Reshamandi: One Stop Farm To Fashion Platform For Natural Fiber Supply Chain Needs
In order to make supply chain smooth and bring down the cost for consumers in handlooms and handicrafts sector across the country, a Bangalore based duo came up with a farm-to-fashion digital ecosystem for natural fibers in 2020. ‘Reshamandi’ is a B2B company powered by technology in the form of a super app designed to streamline natural fiber business in India.
The company ensures that there is a significant social impact at the grassroots level and helps in improving crop utilisation and revenue for farmers, reelers and weavers. Mayank Tiwari, CEO and Founder of Reshamandi, speaks about the journey, with Opportunity India.
When And How Did You Come Up With The Idea Of Reshamandi?
Mayank Tiwari: ReshaMandi is India's first and largest farm-to-fashion digital ecosystem for natural fibers supply chain. My training and experience at NIFT and close interaction with artists in the handlooms and handicrafts sector inspired me to launch a business venture in the natural fibre industry. I noticed glaring issues in the supply chain that resulted in financial losses for the majority of the stakeholders and higher costs for consumers. That’s where the idea for ReshaMandi came from. I first thought of the concept in 2004 but it was in early 2020 when ReshaMandi came into being. We aimed to create a business model that would support the development of sustainable pathways and establish a structured and process-driven natural fibers supply chain.
What Are The Functions Of The Company And What Type Of Products it Provides?
Mayank Tiwari: ReshaMandiconnects different stakeholders across the natural fibre supply chain such as farmers, reelers, weavers and retailers. The platform is a one-stop solution providing linkages across verticals as well as integrations with marketplaces. We provide services like scientific testing, optimised logistics, and so on and ensure fair pricing by eliminating middlemen.
We are a technology-driven platform. We have harnessed the power of IoT to empower stakeholders at the grassroots level as they seek to overcome Agri hurdles and to enable them to buy or sell produce directly through the app. The end objective is to facilitate the creation of a pan-India ecosystem that transforms the country into a global natural fiber powerhouse. With appropriate inputs, farmers, reelers and weavers have witnessed an increase in productivity by 20% while reducing crop failures by 10%. Due to the technology intervention, the cocoon quality has increased by 28-30%. 30 % of orders of retailers and weavers flow in via the app.
The products and services we provide include ReshaWeaves - a shopping D2C platform making high-quality naturally sourced products from different parts of India, available at affordable prices, ReshaYarns - a subsidiary supporting reelers and weavers with yarn sourcing; ReshaMudra - our fintech arm that intends to help the stakeholders across the supply chain to secure crucial funding to grow their businesses or tide over challenging times. We have also expanded our horizons into the global markets.
What Is The Best Part Of The Business That Makes You Remain In This Business?
Mayank Tiwari: After spotting the glaring gaps in the natural fibers supply chain and seizing an untapped opportunity, we were able to build one of India's largest digital ecosystems. ReshaMandi is an industry-first effort, and since it began, our technological innovations have completely changed the natural fibre supply chain, resulting in better control of the unorganised market. India is the world’s sixth-largest exporter of textiles and apparel. I want to continue in this sector and make a difference because of the enormous opportunities and challenges it presents.
Who Are The Prominent Clients Of Your Company And How Do You Provide Them?
Mayank Tiwari: ReshaMandi is a 360-degree solution that engages all the stakeholders in the natural fibres industry and enables them to buy or sell their produce directly from the app. It caters to the entire ecosystem of farmers, reelers, weavers, retailers, mill owners, manufacturing houses, brands, corporates, designers and consumers.
With the help of mobile apps, IoT gadgets, AI and tech enabled devices, ReshaMandi is empowering the stakeholders to increase production, lower wastage, improve quality and thereby increase their income. Our IoT devices assist farmers in analyzing the silkworm-rearing process and identifying the best irrigation practices for higher yields of mulberry plants that are the main feed for the worms.
Would Like To Know About The Last Year Turnover And Expectation This Year?
Mayank Tiwari: Within a short span of two years, the revenue of ReshaMandi has increased from Rs 20 crore in financial year (FY) 2021 to Rs 450 crore in FY'22. Today we cater to the entire natural fibre ecosystem of farmers, reelers, weavers, retailers, mills, manufacturers, brands, exporters, designers and are confident of achieving a revenue of Rs 2,000 crore in FY'23.
How Many Workers And Vendors Are There To Run The Company Smoothly?
Mayank Tiwari: Since its inception, ReshaMandi has transformed the natural fiber supply chain, which helped in controlling this unorganised sector. Currently, we work with a dynamic team of 600 employees, and collaborate with 60,000+ farmers, 10,000+ weavers, 6,600 reelers and 4,000 retailers. The number is only increasing even as our stakeholder universe keeps getting bigger With a singular purpose, ReshaMandi is enabling its stakeholders to improve their productivity, impact the bottom line and eventually be instrumental in bringing the spotlight on these people who are the most important part of the supply chain but mostly remain faceless and nameless.
What Have Been The Biggest Challenges So Far?
The story of ReshaMandi's beginnings is no less than a triumph of fate and unwavering willpower. Early in the journey, a language barrier was discovered as the app was only available in English. However, we have upgraded our app and it is now accessible in regional languages like Kannada, Hindi, Tamil, Telugu and Marathi languages, which provides an easy access to the locals. The initial days were really challenging since we had to convince farmers of the advantages of using our platform. The farmers themselves, however, turned out to be our strongest supporters and assisted us in spreading the message once they saw the benefits of using technology.
Any Advice For Newcomers In This Business?
Mayank Tiwari: I think creativity, tenacity, and persistence will help the Indian textile sector explore a lot of untapped potential. With a strong business plan, you can differentiate yourself from the competitors. Businesses ought to be able to produce value for both their investors and their stakeholders. Success in any field depends on establishing and preserving relationships as well as protecting moral values.
What Kind Of Opportunities Are There In This Business?
Natural fibers including cotton, jute, and silk are in great supply in India. Indian goods are favoured for their exquisite crafting, and design. Indian fabric designers and weavers have long been regarded as some of the greatest in the world.
Through creativity and determination, India's textile industry has access to a wealth of unrealised potential. A significant 11.4% portion of India's total exports in 2020–21 comprises textile and apparel (T&A), including handicrafts. The traditional handloom, handicrafts, wool, and silk items, as well as the organized textile industry in India, make up a large portion of the widely diversified Indian textile and apparel market. According to IBEF, by 2025, the market is anticipated to reach USD 195 billion. It is a sector that is expanding and will offer plenty of prospects in the near future. Due to the adaptability of the various items, India is exporting more garments to all parts of the world. The trends of digitalization and automation will together transform the sector. Adopting technology and establishing a digital presence is of crucial importance for streamlining processes and driving efficiency in the natural fibre supply chain. Artificial intelligence and digitization is transforming the industry, overall production process and business practices.