T.S. Kalyanaraman, grandson of a priest, took loan of Rs 50 lakh and started a business which current value is Rs 75,000 crore. Know his success story.
Success Story: A man whose grandfather was a temple priest and whose father sold clothes built a business that is currently worth Rs 75,000 crore. The business, which started from humble beginnings, now has 250 showrooms across India and 30 in the UAE, Qatar, Kuwait, and Oman. The founder of this business is planning to expand into the United States. His name is T.S. Kalyanaraman. Let’s learn about his success story.
Who Is T.S. Kalyanaraman And What Is His Business?
It all started in 1993 when Kalyanaraman opened the first Kalyan Jewellers showroom on a small street in Thrissur, Kerala. His grandfather was a priest, and Kalyanaraman often accompanied his father, T.R. Seetharamaiyer, to perform puja at a local temple.
Seetharamaiyer opened a clothing shop against his father’s wishes. Soon, his business flourished, and he later started a textile factory in Thrissur. He opened several small showrooms across Kerala; however, the state government later acquired his factory.
Kalyanaraman was born on April 23, 1947. At the age of 12, he started helping Seetharamaiyer with the family business. He completed his graduation in commerce from Sri Kerala Varma College.
Following his father, Kalyanaraman also went against his father’s wish and planned to open a jewelry shop. The family’s cloth showroom in Thrissur was surrounded by jewelry shops, which inspired him.
Kalyanaraman noticed the lack of options and transparency for customers and decided take advantage of the opportunity.
First Store With A Rs 50 Lakh Loan
Kalyanaraman put all of his savings of Rs 25 lakh to open a jewellery shop. But the amount was not enough, so he took a Rs 50 lakh loan. With Rs 75 lakh in hand, he opened the first showroom in Thrissur and named it Kalyan Jewellers. His shop was larger in size than other shop in the area with several jewellery options for customers. The new showroom provided customers with a unique shopping experience, and it marked the beginning of Kalyan Jewellers’ success.
The Second Shop Strategy
After getting success in the first shop, Kalyanaraman opened a second showroom in Palakkad. However, he faced challenges there as the buying patterns of Palakkad’s customers were different from those in Thrissur.
To tackle this, he sent his son, Ramesh Kalyanaraman, to Palakkad to study the market. After spending weeks Ramesh adjusted the showroom’s services to meet customer needs.
‘Great Place to Work’ certificate
Recently, Kalyan Jewellers was awarded with the ‘Great Place to Work’ certificate. The company’s market cap is now over Rs 75,000 crore.
Kalyanaraman’s Net Worth
As per Forbes real time billionaires list, the net worth of Kalyanaraman is Rs 4,53,97,49,29,020.00.
Hyperlocal Strategy
Kalyanaraman took the lessons he learned from his journey in Palakkad and replicated a location-specific approach for every new store. Before setting sail, a dedicated team immersed in research and jewellery design hits the ground to understand the local traditions and tastes of the people truly. This groundwork translates into designs that beautifully mirror the culture of the place. Adding to that, hiring from the local workforce lends them an advantage in navigating through local customs and catering to customer needs effectively. Moreover, Kalyan Jewellers handpicks brand ambassadors, from varied states and languages, ensuring their services resonate across different regions.
This strategy has helped Kalyan Jewellers become a household name in India. Kalyan Jewellers, the brand, is known for its trust and customer-centric approach.
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