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Saturday, June 3, 2023

Meet Prashant Parikh who built Rs3.5cr D2C brand Satthwa from his garage

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Prashant Parikh was once an employee of a medical tourism company that went bankrupt. He then founded his D2C personal care brand from his garage with some help from his mother.

Prashant Parikh was working as a regional head for a medical tourism company in 2015 when the company went bankrupt, forcing him to look for alternative means of revenue. He considered creating a business, and because he personally experienced hair loss, he was motivated to discover a cure.

Prashant says, “I was aware that this was a widespread issue, so I investigated various hair growth products and chemicals in order to produce a remedy in the form of hair oil.”

The hair oil was the inspiration for Prashant’s personal care business Satthwa, which debuted in Delhi in 2016. Satthwa is a direct-to-consumer company that offers over 25 skincare and haircare items, such as hair development oil and serums, essential oils, shampoos, anti-acne gels, and vitamins.

Prashant has gone a long way by developing a successful D2C company, from self-experimenting with his own oil to marketing on Facebook, but he remains faithful to his humble roots. Satthwa’s items range in price from Rs 300 to Rs 700, with an average basket price of Rs 625 to Rs 650. The goods are currently only available online.

Satthwa was formed in Prashant’s garage. He enlisted his mother’s assistance in developing the unique oil solution, which included nine different oils derived from raw materials such as grapeseed, jojoba, amla, and almond oil.

Prashant used to get the raw components from a vendor, prepare the oil solution at home, and pack it. Within six months of promoting the oil as a minimal viable product on Facebook, demand jumped from five units per month to 40-50 units per month.

Prashant purchased a manual bottling equipment and registered his trademark after they sold 100 units. He also signed a deal with his previous vendor for raw material supply.

By the end of 2016, around 600 units of hair oil had been sent throughout the country. Prashant says that the brand earned Rs 1 crore from the hair oil alone in only one year, with no aggressive marketing and only two staff working from his garage. Following this huge success, Satthwa launched essential oils in 2017, followed by an argan oil shampoo in 2018.

“People are asking about utilizing our premature hair greying products on children.”

The team has grown to 13 members, including specialists in social media, graphic design, content, ecommerce, and operations.

Prashant does the majority of the research for new and existing goods. He claims Satthwa’s goods are created from natural materials and do not include dangerous chemicals, but he quickly adds that the firm cannot claim to be 100 percent organic in all of its products. Prashant began his career by founding SpeedHost, a web hosting firm that was acquired by Directi in 2011. He then progressed to medical tourism.

Despite his wide background, he believes running a product-based D2C firm was entirely foreign to him, and he found advertising and marketing particularly difficult. Finding the best way to send his freshly released items across the country was also a challenge.

“At the time, there were only one or two firms transporting oil-based items throughout the country, and they were quite expensive.”

Because such items are very combustible, logistics businesses avoid them. “I went to internet forums and saw that this was a typical issue for many other firms who created oil-based goods like Satthwa,” Prashant adds.

Despite the early setbacks, Satthwa claims to be profitable, with a year-on-year income of Rs 3.5 crores. Satthwa began earning sales within three months of its original investment of roughly Rs 10,000, according to Prashant.

According to Allied Market Research, the organic personal care market would reach $58,615.6 million by 2031, growing at a CAGR of 5.3 percent between 2022 and 2031.

Satthwa’s team intends to capitalize on this opportunity and properly scale up in the following years. Prashant also intends to raise the first round of finance in the next months in order to fivefold the bootstrapped brand’s development. Satthwa competes with Juicy Chemistry, Mellow Herbals, Vedix, MamaEarth, and many more D2C companies in India, with around 300,000 clients. Prashant is adamant that his brand will remain faithful to its motto – pure to the core.

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