Startup
The Indian dream:Vananam Building a conglomerate rooted in Bharat
- Vananam prioritises building a distinctly Indian conglomerate, focusing on scalable Indian businesses with strong growth potential in the coming years.
- The co-founders’ upbringing instilled a core set of values that contribute to Vananam’s success, including a strong work ethic, a focus on education, and a respect for financial responsibility.
- Unlike many tech-focused startups, Vananam emphasises building fundamentally sound and profitable businesses, and ensuring strong financial foundations before adopting new technologies.
- Vananam extends its focus beyond just profits, prioritising investment in its people and social responsibility through its foundation’s work in education, disaster relief, scholarships, and cultural preservation.
Vananam, a name that signifies wealth in Sanskrit, is more than just a startup, It’s one of India’s growing Conglomorate It is the story of its co-founders, Keshav Inani and Mahendra Rathod, who believe that building a successful future starts with family and education. Their vision is to create a business empire rooted in India’s potential, the success of that objective is reflected in their meteoric rise.
In the three years since its inception, Vananam has made Rs 1,000 crore, with operations spanning real estate, agri-commodities, transit retail, and even rewards and gifting. This success story is built on a foundation of shared values, a commitment to India and its potential, and a razor-sharp focus on building scalable and profitable businesses.
“The next 20-25 years is going to be Bharat’s journey,” says Keshav in a conversation with Shradha Sharma. Mahendra discussed their humble beginnings, India being at the centre of the global future and their unwavering commitment to the India growth story.
The power of education and frugality
Keshav comes from a Marwari family with a history in textiles. His father had to leave law school to join the family business. That is how the family moved to Bengaluru, to provide the children better educational opportunities. And as Keshav grew up to become a chartered accountant, he credits his father for seeding in him a culture of hard work and frugality with an eye for building a successful business right from the beginning.
“It was very clear to me that you cannot think of building a topline without a bottomline. Unlike the businesses of today, I come from a different school of thought. If you’re making revenue, it better be profitable,” Keshav says.
Mahendra, who agrees with this philosophy, had humble beginnings too. His father understood the importance of education early on and became the first person in their village to attend college. This emphasis on education had a big impact on Mahendra. He went on to study at IIM-Bangalore.
In the past decade, he has dabbled in multiple entrepreneurial outings. His first venture in 2014, a brand that helped sell T-shirts to major online retailers failed to scale. Next came Sellerworx, a B2B company, which was acquired by Capillary Technologies. And then came TrekNomads, which started as a Facebook page for trekking adventures. His hiking company grew into a thriving business that continues to operate profitably even after the pandemic. He also founded a consulting company shortly after that.
“It’s a manifestation. I want to have multiple businesses. I am not a one-business person,” he says.
A partnership built on mutual respect
Keshav and Mahendra initially met while working as consultants. What began as a professional collaboration soon blossomed into a strong bond built on mutual respect and complementary skills. Over long conversations, they realised both share a common vision for wealth creation and business.
“I am very aggressive when it comes to a business idea,” says Keshav, explaining that he believes any business idea has the potential to scale. “But that is where Mahendra’s experience comes in. He insists we run pilots, test all scenarios, and only look at scaling once that initial hypothesis is proven.”
Both acknowledge their age difference, but also highlight that it brings diverse perspectives to the table, enriching their decision-making process.
Building scalable and profitable businesses beyond the tech glitz
Unlike many tech-focused startups, Keshav and Mahendra’s business philosophy revolves around identifying and scaling ventures with a high potential for profitability.
Keshav leveraged his father’s experience as a trader, and they experimented with various businesses, starting with a supply chain management venture, then real estate, and finally transit retail. He swears by the mantra: “basic businesses done right,” by finding the right talent, and prioritising profitability.
“We are into Indian businesses and there is a huge market for them. Also because the next 30 years are India’s growth years. Per capita income, GDP, consumerism everything is in the green,” says Mahendra.
However, he doesn’t rule out investing in next-generation technology-based businesses.
“Technology is an enabler, but strong business fundamentals are paramount,” reiterates Keshav. This pragmatic approach ensures they don’t get swept away by the latest hype cycles, but instead focus on building businesses with a solid foundation for long-term success.
Building a Bharat-centric conglomerate
Vananam’s founding philosophy is an unwavering commitment to India, prioritising long-term investments in its home country.
Keshav and Mehndra pride themselves on being a company that is headquartered in India, with subsidiaries in the US, Singapore and Dubai.
“Our motto is simple: build in Bharat, build by Bharat, build for the world,” says Keshav. And they are already planning the next business line to take India to the global customer.
That explains why every business line it has ventured into has a uniquely Indian flavour. Their next venture draws on Keshav’s family’s three-generation legacy in textiles. Called Giorvan, it is a luxury clothing brand that plans to rival the likes of Louis Vuitton and Gucci.
“Today, we barely have any luxury apparel brands coming out of India. Given my family’s rich history with textiles, we come with a 60-65 year old traditional study, and understand India’s textiles,” says Keshav.
The launch is planned for the next 8-10 months, with Dubai, Europe, and India as the initial target markets. They plan to eventually take it global.
Social responsibility as a core value
Mahendra talks about a sense of purpose that extends beyond just business success. “Every business which we start, we actually first invest in the people. We talk about creating wealth for the stakeholders, it is not just the shareholders,” he says.
The Vananam Foundation aims to positively impact 10,000 lives in the next three years. A part of Vananam’s earnings will go to the foundation, which focuses on areas like education, disaster relief, scholarships (including sports scholarships), and cultural preservation. These efforts will help employees and their families as well.
“We are not trying to create money, we are trying to create wealth. And wealth is always for society, and for its multiple stakeholders,” says Mahendra.
