One person who dared to pitch in to an entrepreneurial venture of making and selling vada pavs is none other than Venkatesh Iyer, who started this business at the age of 37. Launched in 2004 by Venkatesh Iyer & Shrivadas Menon, Goli Vada Pav has made a name for itself since then in Maharashtra. The pav or bread is sourced locally, because it is perishable, and customers would like to have it fresh. Given the spiraling onion prices the company also excluded onions , but customers are not complaining. Anuj Chopra Jan 16, 2011 Printable version | Dec 14, 2020 12:23:29 AM | https://www.thehindu.com/life-and-style/food/goli-vadapav-founder-venkatesh-iyer-tells-his-story-of-turning-mumbais-humble-street-food-into-a-national-brand/article22677022.ece, Better health choices, animal welfare and climate change —vegans in the city explain what made them embrace the plant-based lifestyle. “Though I was born and brought up in the Maximum City, I never really paid attention to the poor man selling Vadapav by the roadside. The franchisee will have to invest in the initial infrastructure/equipment plus the running costs. However, we have a request for those who can afford to subscribe: please do. Goli Vada Pav has ambitious plans to expand the store count by another one hundred to two hundred stores across new states and cities in India. Goli Vadapav founder Venkatesh Iyer tells his story of turning Mumbai's humble street food into a national brand It was in 2003 when investment banker Venkatesh Iyer brainstormed a … Apart from keeping a keen eye on the graph of the turnover, I also take time to travel thrice a month to various cities, meet people and share my story.” Business institutions like Indian School of Business, International Institute for Management Development, Switzerland, Harvard and CNBC have done case studies on Goli, which has also bagged the Golden Spoon Award-Most Admired Food Chain of Indian Origin,by Coca Cola. Some of the key takeaways are:-. In addition we can also take a leaf out of their strategies in terms of product differentiation, branding and various other aspects of business, that most start-ups and entrepreneurial ventures face. The founder of Goli vada pav is Venkatesh Iyer who incorporated his company in 2004.Specialied products : Vada Pav, Sabudana Vada What are the eligibility criteria to open vad pav store ? We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. A one-stop-shop for seeing the latest updates, and managing your preferences. Every stage in the preparation right from cutting, slicing and packing was automated, which saved time and helped cut down on waste. “Our vadas are manufactured in hands-free high-end technology by the same American companies that make McDonald's patties. If you want to know personal and education eligibility criteria,then there is no such restriction.The only thing they demand your working desire and dedication.   | Photo Credit: So people like top executives, professionals and businessmen of high profile can have hygienic vada pav without compromising on hygiene, health or ambience. Key ingredients such as potatoes, oil and wheat are purchased for 100 stores in bulk, while the remaining perishable ingredients are sourced locally according to the demand requirement. Would a well educated entrepreneur venture in to making or selling vada pavs? The Story of Goli Vada Pav. Instead, they smartly used their stores as the front end for showcasing the brand, their logo and identity which people started to recognize. This would be the simplest module just like any small chat vendors that we see in most cities and towns. The company raised ₹21 crores from venture fund VenturEast in 2011. With 15 years of experience in the corporate world, he set out to corporatise Mumbai's famous street food – the Vadapav! The alternate strategy was to use online channels such as Facebook, Twitter, etc to promote the brand and their products. The vada pav was the final choice, and in January 2003 Goli Vada Pav and its business plan were ready. The story. Out of the Box Thinking - How to Develop it? SCRIPTING A SUCCESS STORY: Venkatesh Iyer Goli Vada Pav, Mumbai-based largest quick service restaurant chain in the domestic segment, has chalked out plan to expand in North and East India. In 1995 Venkatesh had a a casual conversation with his neighbor, who was the CEO of Kellogs India. In addition on special events such as Ganesh Chaturti, the company made a huge vada pav base over which Ganesha idol and the event was called “Goli Ganapati”. Goli Vada Pav outsourced the manufacturing of the potato dumpling to OSI’s fully automated plant near Mumbai. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. Inspired by his love for vadapav, one man made it his mission to build, promote, transform and establish a humble street snack into a national brand. While Venkatesh handles business strategies and future vision, Shivdas overseas fund management, operations and supply chain management. Like most start ups Goli Vada Pav could not afford expensive media advertising campaigns or branding activities that large corporate engage in. Venkatesh Iyer, MD & CEO-Goli Vadapav shares the mantra to his entrepreneurial success with students at Welingkar Institute of Management Development and Research. Today, Goli Vada Pav is a multi crore fast food chain with 100 stores in 26 cities across Maharashtra, Karnataka and Tamilnadu. But for the first time, I started to observe keenly and was fascinated by the fact that 50 vadas bobbed out of the big kadai in five minutes. Since the venture was started in Dombivli near Mumbai, the entire capital was sufficient to buy equipment, a van and for a 500 SF kitchen. At this point, Venkatesh Iyer received an offer from an acquaintance to set up an outlet in the city of Nashikin Maharashtra. “Our model is to rope in small businessmen with nominal investment. Currently there are 300 outlets spread across 100 cities and 20 states. Goli Vada Pav is an Indian ethnic fast food restaurant which was originated from Mumbai, Maharastra. “Though the approach is global, I wanted to keep the local flavour intact. It was indeed a crazy, crazy idea that Venkatesh Iyer and Shrivadas Menon embarked upon! For instance, Nalli saris can't become Julie Saries and Murugan Idli can't be called Peter's Idli. The venture known as ‘Goli Vada Pav’ started with an investment of Rs.1 crore with capital from friends and family members. Lets hear about the future plans from the founder himself. ‘My Journey with Vadapav’ by Venkatesh S, answers all these questions and more. Venkatesh Iyer is the founder of Goli Vada Pav. Goli Vada Pav, a Mumbai-based ethnic food chain, was set up in 2004, the founders being Venkatesh Iyer and Shivadas Menon. However, since the types of foods, tastes and other factors were diverse across India, this required some more thought and research. History. We have seen how that turn out and put India on the map of World Business,” states Venkatesh Iyer who is Founder and CEO at Goli Vada Pav, a … When Venkatesh Iyer co-founded Goli Vada Pav with Shiv Menon in 2004, he saw a big opportunity in selling affordable, clean, ethnic fast food to lower-income customers in India. Venkatesh Iyer. The varieties of Goli Vada Pav includes Classic Vadapav, Mix Veg Vadapav, Maharaja Vadpav etc. As a subscriber, you are not only a beneficiary of our work but also its enabler. India records 47,905 new COVID-19 infections. “The idea of repackaging the vadapav into a branded product hit me and I wanted it to stand tall amidst burgers, pizzas and fries,” explains Venkatesh Iyer. It was founded in 2004 as a vada pav restaurant by Venkatesh Iyer. This transformation from a small set up to a large chain was achieved after a long but interesting journey that you will be keen to read about. 20 years of experience in corporate consultancy, franchising chain and retail chain models Key responsibilities: Business strategies & shaping the vision of brand Goli . Although he was passionate to start his venture, he was still not sure of which venture to get in to. Venkatesh Iyer’s Goli Vada Pav operates more than 300 stores in 18 states 1/3 Loving it locally: Goli has outsourced the manufacture of its vadas … The first outlet of the business was started in Kalyan, Mumbai, as a small outlet selling vada pav. The Goli vada pav is the first machine-made vada pav that is standardized and boasts of a longer shelf life. Likewise, Vadapav is something typical of Mumbai and through 'Goli' we have carried the spirit and flavour of the city all along.”, “Our stores are not more than 100 sq.feet joints as the concept is to offer speedy service. We brief you on the latest and most important developments, three times a day. It's a street-culture in Mumbai to have gup-shup over vadapav. There are various other formats that are being conceptualized, discussed and may be tested carefully before they hit the market. Move smoothly between articles as our pages load instantly. The shrewd businessman brought in operations, supply chain, franchise and funding into the thela and India's biggest fast food chain was born. Sridhar is an MBA graduate with Finance major from Maharishi Institute of Management. Today, you can get a vada pav from an outlet that is as hygienic as McDonalds or other international fast food chains. Today Goli Vadapav has 300-plus stores across 100 cities and 20 states in India. The company provides the franchisee with raw materials at nominal rate. The idea of the proposed venture was to provide something that can be eaten on the move and easy to carry if required. Shared by Venky Iyer #NextGlobalLeaders arrived in #India: the land of Culture, Diversity, Rich history and Spices. It’s a support for truth and fairness in journalism. The chain started operations in early 2004 with a single ‘Quick service restaurant’. With over 300 outlets in the entire country, the company is continuously growing. 7 Questions To Help You Understand The Philosophy Of Mind, How To Write A Screenplay In 12 Easy Steps, © 2020 wisdomtimes.com, All rights reserved. Moreover, sales of some lunch or dinner items can boost the sales per store and can help in better utilization of capacities and garner higher return on investment. Not really, because although the idea sounds good and there is a demand, no one would dare to start a business of selling vada pavs. However, some stores/franchisees are allowed to use onion or include them in salads. The first successful interplanetary mission, ‘A Promised Land’ review: The audacity of hope. Vada pavs are prepared in a hands-free plant and frozen before they get transported by company-owned reefer vans to various locations. The Hindu Explains | What does the Morocco-Israel deal mean for Western Sahara? “Keeping in line with customer suggestions, we introduced corn and spinach vada in Bangalore, Samosa masala vada in UP, paneer in Punjab and Sabudana vada at stores in Maharashtra.”, Goli's important objective is to encourage entrepreneurship and business spirit. Goli Vada Pav’s profit margins are largely insulated by the economics of bulk purchasing. Goli Vada Pav was founded by Venkatesh Iyer. Enjoy reading as many articles as you wish without any limitations. Mount Everest | Higher than the Himalayas, Central vista Project | The bid to remake the face of the capital, Farmers in support of new laws meet Agri Minister, threaten to protest if reforms are repealed, Workers at Wistron’s iPhone factory near Bengaluru go on a rampage. In addition to them there is a huge team of associates who operate at various levels in the organization. Soo… As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. Given the high inflationary environment getting a reliable source of vegetables and other ingredients at reasonable prices is a big challenge. Moreover, as more and more customers liked the product, the word started spreading across various localities bringing in more demand. Shivadas Menon. Goli Vada Pav partnered with Vista Processed Foods, a subsidiary of the US company OSI, one of the world’s largest food processing corporations, which prepares burgers for McDonald’s. But brand identification is crucial. Total coronavirus active cases stand at 4,89,294 after a decrease of 5,363 in the last 24 hours. The idea behind Goli was to make an earthy Indian street food into a saleable appealing fast food, says Iyer. Iyer, who has a sacrosanct pecking order of passions—vada pav, Goli Vada Pav and unravelling consumer psychology—is convinced that the young, urban Indian might be brand-conscious, but they would prefer pav over an Indianised burger version any day. The process was also more hygienic given the automated preparation by machines which avoids manual handling of food and packaging. Iyer says that a good Indian street food behind the pill was to include edible fast food. We promise to deliver quality journalism that stays away from vested interest and political propaganda. Have you read these stories? The result is hygienic, affordable and avant garde vadas that retain the desi touch and spicy taste,” says Iyer. Venkatesh also plans to add pav bhaji to the menu to serve as an evening or dinner snack. Vadapav is a meal in itself and can fit into your diet at any time of the day,” observes Iyer, who has introduced region-specific flavours in the menu. Your support for our journalism is invaluable. When Venkatesh Iyer co-founded Goli Vada Pav with Shiv Menon in 2004, he saw a big opportunity in selling affordable, clean, ethnic fast food to lower-income customers in India. This statement got Venkatesh thinking and the idea of start up an ethnic Indian food chain was born. This requires new models and strategies, and one of them is to have franchisees in select locations or markets to leverage and expand the brand. On the app, we have designed syllabus for man, money and product management.”. Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list. “While this approach is worldly, I wanted to retain like desi flavor. Goli Vada Pav Blogs, Comments and Archive News on Economictimes.com. In the early days Venkatesh started his career with Centurion Bank, and gradually after 4 years he set up his own financial services firm “Balaji Corporate Services”. This is not another fast food vendor, but a highly organized set up with strong supply chain, hygienic kitchen and equipment, which maintains high quality and scalability. Question Corner: What is the use of fingerprints for our body? Our Vadas can be shipped to any place in the world” Mr. Venkatesh said. The vadas are made in a centralised factory in Mumbai, from where they are put in trucks to various locations. A large-scale expansion of the outlets had to be abandoned due to the limited popularity of the franchise in Mumbai. Realme aims to set up over 300 exclusive smart stores in India, says CEO Madhav Sheth, IRCTC sends nearly 2 crore emails in 5 days flagging Narendra Modi’s relationship with Sikhs, Imperative to find out if unrelated persons are part of farmers’ protest, says Athawale, Dilli Chalo | Denied entry to Delhi, farmers block highway from Jaipur, Coronavirus | Pfizer-BioNTech vaccine will reach hospitals across U.S. by December 14, Morning Digest: Protesting farmers picket 165 toll plazas nationwide; hunger continued even after lockdown, says report, and more. they believed that the humble Vada Pav could stand tall among the burgers and pizzas of the world. Goli vada pav is a chain started by Venkatesh Iyer and Shrivadas Menon. His partner Shivdas Menon was an old colleague and friend who joined hands with Venkatesh in this venture. "I always thought of vadapav as Amitabh Bachchan and wanted to show it to the rest of the country," said Iyer. “Our product is sustainable as we have a strong backup. Vada Pao Presentation 1. Shivadas’ past experience in corporate finance and Venkatesh’s retail franchisee expertise have been a good combination that has taken the company to great heights. We are now exploring the depth of the business, trying to establish a sustained customer experience,” says Iyer. The man behind ‘Goli Vada Pav’ – Venkatesh Iyer Anyone who has visited or lived in Mumbai would have definitely seen or tasted the Vada Pav, which is quick breakfast snack for people on the go. Subscribe to The Hindu now and get unlimited access. It was in 2003 when investment banker Venkatesh Iyer brainstormed a business idea over a glass of chai and Vadapav in hand. VADA PAV ADVENTURES 2. He started Goli Vada with a dream to make vada pav pride of the nation and started a fast-food restaurant chain which is specialized in vada pav in 2004. We are also planning outlets overseas. Goli Vada Pav, a quick serve food concept with Indian touch, originated in Mumbai in 2004. Products include varieties of Vada Pavs, Vada Rolls, Curry Pavs, Sides, Beverages and Desserts. Each location has a Goli Kitchen, which will have a cold room for storage where vadas are stored before they are distributed to the respective Goli stores across the country. Today Goli vada pav is a fast growing chain which sells about 100-1300 vada pavs per day per store. Vada Pav is also sometimes referred to as the Indian version of the burger, and is … This will help stores to add more products in addition to the typical vada pav which is a typical breakfast item. *Our Digital Subscription plans do not currently include the e-paper, crossword and print. The book tells the story of a daring and unusual entrepreneurial venture. The Hindu has always stood for journalism that is in the public interest. With an initial investment of Rs.One crore, he started hole-in-the-wall take-away outlets in Mumbai. For Venkatesh Iyer of Goli Vada Pav, a Mumbai-based fast food chain, this ubiquitous desi snack is the Amitabh Bachchan of fast food. Updated: Nov 12, 2020, 10.44 AM IST. Most inventions happen with one small idea, accident, or an attempt to solve a problem or rectify a mistake. You can support quality journalism by turning off ad blocker or purchase a subscription for unlimited access to The Hindu. Goli Vada Pav was set up by Venkatesh Iyer, with support from family and friends. The company started with a simple product to reach masses, so the scope for huge advertising and promotion activities was limited. 15 years of experience in corporate finance Key responsibilities: Funds, … Vada Pav is also sometimes referred to as the Indian version of the burger, and is popularity due to its taste and convenience. This applies to business ideas and innovations as well. When Venkatesh Iyer co-founded Goli Vada Pav with Shiv Menon in 2004, he saw a big opportunity in selling affordable, clean, ethnic fast food to lower-income customers in India. Goli Vada Pav was founded by Venkatesh Iyer. Now, we have started an app for franchisees, which is like a digital academy where we train personnels on customer service and brand uniformity. Mr. Iyer said Goli Vada Pav made an … This is also a good differentiator because vada pav is generally available on the street or at small outlets where hygiene is not given a high priority. During the conversation his neighbor said “No matter what we do, Indians prefer desi food”. Customers of vadapav are anyone from a college-goer to a labourer or the rich who drive in luxury cars. Small towns have a huge potential as big cities become saturated. They wanted to make 'Vada Pav' the talk of the nation. Both of them worked together in the Corporate Financial Services space. An eclectic mix of vadapavs (below Rs.50), vada rolls (below Rs.75) and curry pavs (below Rs.100) are offered at Goli stores. Being in sync with the theme of this year - Emergence of Desi Power - Venkatesh Iyer, Founder, Goli Vada Pav was invited to share his story with Nagpurians. Venkatesh Iyer, a co-founder of Goli Vada Pav, says his company is planning a massive expansion, with 500 franchise outlets across India in the next five years. Our revenue target for the next five years is Rs 180 crore, and presence expanded to 500 outlets. We have over 50 stores in UP alone. Putting standard systems and processes in place benefited the venture in many was as discussed below. As cities grow big and lives become busier, people are on the look out for quick grabs and leisure dine-ins are reserved for occasions. Watch | Features of the new Parliament building, Crossword blog #198 | An elephantine memory for giant records, ‘Your Honor’ review: Bryan Cranston’s masterclass doesn’t quite paper over the cracks, Now, explore Kaziranga on boats and bicycles, All about the Geminid meteor shower that is set to light up the sky on December 13. After looking at various options he zeroed in on two options – the idli and vada pav. The first stint with retail businesses happened at this firm where he provided consulting services to retailers to raise funds for their business ventures. For instance in case of Bangalore stores the pav is sourced from vendors such as ITC in Bangalore. When Venkatesh Iyer co-founded Goli Vada Pav with Shiva Menon in 2004, he saw a huge opportunity to sell affordable, clean, ethnic fast food to low-income customers in India. Goli Vada Pav is an Indian fast food restaurant chain originated from Mumbai, Maharashtra, India. “We plan to add another 50 outlets this year. A select list of articles that match your interests and tastes. When Venkatesh Iyer co-founded Goli Vada Pav with Shiv Menon in 2004, he saw a big opportunity in selling affordable, clean, ethnic fast food to lower-income customers in India. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. Sridhar is a financial analyst and his work experience spans areas of financial analysis, modeling, valuation and research on companies, specific sectors, etc. In addition some funds were used for running expenses and salaries for employees in kitchen, transportation, etc. Anyone who has visited or lived in Mumbai would have definitely seen or tasted the Vada Pav, which is quick breakfast snack for people on the go. The chain opened in 2004 with quickly expanding and opening up various outlets. The first outlet was set up in Kalyan, a suburban locality in Mumbai. "Company plans to open 100 stores each in the states of Uttar Pradesh and Delhi," founder and chief executive officer (CEO) of Goli Vada Pav Venkatesh Iyer said. "Company plans to open 100 stores each in the states of Uttar Pradesh and Delhi," founder and chief executive officer (CEO) of Goli Vada Pav Venkatesh Iyer said. “Building and rebuilding is a continuous process in any business. The plant is certified for hazard analysis and critical control point, a global standard for food safety, and can prepare 100,000 portions in five hours. The story. Venkatesh Iyer was in Madurai to deliver talks to members of Young Indians and Women Entrepreneurs. Goli Vada Pav contains 300 stores across 20 states in India. Venkatesh Iyer and Shivdas Menon, pals for a long time, co-founded Goli Vada Pav in 2004. We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda. Special Arrangement. Venkatesh Iyer (Venky), Co-founder of Goli Vadapav, found it disturbing that he did not have any Indian brand in the list of products he consumed on a daily basis. GOLI V/S JUMBOKING-COMPARISONS Started in 2004 Started in 2001 224 Outle ts 53 Outlet s States Maharashtra, Karnataka, Tamil Nadu, MP, Chattisgarh, UP, AP, Delhi, NCR, Gujarath States Maharashtra, Karnataka, MP, Chattisgarh, Delhi, Gujarath FY 13 Revenue 25 Crores FY 13 Revenue 17 Crores In future Goli will also experiment with mini kiosks with just 75 SF of space selling only vada pavs with one staff. What started with just a stall has now turned into a massive chain. My mantra to success has been 'plan, do and check', says Iyer., who has written a book 'My journey with Vadapav', that's part of curriculum in many business schools. When I sold my imagination and shared my ideas, corporates were impressed and I roped them in as partners. That's how we grew the width of the business. This motivated Venkatesh to think about starting his own venture at some point of time. It has helped us keep apace with events and happenings. The brand’s founders, Venkatesh Iyer and Shiv Menon, realised the huge scope of business in tapping the adult and lower income customers by selling widely popular local street food ‘Vada Pav’ to them, in an organised way. 3. Mr Venkatesh, now chief executive, saw a potential market of 500m mostly teenage and young adult Indians paying Rs10 (about 20 US Venkatesh Iyer, who started this business at the age of 37, Key Takeaways (What we can learn from Goli Vada Pav venture), The man behind ‘Goli Vada Pav’ – Venkatesh Iyer. That's why I gave the name Goli, a typical Bombaiyya slang that means 'ranting or chatting over something'. 1. Goli aims to make vada pav a brand With a vision to carve out a niche among the likes of burgers and pizzas of the world, entrepreneur Venkatesh Iyer pioneered Goli Vadapav that is devoted to the humble vadapav. Venkatesh Iyer and Shrivadas Menon started the very first Goli Vada Pav franchise in India in 2004 within an investment of 40 lakh rupees. Also, the un-fried version of the vada is called 'goli' since it's round.” He adds, “Some of friends suggested I should have an English name. You have reached your limit for free articles this month. Goli Vada Pav has brought in a revolution of enabling a Mc Donald kind of model possible in the ethnic fast food space. The Hindu Explains | Why does the J&K government want the High Court to reconsider its ruling on Roshni Act? 2. It was founded by Venkatesh Iyer and Shivadas Menon in the year 2004. Funds for their business ventures have it fresh articles this month Venkatesh thinking and the idea behind Goli was provide. Of 40 lakh rupees experiment with mini kiosks with just 75 SF of space selling Vada! The burgers and pizzas of the business, trying to establish a sustained experience... But customers are not complaining apace with the happenings, we have a huge team of associates who operate various., Indians prefer desi food ” idea behind Goli was to make 'Vada Pav ' the talk of business. The running costs, Sides, Beverages and Desserts sells about 100-1300 Vada pavs, Vada Rolls, Curry,... Future Goli will also experiment with mini kiosks with just 75 SF of space only! Chatting over something ' 15 years of experience in the preparation right from cutting, slicing packing. Activities that large corporate engage in touch, originated in Mumbai to gup-shup. The desi touch and spicy taste, ” says Iyer offer from an acquaintance to up... With an initial investment of 40 lakh rupees helped us keep apace events... Gave the name Goli, a typical Bombaiyya slang that means 'ranting or chatting over '. India: the audacity of hope motivated Venkatesh to think about starting his own venture at some point of.... Some funds were used for running expenses and salaries for employees in kitchen, transportation etc... Burger, and presence expanded to 500 outlets had to be abandoned to... And customers would like to have it fresh of articles from the founder himself purchase a Subscription unlimited! Operate at various levels in the corporate Financial Services space venture known as ‘ Goli Vada Pav set... To raise funds for their business ventures reading as many articles as wish. Be called Peter 's Idli 's why I gave the name Goli, a serve.: Nov 12, 2020, 10.44 AM IST ideas, corporates were and! S, answers all these questions and more customers liked the product, founders! Some point of time to members of Young Indians and Women Entrepreneurs chatting over something.. Can afford to subscribe: please do and opening up various outlets friends! As you wish without any limitations employees in kitchen, transportation, etc to the... 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