The Inspiring Success Story of Asian Paints’ Founders
Asian Paints is one of Asia’s leading and largest corporations. “Har ghar kuch kehta hai ki… Asian paints.” We’ve all grown up after seeing this TV commercial. There are a lot of struggles hiding behind the beautiful colours and wonderful walls. It has been serving with its colours for over seven decades. The story of Asian Paints will undoubtedly impress and inspire you.
An Overview
Asian Paints Ltd is a global Indian paint manufacturer and in the business of manufacturing, selling, and distributing paints, coatings, home décor items, bath fittings, and offering related services. Asian Paints is India’s largest and Asia’s third largest paints corporation. Also, Berger International’s holding company is Asian Paints. In the fiscal year 2021-22, the company generated a revenue of 29,484.1 crores and a profit of 2,554 crores. The company has a market capitalization of $37 billion and a revenue of $3.2 billion.
How They Started?
Four friends, Champaklal Choksey, Chimanlal Choksi, Suryakant Dani, and Arvind Vakil, founded the business in a garage in Gaiwadi, Girgaon, Mumbai. They established the business in February 1942, and they all come from Jain families. Only foreign businesses and Shalimar Paints remained in the market during World War II and the Quit India Movement of 1942 due to a brief prohibition on paint imports. Asian Paints entered the market and declared a 23-crore annual turnover in 1952 but with a meagre 2% PBT profit. It rose to prominence as a paint maker in the nation by 1967.
The majority of the company’s shares were owned by the four families collectively. However, when the corporation grew outside of India in the 1990s, issues over international rights began to arise. Due to the disagreements, Choksey sold their 13.7% of the company’s shares and left in 1997. After Champaklal’sdeath in July 1997, his son Atul took charge. The remaining three families and Unit Trust of India purchased Choksey’s interests on a mutual basis following failed partnership negotiations with the British corporation Imperial Chemical Industries. The Choksi, Dani, and Vakil families currently own 47.81% of the company as of 2008.
The Story of Struggle
The home brand Shalimar Paints in Calcutta set the groundwork for the Indian Paints Industry in the year 1902. It was 1942 when a turbulent transformation occurred. World War II and Mahatma Gandhi’s Quit India agitation both occurred in 1942, which was an unprecedented year. Asian Paints was established by the four friends under the guiding principles of innovation and progress. Sadly, just as the business was taking off, it came to an abrupt halt.
The company’s name at the time was “The Asian Oil & Paint Company,” which the founders chose at random from a phone book. Political crises like World War II and the Quit India Movement led to a temporary ban on the paint firm. With a 23-crore annual revenue, the paint brand became India’s top paint manufacturer even after the gloom of the ban.
There was no time to hunt for the business after that. The co-founder thoroughly researched consumer preferences in the market and spotted potential to develop a product. Then, in the 1950s, Asian Paints introduced a brand-new, ground-breaking product, which was followed by an effective marketing effort.
Asian Paints prioritised the successful campaign when imagining the core of the business’s marketing plan. The paint company had already reached a revenue of 23 crores per year by 1952. Asian Paints rose to prominence as India’s largest paint manufacturer in 1967. Success is accompanied by change. The promoters understood that with a new generation, they would require the resources to deal with the organization’s changing scaling. It wasn’t an easy road to build the largest paint company in the world from a little garage. Asian Paints decided to target the underserved Indian market. They put forth a lot of effort and created an empire by offering the greatest answers.
Asian Paint Markets
The company currently operates in more than 22 nations.Asia, the Middle East, the South Pacific, and Africa are the four regions in which it is substantially active. Eight corporate brands owned by Asian Paints are active in various geographical areas. Over the years, various goods have been introduced, supported by research, in an effort to meet consumer expectations.
The company has more than 75 years of history, more than 50 years of market leadership, and has produced enormous wealth for its investors while offering smart home solutions. A multinational enterprise, Asian paints provides services to more than 150,000 shops in India and operates 26 manufacturing facilities worldwide. It is important to note that Asian Paints is the third-largest paint brand in Asia and the ninth-largest paint brand overall.
Success Factors:
One of the main factors contributing to the company’s rapid expansion is its ability to maintain a high standard of quality while adjusting to recent industry trends and advances. Asian Paints has always stayed ahead of the curve by foreseeing the upcoming trends, whether it was its first-ever TV advertisement in 1984, a premium product in the early 1990s, or creating call-center operations and a website as early as 1998-99. Also, the business has not shied away from capitalising on the fervour on social media, and it has millions of followers across Facebook, Twitter, and YouTube combined.
As a matter of fact, the organisation has always excelled at developing cutting-edge, socially important advertisements. The non-polluting colour “Royale Atmos” was advocated by Deepika Padukone when she brought attention to the problem of indoor pollution. It attracted a lot of attention and helped restore public confidence in the company’s all-around safe paints.
Its willingness to join linked segments is another factor that adds to its amazing advancements. They have gained ground in the same industry’s various sub-segments over time, for instance, industrial paintings, wood finishes, enamel finishes, and interior and outdoor wall finishes. There are also notable mentions of the kitchen and bathroom fixtures.
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