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With help of ReshaMandi , farmers have been able to avail benefits like good farming practices , avoid long-distance travel , and also are able to sell cocoons at the nearest centers ”
Mayank Tiwari , Founder & CEO , ReshaMandi
The Foundation Story
The idea of ReshaMandi was the result of Mayank ’ s education and experiences at NIFT . The knowledge he acquired about the handlooms and handicrafts sector prepared him to explore a venture in the natural fibre industry . With a keen interest in fabrics , he identified significant issues in the supply chain that resulted in most stakeholders losing money and consumers having to pay a higher price for the end products . Finally , the idea of ReshaMandi became a reality in early 2020 when Mayank wrote to his childhood friend and co-founder of ReshaMandi , Saurabh Agarwal who was in the United States and at the peak of his career . Saurabh Agarwal is currently the CTO at Reshamandi .
“ I sent Saurabh a one-slide presentation of my vision of ReshaMandi and convinced him for the same . That is how two buddies came together and embarked on this entrepreneurial journey ,” says a nostalgic Mayank who used to answer every call from farmers and even drive to the farmland to meet them .
Mayank ’ s foray into fashion was unexpected as he was initially preparing to get into IITs . But it was during a conversation with a counsellor in his school days at Air Force Vidya Bharati School in Gwalior , he got motivated to pursue a career in either fashion or aerospace . Ultimately , he chose to study fashion at NIFT , where he got the opportunity to interact with a lot of stakeholders from the industry and understand the gaps that were present in the supply chain .
Mayank credits his wife for her significant support throughout the journey so far . “ She and my one-year-old son would come down with me to meet with the farmers because the goal was to forge relationships and and my family supported me tremendously to make that happen ,”
Marching on with 20X growth
Financially , ReshaMandi has made tremendous strides . In a short span of two years , the company clocked a 1909 % growth climbing from Rs . 20 crore in FY20-21 to Rs . 413.8 crore in FY 21-22 and recently crossing Rs 1248.3 crore in revenue for FY 22-23 ( till December 2022 ). The 20x growth it experienced in FY22 provided much required impetus to the company . Continuing to experience significant growth this year too , it hit EBITDA profitability in Q3 of FY23 and is on track to become net profit positive in the coming two quarters .
“ We have already expanded our operations overseas in the Middle East , and South East
AgriTech
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