Great Companies: How did you get your idea or concept for the business?
Neeraj Joshi: I have been working in the lifestyle space for quite some time. There have been a few things that have been bothering me and a few things that have been exciting for quite some time.
The exciting part has been discovering the power our lifestyle choices have on our success and fulfillment. Be it, clothes, stuff we absorb, or activities we do, it also comes together in making what we end up becoming. Quite an important part of this lifestyle is our clothes & accessories. Since this is an area I have spent my maximum time as a professional, I felt that I could do something in this space. And, we stumbled upon a solution that makes perfect sense. Most customers search for options that suit their personalities as per their understanding and end up buying what's available. Could we flip the issue and create for our customers what actually works for them instead of just selling what we have? Not only, that, could we also, in the process, bring in our expertise on the subject, and help them put their best foot forward? This was the puzzle that we started solving and this is the very idea that drives us every day.
Now coming to the issues that bother me. The fashion industry globally generates so much of waste and uses capital very inefficiently. With expensive real estate and overloaded stores, they waste so many resources to only end up with 25-30% leftover stock every six months, which they then sell in a sale or junk on some landfill. This adds so much to the industrial waste and damages the ecology that it is not easy to even fathom. I have 50 fashion ideas that are very exciting and rewarding for businesses, but I wanted to start a business that not only excites me but also sufficiently assuages my concerns. Custom Clothing business does exactly that.
Great Companies: What are the various services provided by Indoglobal Lifestyle Ventures Private Limited
Neeraj Joshi: So, as of now, we offer custom clothes for men and work on a mission to be the personal tailor stylist of our customers, wherever they are in the world. Our intention is that every man should be able to dress his best and use his clothes (and accessories) to achieve his desired goals.
Through our interaction, we are generating a tremendous amount of data which we will use to add more products and services to cover the entire lifestyle space in the future.
Great Companies: What makes Indoglobal Lifestyle Ventures Private Limited from hundreds of other similar service providers?
Neeraj Joshi:
Many people have ideas, but very few are able to execute them. Few execute very well but don't have the larger picture. I like to believe that we are amongst very few in our space whose feet are firmly placed on the ground and also have their head high in the sky, and whose eyes and ears are always open to learning any new skill/expertise/idea that helps move in the direction towards our mission.
Great Companies: What were the struggles and challenges you faced and how did you overcome them?
Neeraj Joshi: There had been many struggles and most of them are neverending. The biggest has been getting quality people. Since we are a bootstrapped company, at times we feel that if we had funds to market ourselves, we would have leaped faster towards our goal given the feedback our customers give.
Great Companies: How do you plan to grow in the future? What does 5 years down the line look like for Indoglobal Lifestyle Ventures Private Limited?
Neeraj Joshi: We have big plans for the coming five years now since the CoVID pandemic is behind us. We have the vision to replace Hong Kong as the global tailoring hub. It would mean going aggressive in marketing, channel partners sourcing, and installing the required capacities. That will be our focus activity going forward.
Here, I must mention that it will be very difficult to execute and manage our plans if there is no technology backbone to them. We have already prepared our blueprints, process flows, and structures for technology deployment. When the time is right, we will do it without thinking twice.
Great Companies: If you had one piece of advice for someone just starting out, what would it be?
Neeraj Joshi: Don't start working on an idea because there is an investor interested in it but do it because there is a customer interested in it. If you do so and get a like-minded VC, you have everything going for you. However, even if you don't get an investor, you will have freedom, happy customers and if your solution is right, cashflows that solely belong to you.