the foundation for the company's industrial division, which has become a formidable player in the production of industrial gloves. With the help of his wife Mrs. Arati Rajda, Mr. Rajda grew his humble venture into a global leather powerhouse partnering with some of the most renowned and sought-after luxury leather goods brands in the world. The fashion goods business now headed by Mr. Gautam Rajda, Managing Director has revolutionized the way leather products are made by introducing state of the art modern machines, production techniques and cutting-edge manufacturing technology and processes. “Today, our strength is that while leather goods are traditionally a hand-crafted product with techniques, tools, and machines, we are trying to deskill the production and trying to make the production process more systematic and scientific. That is why we call our products “Engineered Luxury”, says Mr. Gautam Rajda. Company Profile : Rajda is a professionally well-established company, leading global manufacturer and exporters of leather bags, wallets, SLG’s and accessories, catering to several well-known premium brands in European countries and worldwide. Company Philosophy: We work as a team with core values of integrity, efficiency and reliability. To quote our Founder Chairman Mr. Paresh Rajda. “Teamwork makes dreams work." and “Service to humanity is service to God.” Our company strongly revolves around this belief and takes utmost initiative in our sustainable, socially responsible and corporate social responsibilities. Creating a culture of teamwork, inclusiveness and belonging. We focus on building long-term relationships, both within our own team and with our customers. We work like a partner to our clients striving to exceed customer expectations and deliver unparalleled service. Vision: Be a successful leading global producer of premium quality products of leather bags, wallets, small leather goods and accessories by following the most ethical, sustainable and socially responsible manufacturing practices. Mission: To produce fashion leather goods with impeccable style and exceptional level of precision, quality and reliability. To revolutionize and constantly evolve the way leather products are made by introducing innovation, production techniques, world class infrastructure and cutting-edge manufacturing technology using high end state of the art modern machines and skilled workforce. To inculcate a design-oriented approach to the finest detail and achieve excellent manufacturing processes with production efficiency, high product quality and maintain timelines. Author : Sambit Bhattacharya© Please contact for your Bulk manufacturing requirements [email protected]

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Our Story: The journey began around 45 years ago when Mr. Paresh Rajda's cousin in a postcard from Germany asked him, if he knew of any industrial gloves manufacturers in Kolkata. Rather than looking for someone, Mr. Paresh Rajda decided to start his own business. This laid the foundation for the company's industrial division, which has become a formidable player in the production of industrial gloves. With the help of his wife Mrs. Arati Rajda, Mr. Rajda grew his humble venture into a global leather powerhouse partnering with some of the most renowned and sought-after luxury leather goods brands in the world. The fashion goods business now headed by Mr. Gautam Rajda, Managing Director has revolutionized the way leather products are made by introducing state of the art modern machines, production techniques and cutting-edge manufacturing technology and processes. “Today, our strength is that while leather goods are traditionally a hand-crafted product with techniques, tools, and machines, we are trying to deskill the production and trying to make the production process more systematic and scientific. That is why we call our products “Engineered Luxury”, says Mr. Gautam Rajda. Company Profile: Rajda is a professionally well-established company, leading global manufacturer and exporters of leather bags, wallets, SLG’s and accessories, catering to several well-known premium brands in European countries and worldwide. Company Philosophy:  We work as a team with core values of integrity, efficiency and reliability. To quote our Founder Chairman Mr. Paresh Rajda. “Teamwork makes dreams work." and “Service to humanity is service to God.” Our company strongly revolves around this belief and takes utmost initiative in our sustainable, socially responsible and corporate social responsibilities. Creating a culture of teamwork, inclusiveness and belonging. We focus on building long-term relationships, both within our own team and with our customers. We work like a partner to our clients striving to exceed customer expectations and deliver unparalleled service. Vision:  Be a successful leading global producer of premium quality products of leather bags, wallets, small leather goods and accessories by following the most ethical, sustainable and socially responsible manufacturing practices. Mission: To produce fashion leather goods with impeccable style and exceptional level of precision, quality and reliability. To revolutionize and constantly evolve the way leather products are made by introducing innovation, production techniques, world class infrastructure and cutting-edge manufacturing technology using high end state of the art modern machines and skilled workforce. To inculcate a design-oriented approach to the finest detail and achieve excellent manufacturing processes with production efficiency, high product quality and maintain timelines. Contact for your Bulk outsourcing requirements : Mr. Sambit Bhattacharya [email protected]

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Our Story: The journey began around 45 years ago when Mr. Paresh Rajda's cousin in a postcard from Germany asked him, if he knew of any industrial gloves manufacturers in Kolkata. Rather than looking for someone, Mr. Paresh Rajda decided to start his own business. This laid the foundation for the company's industrial division, which has become a formidable player in the production of industrial gloves. With the help of his wife Mrs. Arati Rajda, Mr. Rajda grew his humble venture into a global leather powerhouse partnering with some of the most renowned and sought-after luxury leather goods brands in the world. The fashion goods business now headed by Mr. Gautam Rajda, Managing Director has revolutionized the way leather products are made by introducing state of the art modern machines, production techniques and cutting-edge manufacturing technology and processes. “Today, our strength is that while leather goods are traditionally a hand-crafted product with techniques, tools, and machines, we are trying to deskill the production and trying to make the production process more systematic and scientific. That is why we call our products “Engineered Luxury”, says Mr. Gautam Rajda. Company Profile: Rajda is a professionally well-established company, leading global manufacturer and exporters of leather accessories bags, wallets, SLG’s, catering to several well-known premium Lifestyle Fashion Brands in European countries, USA, UK and worldwide. Company Philosophy:  We work as a team with core values of integrity, efficiency and reliability. To quote our Founder Chairman Mr. Paresh Rajda. “Teamwork makes dreams work." and “Service to humanity is service to God.” Our company strongly revolves around this belief and takes utmost initiative in our sustainable, socially responsible and corporate social responsibilities. Creating a culture of teamwork, inclusiveness and belonging. We focus on building long-term relationships, both within our own team and with our customers. We work like a partner to our clients striving to exceed customer expectations and deliver unparalleled service. Vision:  Be a successful leading global producer of premium quality products of leather accessories bags, wallets, small leather goods and by following the most ethical, sustainable and socially responsible manufacturing practices. Mission: To produce fashion leather goods with impeccable style and exceptional level of precision, quality and reliability. To revolutionize and constantly evolve the way leather products are made by introducing innovation, production techniques, world class infrastructure and cutting-edge manufacturing technology using high end state of the art modern machines and skilled workforce. To inculcate a design-oriented approach to the finest detail and achieve excellent manufacturing processes with production efficiency, high product quality and maintain timelines. Mr. Sambit Bhattacharya, [email protected] Rajda Industries & Exports Pvt. Ltd.

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This is how ESOP should be granted. well done swiggy. When the top management works hard with founder to make business successful and becomes a core partner in value increase, then " Adequate, attractive, handsome" ESOP should be granted, not a piddly ESOP just as Optics/toy to child. Moreover granting ESOP at or near the book value or near IPO price means, the employee has to "again" look into future and his past effort is not rewarded immediately. Employee will gain only if share price rises- that's future? Also ESOP Holders must understand that tax impact is huge. Net Net before granting ESOP such working must be done, baking in future price rise, Tax and amount payable and Net benefit to employee . Then the Question- Has the Top Management been rewarded attractively or it's just an "Optics" Comments are welcome.

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