It was once a normal February afternoon in Kerala; sizzling and sultry. However the Chittilappilly circle of relatives from Thrissur in Central Kerala was once in a tizzy.
Their son, Kochouseph Chittilappilly had requested for a princely sum of Rs one lakh to start out a industry mission on his personal. However, his father, Thomas, had different plans.
| Kochouseph Chittilappilly began V Guard Industries from a 400 sq feet shed in Kochi with 4 workers (Footage: Particular Association) |
“That was once long ago in 1977. My father sought after his submit graduate son to pursue the normal profession of banking or school lecturer and no longer mission out into the untrodden, unsure and steadily murky international of commercial.
“Ours were a conventional agricultural circle of relatives for generations – with roots firmly within the soil,” recollects Kochouseph, who was once born in Parappur, a village close to Thrissur the city.
However destiny would have it differently. Because the Forbes mag said: Beginning out with a seed capital of $ 1,500 V Guard industries had constructed up an enormous empire of $ 1.2 billion (web value) 4 many years later. In 2018, Kochouseph ranked 1867 within the listing of billionaires (India).
Again then, energy provide was once actually on a brief fuse in Kerala: extremely erratic, unreliable with itinerant voltage fluctuations. “The weak point of the Kerala State Electrical energy Board (KSEB) changed into the power of our newly arrange industry endeavor,” says Kochouseph.
“We began out from a 400 sq toes shed adjunct to a house in Kochi, with three-four workforce to lend a hand us out.” The small mission started quietly assembling voltage stabilisers.
The corporate has come a ways from the ones humble beginnings. As of late it has manufacturing devices in Kerala, Tamil Nadu, Uttaranchal and Himachal Pradesh.
| Beginning with simply 4 workers, V Guard has a staff of three,500 folks as of late |
It additionally has a powerful national distribution of 29 branches, 624 vendors, 5562 channel companions and 25,000 shops unfold around the duration and breadth of the rustic. Additionally, it has over 3,500 direct workers!
Gross sales of fridges and tv units have been a roaring industry within the state of Kerala right through the past due 70s and early 80s. And whilst voltage fluctuations persisted to persist, there was once no let up in call for for stabilisers. The marketplace prerequisites have been supreme!
Each time there was once a blow-out of TV, refrigerator or tune machine from voltage fluctuations, the will for stabilisers was once additional bolstered within the thoughts of the buyer.
And the price of V Guard stabilisers remained only a fraction of the pricey family apparatus that it steadily safe. The weak point of KSEB had turn into the power of V Guard Industries. And, industry was once excellent.
Over 4 many years later, in 2021-22, the gross sales turnover of V Guard Industries stands at Rs 3,498 crore.
Through the nineties and early twenty first century, the arena was once shifting on from electric to digital devices. The configuration and composition of TVs, fridges and tune programs have been additionally converting.
Digital chip was once turning into all pervasive in family equipments. This made them way more delicate and inclined. And, KSEB itself was once converting. It was once in a position to comprise voltage fluctuations way more successfully within the city metros.
However, call for for white items began sweeping into the geographical region. And voltage steadiness in rural cities and villages left a lot to be desired. For V Guard Industries, call for persisted to be excellent.
| Kochouseph stored including new merchandise to the V Guard portfolio and expanded his marketplace |
Alternatively, Kochouseph refused to leisure on his laurels. The industry atmosphere was once converting relatively all of a sudden.
Call for for V Guard stabilisers had peaked. However he knew he needed to enlarge his product profile to stay tempo with the contest and the dynamic marketplace. The marketplace was once flooded with 1000’s of latest electric and digital merchandise ever yr.
“With a view to stay tempo and hang our personal, we needed to enlarge our product profile,” recounts Kochouseph. “Exchange was once the brand new mantra. New product launches created new demanding situations. For V Guard, new merchandise needed to be known. New factories needed to be arrange.
“Product acceptance via the marketplace needed to be ensured. New markets needed to be conquered, expanded and steadiness ensured ahead of even considering the following vary of goods. We started the cycle of launching new merchandise virtually each and every 3rd yr.”
After voltage stabilisers got here an array of latest merchandise: pumps, water warmers, sun water warmers, lovers and electric cables, to call a couple of.
This variety in product vary enabled him not to most effective hang his floor within the voltage stabiliser marketplace but in addition to enlarge into new terrain and segments.
V Guard had turn into a countrywide participant. A reputation to reckon with! And regardless of the plethora of gamers, it nonetheless holds 20% of the nationwide marketplace for voltage stabilisers.
| Kochouseph together with his spouse, two sons, daughters-in-law and grandson |
Because the product profile grew, so did the contest. Even because the marketplace persisted to churn and enlarge, it was once getting fiercely crowded.
Weaker gamers have been vanquished. However V Guard persisted to carry its personal. And Kochouseph realised that it was once time to switch, to enlarge into new territories.
As of late, {the electrical} phase constitutes 46% of the industry, comprising of wires, pumps, transfer gears and modular switches.
The normal digital phase constitutes 23% with stabilisers, UPS’s and invertors, and client durables like lovers, water warmers, kitchen home equipment and air coolers account for roughly 31% of the industry.
Kochouseph realised he had to department out into new spheres of operations. So, in 1995, V Megastar Creations began out its adventure as a ready-to-wear ethnic garments producer and shortly were given into innerwear and way of life merchandise for males, girls and youngsters.
It quickly branched out from its house turf in Kerala, expanded into South India and additional to GCC nations. As of late, the corporate has established its personal distinctive retail outlets, promoting solely its personal merchandise. As of March 2022, V Megastar had a turnover of Rs 142 crore.
The yr was once 2000 and it proved to be but some other turning level within the lifetime of Kochouseph. That was once the yr when the brand new `avatar’ of a water theme park was once born, which was once later named Wonderla.
It was once an access into a wholly new industry vertical. As of late, it’s the greatest chain of commercial parks in India, opreated via Wonderla Vacations Restricted, headquartered in Bidai, 28 km from Bengaluru, Karnataka. It operates 3 amusement parks in Kochi (2000), Bengaluru (2005) and Hyderabad (2016).
| A few years In the past: Kochouseph together with his spouse and two younger sons |
Footfalls into the water theme park persisted to develop and stabilise. The reception to the recreational and leisure industry was once relatively excellent. Through 2020 the blended industry turnover of the 3 parks had climbed to Rs 282 crore.
However then the Corona pandemic struck. And industry plummeted to Rs 128 crore in 2022 (although the blended turnover of the gang is Rs 3768 crore).
“This is a small industry blip,” confides Kochouseph hopefully. “As business and business process will increase, folks want a spoil to recharge their inside batteries from their day-to-day rigidity. This is why leisure and amusement parks will revive and flourish.”
Within the yr 2018 when he made it into the Forbes listing, he realised that the industry luck of his endeavor trusted correct succession making plans.
In spite of India ultimate the fountainhead of circle of relatives enterprises on this planet, many industry enterprises had simmered and burnt for many years because of circle of relatives disputes and quarrels.
Fortunately, the succession plans for the Chittilappilly enerprises was once firmly and equitably in place. And it’s all on account of Kochouseph’s canny industry thoughts and his sense of timing in taking suitable choices on the suitable moments.
“Timing is important to each and every industry,” he observes. “Input the marketplace too early with out enough call for and also you confront an early burn out. Input too past due and the marketplace is flooded with a plethora of gamers. Some gets edged out and a couple of will live on and develop.”
Together with his two sons Mithun Chittilappilly and Arun Chittilappilly now lively within the industry, Kochouseph performs the function of the grand outdated guide, the Chairman Emeritus of the circle of relatives endeavor.
| Kochouseph is now specializing in the circle of relatives’s actual property industry, Veegaland Properties |
Within the ultimate levels of his lively industry ventures, Kochouseph has carved out a brand new fiefdom for himself: Veegaland Properties. With a industry turnover of Rs 135 crore, he’s fortunately taking a look after the actual property arm of the circle of relatives industry.
Similarly or much more necessary, he has devoted the general level of his lifestyles to pursuing charitable and social paintings for the general public. A pursuit he’s discovering deeply enjoyable and self gratifying.
He has arrange the circle of relatives accept as true with, the Chittilappilly Basis – a basis this is offering scientific lend a hand for the economically weaker sections, in addition to construction small properties for the needy.
In the meantime, his complete circle of relatives is sporting on his legacy. Kochouseph’s spouse, Sheila Chittilappilly had created, nurtured, and established V Megastar Creations as an unbiased vertical and benefit centre.
Mithun has taken over because the MD of V Guard Industries whilst Arun is the MD of Wonderla. Really a circle of relatives endeavor, since their other halves, Priya and Joshna, are similarly and eager about working the legacy of the Chittilappilly Empire. – ©TWL
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