21 Jan 2020, 15:38 — 4 min read
Instituted to celebrate the spirit of entrepreneurship in retail, the Retail Startup Awards, supported by the Retailers Association of India (RAI), the unified voice of retailers in India, is back. The awards recognise and felicitate the indomitable spirit that drives entrepreneurs to convert their dreams into realities and ideas into viable business. They salute the entrepreneurial spirit that resides within the retail fraternity of India, from the local kirana stores to multi-storeyed shopping centres. Today, the awards are considered a beacon that inspire new entrepreneurs to dream, dare and innovate. But what makes the winners so special? What makes them the biggest retail startups in India?
We reached out to past winner Moonshine Meadery (2nd Runners-Up 2019). We spoke to Nitin Vishwas, Co-Founder, Moonshine Meadery to learn about their story, their first-hand experience with the award and some insights for new entrants.
Moonshine Meadery is India’s first meadery. This Pune based startup is available in over 250 bars and retail outlets across two states.
What was your experience like at the Retail Startup Awards?
It was fantastic. Meeting fellow retail startups was a heart-warming experience and one of great learning too. Fundamentally, the things that overarched everything else were learning, growing and most importantly networking. We have taken back some relationships from the awards that we nurture to this day.
What has changed since you won?
Since the awards we have expanded to two states, earlier it was just one state that we were available in. We have also raised another round of capital. We have been expanding regularly with a significantly increased volume of sales. We also plan on expanding to some more states very soon.
Meeting fellow retail startups was a heart-warming experience and one of great learning too. Fundamentally, the things that overarched everything else were learning, growing and most importantly networking.
What was your biggest take away from the awards?
That the valuation bubble is no more. Not everybody is here to grow a business on sheer valuation. Startups today, particularly retail ones, are not chasing just valuations but profitability. They’re becoming more and more bottom-line conscious. As a retail business, burning cash is not the way towards real growth. If you’re not making money, then you will not sustain. We met other startups that resonated with us. And it was nice to see our thoughts being validated by people from our industry.
What is your advice for those who want to apply for Retail Startup Awards 2020?
More than winning the award, focus on learning. If you qualify for the final presentation then make sure that you sit through every single startup’s presentation because you will be learning more than you will be imparting, believe me. You get the opportunity to rub shoulders with the best retail startups in the country, so make sure that you spend time and network.
The Retail Startup Awards by RAI, will have its final round in Renaissance Hotel, Powai on the 26th of February during Retail Leadership Summit (RLS), which is India’s biggest retail knowledge-sharing platform. Be the next big thing in retail. Entries are open, register your startup today!
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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
Posted byOsaid Butt
Writer at STOrai magazine-the foremost magazine for the retail industry, by the retail industry.
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