Meet the man who started as a peon and built Fevicol glue into a 12,000 CR business. ( A thread ๐งต)
1. Balwant Parekh studied law in Mumbai but never wanted to practice it. However, living in Mumbai without a job was getting tough for him.
2. So, Balwant started working in a paper dyeing factory and then as a peon in a wood trader's office. Since he did not have a home, he used to sleep in a factory warehouse with his wife. Balwant had nothing but a big dream - He wanted to do business. ๐
3. Balwant started importing the product he knew the best - paper dyes from Western nations. But, the business could not survive without money. Balwant was jobless once again.
4. Later, Balwant joined a German chemicals company - Fedco. But Fedco went out of business. Balwant was not going down again. He started Parekh Dychem Lite Industries(PD)Lite with his brother to sell chemical speciality products in India. โ
5. When P.D. Lite was looking for its first product, Balwant saw it like a hawk. Being a wood carpenter, he knew the adhesive used was not very strong. Moreover, it used Animal parts.
6. Balwant saw the massive gap and introduced the first "Vegetarian glue" into India, made 100% with synthetic resins. He decided to merge the name of his previous company - Fedco and Col, meaning Glue in German. Fevicol was born in 1959. ๐
7. 80% of glue users were Carpenters. So, he directly approached and created a community called "Fevicol Champions Club". The community not only educated carpenters about the product but also created a network where they could learn, grow, and support each other.
8. With carpenters by his side, Balwant ate the market entirely. Within 20 years, Fevicol had taken up an unbelievable 70% market share in adhesives. It served 1 of every 2nd carpenter in the country
9. By 1993, PD Lite went to IPO on the Bombay Stock Exchange. Everything was going well, but Balwant was not happy.
10.He wanted Fevicol to be not just a tool for carpenters but for the masses. Beginning with the โDum lagake haishaโ ad in 1989, followed by the likes of โFevicol ka mazboot jo hai, tootega nahiโ, Fevicol became a monopoly with a staggering 90% market share.
11. To add to the flavour, Balwant even changed the Fevicol logo to two elephants joined by the unbreakable bond of Fevicol. Fevicol started coming in 30 gm tubes for the first time for customers and became a National symbol for unity and strength. ๐ช
12. By 2006, Fevicol was in 71 countries, contributing 684 CR in revenue. Balwant also launched brands like M-Seal and Dr Fixit., which again became best sellers in India. As a result, Balwant's P.D Lite Industries became a 2000 CR + group. ๐
13. Today, Pidilite is a 12,000 CR + company, profitable and growing 6% yearly. Starting as a peon, Balwant came 45th on Forbes Asia's Richest Indians. ๐ฒ
Balwant is no more. But he will always be remembered as " The Fevciol Man of India." ๐ฎ๐ณ
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