How the Next Generation is Continuing the Family Legacy From entertainment to media and from pharmaceutical to logistics, you'll find the newer generation featured in this special edition coming from traditional sectors but adding their modern touch

Sustaining success for generations is an issue we grapple every year while curating our Tomorrow inc edition. Started in 2016 as our annual IP a Entrepreneur India, the aim every year has been to find newer names joining the family business and bringing them to the fore. The team never works on a ready list of people already out there; the idea is to dig deep and find fresh names, which gives a new perspective to the list every year.

From entertainment to media and from pharmaceutical to logistics, you'll find the newer generation featured in this special edition coming from traditional sectors but adding their modern touch. These newbies haven't only brought newness to the generation run businesses but to the age old ways of doing businesses and bringing out their entrepreneurial caliber even in a family business set up.

According to McKinsey, family owned businesses contribute more than 75 per cent of national GDP, one of the highest percentages in the world. The aim is to understand the functioning of such new leaders entering this era.

Mister Multibagger

As a kid, Ayush was often surrounded by business conversations and activities. He spent a lot of time playing in offices and factories, learning from his parents' conversations. His dad, Ramesh Tainwala, is his inspiration. His journey from being a supplier to VIP Industries to leading a global brand showed him the importance of resilience and innovation.

Ayush states, "My father's journey, from humble beginnings to industry leader, was a powerful inspiration. Seeing him tackle challenges and transform them into opportunities showed me the value of strategic thinking, and determination. I was eager to join the business and be part of something that would leave a mark." One of the boldest moves he made was pivoting towards eCommerce quickly during the pandemic and then transitioning to offline retail stores just as swiftly afterward. Another significant decision was to start the first manufacturing unit in Nashik in 2019 and 2024. "This move was crucial for improving our supply chain efficiency and aligning with the 'Make in India' initiative, ensuring that we could maintain control over quality and production timelines," adds Ayush. These decisions were challenging but necessary to keep the company competitive and adaptive to market changes.

Ayush's mother, Shobha Tainwala, ignited his spark with her creative flair and entrepreneurial spirit when she began designing exquisite handbags that captivated their family and friends. "Her initial success demonstrated the power of passion and determination in business. On the other hand, my father with his extensive experience in global business, instilled in me a deep appreciation for innovation and sustainable growth. Their combined influence inspired me to join the family business and contribute to expanding Lavie into a renowned brand known for its stylish and functional accessories," shares Ayush.

Ayush's journey to the CEO position has been a gradual and consistent process over the past 12 to 13 years. For about three years, he oversaw operations in the West for Accessorize, followed by a leadership role. This was followed by managing marketing and sales for Lavie for around five years, post which he was made CEO of the company in the year 2020. Additionally, he served as the CEO of Havaianas for two years before assuming the current role. Talking about how he differs from his father, Ayush mentions, "My father's ability to take risks was remarkable, especially considering he started from scratch with nothing to lose. However, my approach tends to be more calculated. I focus on leveraging data and market insights to make informed decisions."

Ayush is excited about launching new brands and is set to enter the perfume category. Their premium line, Lavie Luxe, continues to thrive, additionally, they are planning to introduce a completely new brand within the next 6 to 12 months. He concludes by sharing that international expansion is also on the cards by establishing a strong presence in the UK and the Middle East.

Reinventing Rug Craftsmanship

For Kavita Chaudhary, the daughter of Nand Kishore Chaudhary, the world of rugs was not love at first sight despite playing and running over the vibrant colors and intricate patterns of carpets. Witnessing the struggles her father faced, from relentless bargaining by wholesalers to the disregard for the artisans' craftsmanship, she felt disillusioned. "It was always about price and how low they could get the price," Kavita Chaudhary, design director, Jaipur Rugs recalls. "They were never interested in the handicraft or the artisans." However, Kavita jokingly shared that her father always created such scenarios where they were constantly surrounded by business or exploring something related to it, even if they weren't directly labeled as being involved in the business.

But the love for the textile industry did not come until Kavita joined the School of the Art Institute of Chicago for a textile program. It was during this time she discovered her passion for textiles. "I realized I love textiles, I love art," she says. This newfound love eventually led her back to the family business, not out of obligation, but out of a genuine connection to the craft. Around 2006-07, Kavita joined the business after working with multiple companies in the USA as an intern.

"When I started, our business was small and focused on traditional Agra designs with dark colors, mainly in black and red for American and German markets. I suggested the use of pastel colors for our traditional medallion designs. My sister and uncle liked the idea, so we made the carpets in these new colors. That year, we won the America's Magnificent Rug Award." Her innovative approach to design and commitment to quality transformed the company's offerings, making them more appealing to international markets.

She played a pivotal role in expanding the business's retail presence and opening new stores globally, i.e., in London and Singapore Her Manchaha Project celebrates the exceptional skills of artists by using leftover hand-spun yarn and allowing them to express whatever comes from their hear. It has won eight prestigious global design awards, including the German Design Award. "We are planning a more specific approach to a customized Manchaha which will give a real experience to a customer of being through the village journey, seeing the carpet being born from scratch to the final product and with photography, videos and conversations," she concluded.

The Educationist & Retail Specialist

Growing up in Singapore, Shivika never lived in India. She completed her undergraduate studies at Babson College, which specializes in entrepreneurship and business development. After getting married to Shashwat Goenka, Sanjeev Goenka Scion, (featured in Tomorrow Inc IP of Entrepreneur India in previous editions), she naturally gravitated towards the retail industry.

"I was excited by the prospect of bringing the best brands and experiences to India through Quest Properties," shares Shivika. Early in her career, she founded 'The Loft,' an exclusive pop-up space for curated events featuring renowned international luxury brands, esteemed designers, and distinguished artists from around the globe. She also established 'The Wardrobe,' a multi-designer boutique showcasing emerging talents from the Indian fashion industry. Despite these ventures, she always sought new opportunities to make a positive impact.

RP Goenka International School was a dream project that had been in the pipeline for the group for a long time. "Growing up and living outside of India, I had the privilege of attending exceptional international schools. This experience made me realize the vast opportunities we could offer children in India by introducing them to essential skills and preparing them for the 21st century," mentions Shivika.

For The Gift Studio, she noticed a gap in the market for well-curated gifts for special occasions. Many online sites fail to meet the expectations set by their images, often delivering substandard products. She wanted to offer a credible, reliable online gifting platform where quality and sentiment align perfectly. "We aimed to create a service that was easy to use and intuitive, allowing the sender to order quickly while ensuring the recipient received a thoughtful, valuable, personalized, and unique gift," she adds. With the group's foundation in gifting through Nature's Basket stores, she wanted to expand this concept digitally.

She made some notable collaborations which included names like Bose Krishnamachari and Paresh Maity; Sonam Kapoor; MF Hussain Range; and Anamika Khanna. RPSG Group family business has been around for over 220 years, growing through acquisitions and the creation of new ventures. Each generation has brought new ideas and innovations, contributing to the evolution of the business.

The Pharma Princess

Saloni's early memories of the business environment are deeply rooted in witnessing her father's journey as a first-generation entrepreneur. She remembers the initial days when her father started Supriya Lifescience Ltd. with a modest capital of Rs 35,000. Growing up, she was always intrigued by the challenges and triumphs he faced, which instilled in her a passion for the business. "I was exposed to various facets of the company, from manufacturing to sales and quality assurance, which provided me with a holistic understanding of the industry," states Saloni.

Witnessing her father's entrepreneurial spirit, combined with her academic background in Analytical Chemistry, drew her into the business. She was inspired by Supriya Lifescience's impact on the pharmaceutical industry and wanted to contribute to its growth. The opportunity to innovate and propel the company to greater heights inspired her to immerse myself in various operational domains and take on new challenges. Talking about her bold moves at the company, she states, "One of my bold moves was revamping our manufacturing facilities through automation and introducing environmentally sustainable chemistry practices. These initiatives not only enhanced our operational efficiency but also ensured the delivery of high-quality products. Additionally, I spearheaded the implementation of backward integration processes, which have been crucial in maintaining our competitive edge."

Another of her significant move was expanding their presence in regulated markets, particularly in Europe and North America, which has substantially boosted their revenue and market position. While her father laid a strong foundation with his visionary approach and relentless dedication, Saloni's operating style is more focused on leveraging technology and sustainability. "I emphasise the importance of automation, environmental responsibility, and strategic risk management. My approach is data-driven and involves a proactive stance towards market expansion and innovation, ensuring that we remain agile and adaptable in a dynamic business landscape," she states.

While keeping core values of hard work, integrity, and quality that her father implanted in the company, Saloni introduced changes such as upgrading their manufacturing processes with state-of-the-art automation, integrating sustainable practices, and diversifying the product portfolio. "These changes have modernised our operations and also positioned us as a forward-thinking company committed to longterm sustainability," she adds.

Her next business extension involves diversifying into highermargin niche segments and expanding the product portfolio. The company is actively exploring opportunities in the Contract Manufacturing Organisation (CMO) and Contract Development and Manufacturing Organisation (CDMO) spaces. Additionally, they plan to launch new products in therapeutic areas such as anti-anxiety and anti-diabetic treatments. "Our future plans include doubling our revenue to INR 1,000 Crore by FY27, investing INR 100 Crore in capital expenditure over the next few years, and expanding our footprint in regulated markets like North America and Europe," states the forward-looking second-generation entrepreneur.

The New Sugar Queen

As a child, Avantika's earliest memories of being introduced to the business environment are vivid and formative. Growing up in a business family, she often spent her summer and winter holidays at Balrampur factory, in UP and had the privilege of witnessing her grandmother at the helm of operations, which was truly inspiring. "Her meticulous attention to detail and personal connection with the entire farmer community and employees were remarkable. She brought a level of passion and dedication to her work that was infectious, and it was clear that she was deeply respected by all who worked with her," shares Avantika about the influence her grandmother made at a tender age.

Avantika and her father's approaches are quite different, yet at the core, very similar. She mentions, "I greatly admire his ability to address every small detail and ensure nothing is left unfinished, a quality I hope to develop as well. Additionally, I might be more comfortable with taking risks than he is." Avantika has been monumental in bringing in a fresh focus on gender equality, significantly increasing the number of women in the workforce. Additionally, she has strengthened the company's cane development program through R&D, personal involvement, introducing new sugarcane varieties, educating farmers on their benefits, and promoting multiple cropping practices amongst all the other good things they were already doing to promote yields and keep crops healthy and disease-free.

Initially, she worked for over a year without any official designation or position in the company. It was only after she began to prove herself in the cane operation sphere that she earned her first title of Business Lead. As she continued to make significant contributions to Cane and add value in other spheres as well like strategizing for the future of the company, particularly by liaising and building relationships with external stakeholders, and with the emergence of new business opportunities, she was eventually promoted to Executive Director after 4.5 years in the company.

Talking about taking the legacy forward, she says, "I primarily aim to foster deeper connections with our farming community, ensuring both environmental stewardship and prosperity for generations to come. Delving into rural farming communities, I streamlined my efforts to absorb their challenges firsthand and shape strategies that blend tradition with innovation to bolster their resilience and sustainability." Going forward, the group is venturing into PLA bioplastics. This will be India's first industrial biopolymer plant, operational by 2026, with a global capacity of 75,000 tonnes annually and an investment exceeding INR 2000 Crores. "I aim to transform Balrampur into a powerhouse of green and bio-based, high-value-added energy and chemical streams," concludes Avantika.

Carvaan Girl

Right after college in 2008, Avarna Jain joined the family business. After completing her graduation from the University of Pennsylvania, Avarna laid her hands on the food business bringing the USA based café-bakery chain, Au Bon Pain to India. While the food business was running and went through some hiccups during Covid, Avarna had laid hands on the music company Saregama, part of the 7 Billion dollar RPSG Group.

Avarna remembers her dad Sanjiv Goenka's advice on business, saying, "He said, honestly, it's a decision you have to make. And I think that is what has been my biggest learning that no matter what, whether it was deciding not to continue or deciding to start something else, it's about taking that decision that is most important." Avarna Jain is also the Chairperson of RPSG Lifestyle Media which has acquired the rights to publish the prestigious men's magazine Esquire, and the Hollywood Reporter India. Avarna has steered the legacy company into the digital world. She was responsible for launching the clutter breaking, iconic music player Carvaan which features prerecorded songs of Indian Musical greats.

Talking about this bold move of hers, Avarna says, "If you were to ask me about bold moves, because it's almost a counterintuitive, antidigital product. And this came out at a time when the whole world is moving towards digital. And I think that is what actually proved to be the turning point for the entire company, for Saregama." Spearheading the turnaround of Saregama was the most gratifying move for Avarna seeing it regain the same stature. The company has also forayed into the OTT film segment with multiple films on Netflix , some of which have won National awards. Saregama sealed its presence in the digital space by acquiring a majority stake in Pocket Aces, a digital influencer management company.

The Sleep Specialist

In the initial days of starting in the business, Jacob's cousins and he worked from the ground up. They would spend days at a stretch in the factory, visit markets to build relationships with trade partners and attend dealer meets. In 2011, Jacob's dad, George Mathew, then CMD of Duroflex, received an offer to sell the business for INR 100 Cr. Jacob asked his eldest cousin Mathew Chandy (Miki), now the CMD of Duroflex for his opinion. The four of them met at the Bier Club on Lavelle Road in Bangalore. They all felt that we were lucky to have a platform like Duroflex to build on. Since then, the business has grown 10x in the past 10 years and it would not have been possible to accomplish this without a couple of bold moves.

Fortunately, all four cousins were ambitious and shared the same appetite for growth. Sharing his journey, Jacob says, "When we started off the journey of Duroflex 2.0, we were one of the smallest businesses in the industry. Some of our competitors were doing tenfold in revenue. Despite this fact, we invested ahead in infrastructure and operations, upgraded all our factories, and imported world-class machinery."

As the business grew, they brought in professionals to manage some of the key functions. They also invested heavily in brandbuilding marketing, more than the P&L could absorb at that time with the faith that it would pay off later, and it did. They laid the foundation for a national offline retail expansion in 2018 by setting up the first Experience Centre in Bandra Linking Road, Mumbai. The rent was even higher than its office, however, it was a cost they were willing to pay to launch the brand in the West. "Having tasted early success with strong professionals, in 2023 we decided to take the big step of completely separating ownership and management. Until now, our leadership was a mix of professionals and promoters, but having successfully scaled 10x, we felt that the new scale and complexity once again needed new skills and experience to drive us forward. After a long carefully curated search, we recruited Sridhar Balakrishnan as our Group CEO," states Jacob.

Duroflex started with a pioneering vision to help India sleep better, and the brand earned a lot of trust from consumers and other stakeholders alike. On trading the difficult path of executing changes in the family business, he says, "It is not difficult but it does get challenging. The four of us have different experiences and exposure and hence come with varying approaches to the business. We have set up a Family Business Governance Board with the veteran Anil Senani as our moderator." The brand is on its way heading towards an IPO soon.

The Sustainability Flagbearer

Sanjana Arora remembers dinner table conversations with her dad and grandfather since childhood! "I used to often take part in CAS fests in clubs where I would put up a stall of something or the other every year to sell small ticket goodies or games that would help me understand the concept of profits! Followed by choosing commercial applications in high school and then doing my MBA at London Business School," shares Sanjana.

Since Sanjana always wanted to work on her own as that's all she has seen growing up. Given the platform, she took the opportunity to start her own verticals or 'mini start ups' within the larger domain of the company. At the age of 19, she introduced Retail Vertical integration into D'decor Group. It was the first home furnishings retail to run on an automated ERP Microsoft dynamics. At the age of 24, she introduced Blinds a new product category where she set up 300 shop in shops in the forms of galleries pan India. Today at 30, she has started a new brand Sansaar. Sansaar is a brand that rotates around the concept of living consciously with sustainably sourced and produced home décor fabrics.

Comparing her operating style with that of her father, she says, "My dad is detail oriented, a fast decision maker and amazing with his people! His operational skills are exceptional! I'm generally a macro thinker, I take a longer time to analyze things to take a decision and am more on the strategic and marketing side of the business always open to new opportunities!" Going forward her aim is to build a new world of sustainability via Sansaar and expand beyond textiles too! On the other hand she is also building the family office investment wing.

The Legacy Carrier

During his college days, after his classes concluded, Nikhil used to go to the office to work alongside various teams. This helped him understand how a business functions and provided unparalleled knowledge to tackle various tasks. It further helped him gain valuable hands-on exposure and a foundational understanding of the business very early on in his career. His family has been in the logistics industry for four decades now, a legacy that has left an indelible mark on him. "Witnessing the astounding journey of my parents, who hailed from the modest town of Hisar, Haryana, and successfully established an Indian logistics powerhouse, has been nothing short of mesmerizing. Whether it's engaging with customers and vendors or understanding the intricate demographics of the internal team, the diversity of challenges we encounter has deepened my interest in the business," mentions Nikhil.

During his college years, Nikhil started working in various roles to gain a thorough understanding of the business from the ground up. He acquired experience by overseeing different regions, which gave him a comprehensive understanding of the operations. Over time, this hands-on approach and increasing responsibility led him to manage an entire business unit.

Sharing some of his bold moves, he says, "We were amongst the first ones to implement ERP (Enterprise resource planning) into our operations. Today, we boast a fully functional cloud-native TMS (Transportation management system) and are already exploring the potential benefits of AI through various use case scenarios. Concurrently, we have always prioritised diversification. Initially starting as a surface logistics company focused on road transport, we expanded across India and then across various industrial sectors. Recognizing the synergies between road and rail as well as understanding the importance of being sustainable, we ventured into multimodal logistics. Today, we are a comprehensive logistics company, serving clients through road, rail, shipping, air, and warehousing and distribution."