The Next Generation of Business Leaders in India

This article dives into the stories of successful next-generation entrepreneurs in India who are taking the reins of their family businesses and steering them towards a future of growth and innovation. These young leaders are bringing fresh perspectives and a modern touch to traditional sectors, solidifying their mark in the Indian business landscape.

The Rise of Family Businesses in India

Family businesses play a pivotal role in India's economy. According to McKinsey, they contribute more than 75% of the national GDP, making it one of the highest percentages worldwide. These businesses are often deeply rooted in tradition, passed down through generations, and hold significant cultural and economic value within the Indian society.

• The article focuses on showcasing the new leaders who are stepping into this dynamic world of family businesses, bringing their unique experiences and vision.
• The next generation of entrepreneurs in India face challenges of balancing tradition with innovation, navigating changing market dynamics, and leveraging new technologies to maintain a competitive edge.

Ayush Tainwala: Redefining Luxury with Lavie

Ayush Tainwala, the son of Ramesh Tainwala, has taken the reins of Lavie, a leading accessory brand in India. He brings a modern perspective to the business, having witnessed his father's journey of resilience and innovation from a young age. Ayush has strategically pivoted the company towards e-commerce and offline retail, further expanding their presence in the market. His focus on data-driven decision-making and calculated risks is shaping the future of Lavie, a testament to the next generation of entrepreneurs in India.

• Ayush is excited about launching new brands and is set to enter the perfume category. Their premium line, Lavie Luxe, continues to thrive, and they are planning to introduce a completely new brand within the next 6 to 12 months. He concludes by sharing that international expansion is also on the cards by establishing a strong presence in the UK and the Middle East.

Kavita Chaudhary: Reinventing Rug Craftsmanship at Jaipur Rugs

Kavita Chaudhary, the daughter of Nand Kishore Chaudhary, is the Design Director of Jaipur Rugs, a renowned brand known for its handcrafted rugs. She brought a fresh perspective to the traditional rug industry, emphasizing quality, innovation, and sustainability. Her Manchaha Project celebrates the exceptional skills of artists by using leftover hand-spun yarn and allowing them to express their creativity. This initiative has gained international recognition and has transformed Jaipur Rugs into a globally acclaimed brand.

• Kavita played a pivotal role in expanding the business's retail presence and opening new stores globally, i.e., in London and Singapore.
• She is now focusing on a more specific approach to a customized Manchaha which will give a real experience to a customer of being through the village journey, seeing the carpet being born from scratch to the final product and with photography, videos, and conversations.

Shivika Goenka: Combining Education and Retail Expertise

Shivika Goenka, the daughter-in-law of Sanjeev Goenka, is a dynamic entrepreneur who has made her mark in both the education and retail sectors in India. She founded 'The Loft', a curated space for international luxury brands, and 'The Wardrobe', a multi-designer boutique, showcasing her keen eye for design and the retail landscape. However, her passion for education led her to spearhead the establishment of RP Goenka International School, a dream project aiming to provide exceptional education to Indian children.

• Shivika also co-founded The Gift Studio, an online gifting platform with a focus on quality and personalization, further strengthening the group's presence in the gifting market.
• She has collaborated with renowned artists like Bose Krishnamachari, Paresh Maity, Sonam Kapoor, and Anamika Khanna, bringing a unique blend of art and commerce to the RPSG Group.

Saloni Saraf: Leading Supriya Lifescience Towards Sustainability

Saloni Saraf, the daughter of the founder of Supriya Lifescience Ltd., has taken the company's legacy to new heights, emphasizing sustainability and innovation. Witnessing her father's entrepreneurial spirit, combined with her academic background in Analytical Chemistry, she joined the family business, making significant contributions to the pharmaceutical sector in India.

• Saloni's bold moves include revamping manufacturing facilities through automation, implementing environmentally sustainable chemistry practices, and expanding their presence in regulated markets. Her focus on data-driven decision-making and strategic risk management is propelling Supriya Lifescience towards a future of growth and sustainability.

Avantika Goenka: Transforming Balrampur Chini Mills into a Green Powerhouse

Avantika Goenka, the daughter of the chairman of Balrampur Chini Mills, is a visionary leader focused on sustainability and social responsibility. She is committed to transforming Balrampur into a powerhouse of green and bio-based energy and chemical streams, leading the company towards a greener future.

• She has been monumental in bringing in a fresh focus on gender equality, significantly increasing the number of women in the workforce at Balrampur Chini Mills.
• She has also strengthened the company's cane development program through R&D, personal involvement, introducing new sugarcane varieties, educating farmers on their benefits, and promoting multiple cropping practices amongst all the other good things they were already doing to promote yields and keep crops healthy and disease-free.
• Avantika and her father's approaches are quite different, yet at the core, very similar. She mentions, "I greatly admire his ability to address every small detail and ensure nothing is left unfinished, a quality I hope to develop as well. Additionally, I might be more comfortable with taking risks than he is."

Avarna Jain: Bringing Saregama into the Digital Age

Avarna Jain, the daughter of Sanjiv Goenka, has steered the legacy company Saregama into the digital world, revolutionizing the music industry in India. Her bold move of launching the Carvaan, an iconic music player featuring prerecorded songs of Indian Musical greats, was a counterintuitive, anti-digital product that proved to be a turning point for Saregama.

• Avarna Jain is also the Chairperson of RPSG Lifestyle Media which has acquired the rights to publish the prestigious men's magazine Esquire, and the Hollywood Reporter India.

Jacob Mathew: Scaling Duroflex Towards a Sleep Revolution in India

Jacob Mathew, one of the four cousins who inherited the family business Duroflex, has played a pivotal role in scaling the company and transforming it into a leader in the sleep solutions industry in India. The company has invested heavily in infrastructure, brand building, and marketing, laying the foundation for a national offline retail expansion.

• They brought in professionals to manage some of the key functions, invested heavily in brandbuilding marketing, more than the P&L could absorb at that time with the faith that it would pay off later, and it did. They laid the foundation for a national offline retail expansion in 2018 by setting up the first Experience Centre in Bandra Linking Road, Mumbai. The rent was even higher than its office, however, it was a cost they were willing to pay to launch the brand in the West.
• After successfully scaling 10x, they recruited Sridhar Balakrishnan as their Group CEO.
• Duroflex started with a pioneering vision to help India sleep better, and the brand earned a lot of trust from consumers and other stakeholders alike.

Sanjana Arora: Building a Sustainable Future with D'decor and Sansaar

Sanjana Arora, the daughter of the founder of D'decor Group, is a passionate advocate for sustainability in the home furnishings industry in India. She has spearheaded the development of new product categories and brands, including Sansaar, a brand that focuses on sustainably sourced and produced home décor fabrics.

• At the age of 19, she introduced Retail Vertical integration into D'decor Group. It was the first home furnishings retail to run on an automated ERP Microsoft dynamics.
• At the age of 24, she introduced Blinds a new product category where she set up 300 shop in shops in the forms of galleries pan India.

Nikhil Bhatia: Leading the Logistics Revolution with Bhatia Trans

Nikhil Bhatia, the son of the founder of Bhatia Trans, has been involved in the family business since a young age, witnessing its remarkable journey from a small-town operation to a logistics powerhouse in India. He has implemented cutting-edge technologies, including ERP and TMS, and has expanded the business into multimodal logistics, offering services across road, rail, shipping, air, and warehousing and distribution.

• Nikhil has always prioritised diversification. Initially starting as a surface logistics company focused on road transport, they expanded across India and then across various industrial sectors. Recognizing the synergies between road and rail as well as understanding the importance of being sustainable, they ventured into multimodal logistics. Today, they are a comprehensive logistics company, serving clients through road, rail, shipping, air, and warehousing and distribution.