If India is to achieve its ambitious target of becoming a $5 trillion economy in the next three years, the country cannot afford to overlook its micro, small, and medium enterprises (MSMEs) and their contribution to the economy and employment generation. MSMEs contributed around 29% to India’s GDP in 2022.
However, there are several entrepreneurial ventures that suffer from credit constraints and lack of favorable avenues to scale, which chips their dreams of starting something new and making it big in the fiercely competitive market landscape. This is where India’s booming fintech companies like BharatPe save the day. Here, we will talk about one such 24-year-old salon owner from Bhopal, Razi and his Salon chain- ‘King Cosmo Salon’.
Razi, along with his family, moved from Delhi to Bhopal around 2 decades ago, when he was just 4 years of age. Initially after moving to the new city, Razi’s father managed to open a small salon which he then handed over to his sons, Razi’s elder brothers. Gradually and steadily, his father started operating around 9 salons in the city. Razi learnt the tricks of the trade from his brothers who used to work at their family- owned salons. Shortly after, Razi opened his own salon around two years ago.
Razi loves and endorses BharatPe’s products and how the company has helped him in building his business from scratch, be it QR, Swipe machine, amazing rewards, easy loans without any paperwork and timely settlement. Razi took a Rs 2 Lakh loan from BharatPe in 2021. In 2022, he took a second loan of Rs 2 Lakh which he used in promoting his chain of salons in the city. He also used the loan amount to secure dealership for a cosmetic brand. After this, Razi’s monthly profit increased by around Rs 30,000. Now, he dreams of turning his small salon into a swanky and sophisticated one, invest in new brand dealerships in the hair care and personal care space, and improve overall customer service. Razi dreams of expanding his King Cosmo Salon to every nook and corner of Bhopal, employ new people, and arrange for their training. With sparkle in his eyes and a smile on his face, a confident Razi says, “Mujhe apne sapne and BharatPe ke support par poora bharosa hai.”
Easy loan application and smooth repayment process have ensured that people like Razi don’t have to worry about anything while running and scaling their businesses. This is just one story. There are millions of merchants across Bharat who have the passion and the resilience to pursue their dreams. As a merchant-focussed fintech, BharatPe remains committed to empowering these offline merchants to take their business to new heights.