In the realm of entrepreneurship, where obstacles frequently lead to creativity and perseverance, Amit Kumat's incredible journey is proof of the unwavering spirit of a true visionary. His journey, which started with financial difficulties, ultimately made him a well-known figure in the Indian snack market. Examining Amit Kumat's journey as an entrepreneur, we learn insightful lessons that apply to both startup enthusiasts and business professionals.
According to The Economic Times, Prataap Snacks has a market cap of Rs 2,762.22 Cr, which ranks 27th in the FMCG sector. Prataap Snacks was founded in 2003 by brothers Amit and Apoorva Kumat and their friend Arvind Mehta. The company has four factories nationwide and a distribution network that includes 2,900 distributors, 168 super stockists spread across 24 states and one Union Territory, and 168 super stockists.
Talking about struggles, Amit made a bold move to start his career in business. After working in the snack sector for a while, he decided to go into the manufacturing of chemicals, a decision that quickly became financially disastrous. This bold move resulted in a crippling debt of Rs 6 crore in just one year. Many would have given up in the face of such hardship, but Amit made a different decision.
Never one to back down, though, Amit approached Apoorva and Arvind at the beginning of 2002 with the idea of selling snacks in the Indore area. After persuading their family to invest Rs 15 lakh and making a vow to reimburse them if the business failed, the trio began selling cheese balls.
Amit said, "I knew I wanted to remain an entrepreneur and was interested in the snacks market since I was familiar with all the big brands. I realised that their reach in cities like Indore was not large and that was the genesis of the idea."
Their unwavering determination and entrepreneurial spirit soon began to pay off as they operated from a modest office in Indore. Sales started to soar, and this was the birth of Prakash Snacks, the basis for which they would later create the well-known Yellow Diamond brand of namkeen and potato chips. Their ascent from modest origins to a dominant force in the snack market is evidence of their commitment.
Following this, the business quickly ascended the success ladder. Salman Khan, an actor, is the brand ambassador for the company. The operating revenue range for Prataap Snacks Limited for the fiscal year that ends on March 31, 2022, is Over INR 500 cr. Its total paid-up capital is INR 11.93 cr, while its authorized share capital is INR 26.75 cr.
As a means of increasing its market share in the potato chip industry, Indian snack manufacturer Haldiram's is in negotiations to pay $350 million for the majority stake in listed competitor Prataap Snacks.
