There are a number of stories across the world involving individuals rising from rags to riches. One such inspiring story is of Chandubhai Virani, who is just a 10-class pass man but built a Rs 4,000-crore brand of potato wafers called ‘Balaji Wafers’.
The 15-year-old boy Chandubhai Virani moved to Dhundoraji (Jamnagar), around 79 km from Rajkot, along with his family. He also has two brothers — Meghjibhai and Bhikhubhai. In 1972, all three brothers together were given Rs 20,000 to start a new life, by their father late Popat Virani who sold parched land.
Using the money, the brothers started a new business in agricultural products and farm equipment in Rajkot. The venture flopped in 2 years. Following this, the brothers, including Chandubhai who was a Class X pass, started working in a canteen at Astron Cinema.
Apart from working at the canteen, Chandubhai also took up several other works including door-keeping, sticking posters, and ushering for a salary of Rs 90 a month. He also repaired torn seats for a plate of chorafari (a Gujarati snack).
The Virani family was so financially stressed they had to run away from the rented place on a night as they did not have Rs 50 to pay as rent. However, he later paid back the rent.
Soon after, due to his impressive work at the canteen, he and his brothers got a contract of Rs 1,000 a month.
By 1982, his entire family relocated to Rajkot. His brother Ramjibhai had purchased a home with a big compound.
While working at the canteen, Chandubhai viewed wafers as a potential product as they were in high demand at the theatre. Getting the idea from here, Chandubhai set up a tiny shed in the courtyard with an estimated cost of Rs 10,000 and started his trials with chips from his one-room home.
Soon after, the business started getting good response and not only theatre, his chips also got demand outside the theatre.
As the company’s business picked up, Chandubhai set up Gujarat’s then-largest potato wafer facility in the Aji GIDC region of Rajkot in 1989. It was established with modest revenues and a bank loan of about Rs 50 lakh.
Later, Balaji Wafers Private Ltd was founded in 1992 by three brothers. His company’s name Balaji Wafers was inspired by a small glass idol of Lord Hanuman kept in the room of the Viranis.
The company now has four factories in the country, with a combined capability of 6.5 million kg of potatoes and 10 million kg of namkeen per day.
As of FY21, Balaji Wafers’ revenue reportedly stood at 4,000 crore. The company also got a buyout offer worth Rs 4,000 crore also, which it declined.
The total number of employees at Balaji is 5,000, and 50 per cent of the workforce are women.
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