We spoke to the ‘curators of cool’, Amtosh Singh and Utsav Vohra as to how their entrepreneurial journey panned out. Amtosh dropped out of college when he was in the 14th grade while he was simultaneously running his own entertainment company. After which he joined IMG Reliance where he spent 5 and a half years. As soon as he quit, they set up Propshop24 and he also went on to take another job with Ant Farm until he decided to make the switch to Propshop24, full time. Utsav did his undergrad from RIT, New York. Post which he started his own company to manufacture, package and label for various Jewellery brands and persuaded that for a year and half before Propshop24.
Ideas may come overnight, but it takes a lot to grow and build them into substantial business ideas. Utsav says, “My father was already into corporate gifting, and he’d receive tons of catalogues from local and international brands. But those catalogues were good for retail and never for corporate gifting. So I took that idea, and pitched it to Amtosh. And from the word get go, we checked out all the catalogues, and the amazing products that were in there. We also realized that gifting at that point was a problem in India. And that’s how the idea came and we went for it.”
A lot of us have already wondered how to start a business and how to sustain after it’s initial months. With an initial investment of 12 Lakhs, (which was completely self-funded) the duo started Propshop24. They arrived at this figure to have a basic site and back-end. They launched with 90 products on the site. They sold those 90 products, bought more with the money they made and have about 6,000 products on the site today. In addition to their initial investment, they’ve only invested 4 Lakhs more in the last 5 years.
They don’t limit themselves to anything. Amtosh goes on to tell us, “We have our own manufacturing unit, we also have various collaborations across the globe to sell our artwork, we also have global brands that we source from, additionally, we also launched ‘Digital pop-ups’ last year, where we launch individual brands from across India. From April last year, we’ve launched about 500 Indian brands on the site. Lastly, we’re also actively exhibiting at events like the anti-pop-up.” You’re thinking, too much for a brand only 5 years into the market, right?
Over the past 5 years, Propshop24 has only been on the rise. The founders tell us that the reason behind this is that they’ve created a model which catered to the need of the market. While sticking to the core philosophy of not selling things that are mass produced and always has a design edge and is yet utility friendly. In 2017, they achieved a massive sales growth of 180%.
If you’re someone looking at starting something within the e-comm space, here’s a tip from the experts themselves. Utsav says, “Always have a plan. And if you can try and get some experience before having your own business, then do that. Know your numbers and have your government documentation in place. Always know exactly what’s happening with your finances. Lastly, always find the best in the worst.” Amtosh adds, “Entrepreneurship currently is a bit of a buzz word, owing to social media. Find an idea you’re genuinely passionate about and don’t just do it for the sake of doing it. When you do find an idea you’re passionate about, sit down, think about it, put a business plan in place and see if it all makes sense financially. Be a little sure before you jump in.”
They sign off by saying that if they could go back to their 18-year-old selves and give message, it would only be that you’re going to be okay, just keep going. So if you’re still trying to figure things out, just keep going and we promise, you’ll be okay.
Visit them at: www.propshop24.com