While it is undeniable that emerging businesses are experiencing significant enhancements through a host of digital financial solutions, it is also worth acknowledging their profound impact on well-established, multi-generational enterprises that have diligently nurtured their businesses for decades. These businesses have forged a web of connections through grit and hard work, made their dreams a reality, and built a name for themselves. With the seamless facilitation of new-age payment solutions, increased access to financial assistance, and the exciting promise of growth and prosperity, fintech has breathed fresh vitality into numerous enterprises, ushering in a transformative era. Let's talk about another story of a family shoe business that has thrived in this new fintech era!
In the bustling streets of Santacruz East, Mumbai, lies a hidden gem that whispers the tale of a family legacy business by the name of Vijay Footwear. Today, we have the privilege of sharing the story of Mr. Sachin Ramchandra Bhosale, the proud owner of Vijay Footwear. The shop has been a part of the neighborhood for over six decades, initially started by Mr. Bhosale's uncle. Now, under the able management of Mr. Bhosale himself and with adequate support from his cousin, the store continues to flourish. Mr. Bhosale, who is over 50 years old, skillfully balances the responsibilities of his family, including his wife and his young son, with the demands of running this store.
Like any story worth its weight, Mr. Bhosale's journey into the world of footwear began modestly. He pursued his education until the 10th grade and then spent two years working in a shoe factory called Footprint. Subsequently, he joined the sales department at Action Shoes, where he dedicated 19 years of his life, before heeding his uncle's advice to take over Vijay Footwear in 2011. In 2021, Mr. Bhosale's business journey took a new turn when he started accepting digital payments via BharatPe. He started using BharatPe QR, which opened doors to a world of financial possibilities he hadn't explored before. Mr. Bhosale uses the BharatPe QR, Swipe machine, and Speaker, all of which have streamlined his business operations. After a conversation with a BharatPe executive, he realized he could avail loans through the BharatPe platform. In 2021, Mr. Bhosale took his first loan of 50 thousand rupees, which he promptly invested in his shop to increase inventory. He expanded his collection to include a range of ladies', gents', and kids' footwear. Within six months, in 2022, he took another loan, this time for 90 thousand rupees, which further strengthened his shop's inventory. Mr. Bhosale also secured a 7 lakhs 20 thousand rupees loan in 2022.
When asked about his experience with BharatPe, Mr. Bhosale had nothing but praise. He highlighted the ease of transactions and the automated daily payback system for loans, which makes the entire process hassle-free. Over the last 3 years, he has been able to grow his business manifold, owing to the access to credit and new-age fintech products that ensured that his business continued to sail through, even during the unpredictable times of Covid.
Mr. Bhonsale expressed his desire to continue using BharatPe's services and strongly recommended them to fellow business owners. As a seasoned businessman, Mr. Bhosale had valuable advice for those aspiring to start their venture. He emphasized the importance of dedication and commitment to building one’s own business. His story is a shining example of how perseverance and the right tools can turn a family business into a thriving enterprise.
Mr. Sachin Ramchandra Bhosale's journey with Vijay Footwear and BharatPe is a testament to the potential of SMEs when they have access to the right resources and support. It is yet another success story that speaks of the importance of digital financial technology and how it empowers traditional businesses to grow and thrive in today's dynamic market. This is not just a story of a multi-generational business but is a testament to resilience and adaptability, and its stories like this that inspire our budding entrepreneurs to follow their calling and put in the work.