Consumers are investing more in their home furnishings and décor as a result of an exponential rise in the amount of time people spend at home and ensuing newly regimented practices of hygiene and cleanliness. According to the Research and Market's report, the country's home decor industry is predicted to be worth USD 32 billion in 2022 and USD 39 billion by 2027 due to the growing demand and spending power of Indians.
The Indian market for home decor also sells photo frames, which come in a variety of materials including wooden, synthetic, metal, glass, lamination, guard frames, etc. Due to rising living standards and increased spending on house, school, and other interior décor, the photo frame industry is growing significantly.
People decorate their environment with hanging pieces of art, certificates, motivational quotes, pictures of their favourite deities, and other items. Although synthetic photo frames are less expensive than wooden and metal ones, they are more popular with customers because of their extended shelf lives and anti-terminate qualities.
About RR Enterprises Photo Works
RR Enterprise Photo Works is a photo frame shop in Visakhapatnam, Andhra Pradesh. The shop is run by Thota Rambabu Rajahmundry, a small business owner, and his son. Rambabu came up with the idea of opening a business while his son Thota Siva Shankar was struggling with his job. So they launched the photo frame business and began taking raw materials, modifying them, and producing different products.
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Thota Rambabu and Thota Shiva Shankar started the business with small sized photos of deities. He had little money when he first started the business, therefore he didn't have enough money to invest in cutting-edge equipment that would enable him to create large sized deities. He spoke to a lot of banks in an attempt to raise adequate funds, but no one offered them a loan.
Solution Offered by Kinara Capital
In the first year, the photo frame business was functioning quite well, but they wanted more people to be aware of it so they could raise money to expand it. As a result, Shiva Shankar told more folks in his network about it, which helped the company start growing steadily. But even so, they didn't receive the exact amount they needed for the establishment.
In 2018, Kinara Capital approached them and offered a business loan. They received a loan of Rs. 2 Lakhs within a short period of time providing minimum documentation.
Impact of Solution offered by Kinara Capital
Earlier, there were only 2 machines. They were able to buy an upgraded machine with the help of the second loan, which was for Rs. 2.4 lakh. They used to make photos of deities with 3mm to 5mm glass. However, the 10mm glass option is now available as well. Currently, the company has expanded quite a bit, and they produce up to 50 different types of products. The loan helped them increase their manpower and turnover. Initially, they only had 5 employees; currently, they have 8. Their business is now making good profits because of their increased turnover, which is now between Rs. 6 and Rs. 10 lakhs.
According to Thota Shiva Shankar, "The loan was tremendously helpful. Until now, we have only been distributors, but we now have plans to launch our own business and begin manufacturing as well. I'll definitely ask Kinara for assistance again. Kinara Capital is the best company for financing solutions.”
Kinara Capital, one of the top RBI Registered, Systemically Important NBFCs in India, provides asset purchase loans to MSME business owners. This loan can be used to buy new machinery, repair or upgrade their current ones, etc. Downloading the myKinara app from the Google Play Store will allow any businesses who have been operating for longer than a year to quickly determine their eligibility. You can also leave a missed call at 080-68264454 and we'll get back to you right away to assist you receive a quick and flexible business loan within 24 hours.
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