We’re Targeting Rs 4.5 Cr For FY21 And Rs 100 Cr In Revenue In The Next 5 Years: Priyanka Ghule Katkar, Founder, MySilkLove
We’ve served more than 8000 customers till now since inception, and have fulfilled 10,000+ orders.
What is the idea behind starting MySilkLove? How has been the journey since then?
During the Diwali vacation of 2019 I was traveling in South India, I visited a few places in Tamilnadu where Kanjivaram sarees are made.
I was impressed with the quality and finish of the products and effort these weavers have to take to make a single saree. When I spoke to them I got an idea about their earnings and it was not great for anyone for the effort and skill they possessed. They were spending almost 10 days making a single saree and in return would get a paltry sum. When I spoke with them about selling their products online, their previous experience with online selling was not great. They had tried to sell online through Meesho, Whatsapp groups and Facebook pages but they were facing challenges in operations, delivery and marketing these products in India and globally. Considering these gaps, I thought of starting a platform to connect India’s artisans. Saree weavers can get the opportunity to showcase their art, they are not bothered about anything but crafting good quality products. Rest everything is taken care of by our team right from photo-shoots, merchandising, picking the product to delivering it to the end customer.
Mysilklove team travels to rural parts of India to meet weavers. It presently works with more than 1000 weavers from Banaras (Uttar Pradesh), Bagalkot (Karnataka), Yeola (Maharashtra), and Kanchipuram (Tamil Nadu) and source the best silk sarees.
Can you please share your funding status? Is the brand funded? If so, how much capital did you start your business with? If not, then how much money have you invested in starting and running your venture?
We are a bootstrapped and profitable company. We started MySilkLove with a capital of Rs. 1,00,000/- with my personal savings.
What have been the growth numbers since inception?
We’ve been growing 15% month on month since inception. We are looking to close this financial year at Rs.4.5 Cr.
Presence - Offline and Online, if yes, then please share the details.
We are digital first brand and sell only via our website. Our 100% revenue comes from online selling. We source directly from weavers so no middlemen, and that’s why our prices are very competitive. We offer assisted buying with videos and live calls to check the quality and colors of the products. We're the only silk saree brand which offers no-questions asked exchange and return policy.
Tell us about your funding plans?
At this point, we are not looking for funding. We might look for growth money for our future expansions and marketing as we add more weavers and SKUs on the website.
What is the revenue in terms of percentages or numbers of orders placed? Has the number of customers increased in recent years? Also, which is the most popular selling product on the website? And what is your USP?
We’ve served more than 8000 customers till now since inception, and have fulfilled 10,000+ orders. Since Aug 2020 to Sept 2021 we have generated Rs.3.5 Cr revenue. Our USP is video based shopping, Whatsapp support and no-questions asked refund and exchange policy.
Can you share some details about the products available on the website?
Today’s new age consumer likes the ancient traditional art in contemporary format. We do exactly the same. We bring in a contemporary design touch to traditional silk sarees. We bring choices of more than 3000 SKUs, all premium sarees, under one single platform, 9 different types of silks, at the customer's fingertip. If they would like to buy a saree, traditionally they would go to local shop where they will not find more than 100 options to choose from, here they can choose from more than 3000 products.
We aim to increase the SKUs present on our website to around 3000 to 5000. We are also planning to offer more options on women's wear, like Kurtis, stoles and other designer clothing to become a one-stop destination for all ethnic women's clothing need.
How do you help weavers and artisans while also benefiting them?
We design and source handcrafted products from more than 1000 local artisans in India. We are helping to improve the livelihood of weavers and artisans and shape the future generations by preserving the rich craft and they can give better education to their children.
Our weavers feel very proud of what they do, now that they have a stable income they are considering bringing their next generation into the same business instead of losing their ancesssstral craft.
Please share customer demographics and psychographics?
75% of Mysilklove clientele are women, and most of the purchases come from the age group of 25 to 50. We have an esteemed customer base, and a majority of orders come in from Delhi, Bengaluru and Mumbai, Hyderabad.
Our target audience comprises women who love slow fashion, handloom, and handmade products, but are unable to find the right platform to buy due to lack of trust and traceability. With an aim to redefine fashion while changing the lives of the artisans.
We are targeting saree market with a value of Rs. 47,000 Cr and growing at CAGR of 5-6 %.
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