How Priyaasi Entered into an unknown market to Churn Revenue of 35 Crs.

Everybody knows that the time is tougher these days. Being an Indian, you must have heard someone close about the COVID-19 infection and getting affected by it. Though, startups and ecosystem is flourishing amid these times. Especially, digitally empowered ones. One such startup is Priyaasi which has gone through a remarkable year recently. Here a software developer, Priyanka Khandelwal turned entrepreneur into a completely new Industry that disrupted the market.

Priyaasi tapped into the market that was not popular as it is now. The D2C oriented jewelry apparel industry has pretty few pan-India-based brands. And Priyaasi was no other than them. Let’s go through the story step by step.

1. Inception Phase

While doing the research, I was curious to know how a software developer landed into a jewelry business. So, the trick here is that even when she was a software developer in the USA, she kept researching and observing the growing D2C brands there. So, the idea of getting into the D2C Industry came from it. The hidden element here was that Priyanka was very interested in the fashion industry. In her free time, she always looked around the products and market of this Industry.

2. Planning Phase

In India, there were pretty few popular jewelry D2C brands. Indian audience has been living in a culture of store-dependent purchases of high-value assets. Developing trust takes time and therefore for any brand to create a nationwide impact was an uphill task. Therefore, Priyanka put more than a year into research and understanding the market.

3. Not a Kickstart

As Priyanka expected, the brand did not grow in its initial month. Like other brands in the market, Priyaasi was finding it hard to get that golden trick and launch themselves into the heart of customers. But, the year-long research was helpful during those times. Whatever the number of products was sold, the customers begin to trust this brand digitally. Online selling was now getting a good growth curve but only with a limited set of customers.

4. The Game-Changing Turn

So, how did Priyaasi breakthrough this market? Well, there were a lot of factors behind the skyrocketing growth. But the most amplifying factor was the Covid-19. The other factors involved were the unique designs of the products, trust of the limited customers worked perfectly as mouth marketing and took the brand to a new high. Due to a nationwide lockdown, people had no chance other than to shop online. With Priyaasi shifting the gears at the right time and getting themselves available in Myntraa and other shopping platforms, the stage was set.

The second booster to the business was the ability of Priyanka to manage the inventory and raw materials effectively and in a highly affordable manner. But where did she learn this skill? She has been a software developer after all. There is nothing sort of inventory management.

One of the biggest secrets of the success of Priyaasi comes here. Priyanka Khandelwal belongs to a family of entrepreneurs. Though the businesses of her brothers and father were local market-oriented but the inventory management process and getting high-quality raw materials in at affordable pricing were inherited into her. With such a strong-backed product manufacturing process, Priyanka was able to design differently and penetrate the market with high impact. Orders started coming from every corner and the brand got national and international recognition in form of many awards.

What’s there in the future?

In 2020 itself, the company clocked a revenue of INR 35 Cr. which is the double 2019 revenue. It clearly tells that future is as bright and valuable as Gold. Priyaasi is now seeking funding of at least 100 Crs in upcoming rounds. Bootstrapped Startup growing multifold and becoming a brand is a rare story these days.

Priyanka Khandelwal has made the whole startup ecosystem proud and the D2C market in the Jewelry industry is growing more than ever. Other brands have also stepped up their marketing spend and are trying to compete with the leaders.

I started this Startup Stories series to enrich my knowledge and share the stories of hundreds of such startups who are dwelling and growing amazingly. It’s not always a unicorn startup that should be only talked about. And, I am doing that only. In this series, the next startup is about a SaaS solution that helped enterprises save thousands of dollars annually with a very simple trick.

Tell me a startup that also innovated a solution or service or anything that should be talked about. I haven’t put any category restriction over which type of startup should be highlighted. So, I am open to ideas.

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Vikas Goel @vikasifications

Founder at DGTG, helping brands in media buying. I’m chatty in eCom, gaming, content, marketing, and design.