Vada Pav is also sometimes referred to as the Indian version of the burger, and is popularity due to its taste and convenience. Out of the Box Thinking - How to Develop it? On the app, we have designed syllabus for man, money and product management.”. For Venkatesh Iyer of Goli Vada Pav, a Mumbai-based fast food chain, this ubiquitous desi snack is the Amitabh Bachchan of fast food. The alternate strategy was to use online channels such as Facebook, Twitter, etc to promote the brand and their products. Move smoothly between articles as our pages load instantly. It was founded by Venkatesh Iyer and Shivadas Menon in the year 2004. Mr Venkatesh, now chief executive, saw a potential market of 500m mostly teenage and young adult Indians paying Rs10 (about 20 US Goli Vada Pav, a quick serve food concept with Indian touch, originated in Mumbai in 2004. Anuj Chopra Jan 16, 2011 His partner Shivdas Menon was an old colleague and friend who joined hands with Venkatesh in this venture. In addition some funds were used for running expenses and salaries for employees in kitchen, transportation, etc. 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. 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. However, since the types of foods, tastes and other factors were diverse across India, this required some more thought and research. This applies to business ideas and innovations as well. The vadas are made in a centralised factory in Mumbai, from where they are put in trucks to various locations. 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. Shared by Venky Iyer #NextGlobalLeaders arrived in #India: the land of Culture, Diversity, Rich history and Spices. 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. Enjoy reading as many articles as you wish without any limitations. Today, Goli Vada Pav is a multi crore fast food chain with 100 stores in 26 cities across Maharashtra, Karnataka and Tamilnadu. ‘My Journey with Vadapav’ by Venkatesh S, answers all these questions and more. Goli Vada Pav’s profit margins are largely insulated by the economics of bulk purchasing. Goli Vada Pav is an Indian fast food restaurant chain originated from Mumbai, Maharashtra, India. they believed that the humble Vada Pav could stand tall among the burgers and pizzas of the world. The first outlet of the business was started in Kalyan, Mumbai, as a small outlet selling vada pav. Putting standard systems and processes in place benefited the venture in many was as discussed below. The story. 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. 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. In future Goli will also experiment with mini kiosks with just 75 SF of space selling only vada pavs with one staff. While Venkatesh handles business strategies and future vision, Shivdas overseas fund management, operations and supply chain management. “While this approach is worldly, I wanted to retain like desi flavor. Instead, they smartly used their stores as the front end for showcasing the brand, their logo and identity which people started to recognize. 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. The Goli vada pav is the first machine-made vada pav that is standardized and boasts of a longer shelf life. Question Corner: What is the use of fingerprints for our body? 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. 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. Vada pavs are prepared in a hands-free plant and frozen before they get transported by company-owned reefer vans to various locations. India records 47,905 new COVID-19 infections. What started with just a stall has now turned into a massive chain. Venkatesh Iyer is the founder of Goli Vada Pav. The Story of Goli Vada Pav. "I always thought of vadapav as Amitabh Bachchan and wanted to show it to the rest of the country," said Iyer. The result is hygienic, affordable and avant garde vadas that retain the desi touch and spicy taste,” says Iyer. After looking at various options he zeroed in on two options – the idli and vada pav. That's why I gave the name Goli, a typical Bombaiyya slang that means 'ranting or chatting over something'. Venkatesh Iyer. In addition to them there is a huge team of associates who operate at various levels in the organization. Goli Vada Pav outsourced the manufacturing of the potato dumpling to OSI’s fully automated plant near Mumbai. With an initial investment of Rs.One crore, he started hole-in-the-wall take-away outlets in Mumbai. 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. The venture known as ‘Goli Vada Pav’ started with an investment of Rs.1 crore with capital from friends and family members. The Hindu Explains | Why does the J&K government want the High Court to reconsider its ruling on Roshni Act? 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. 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 … Today, you can get a vada pav from an outlet that is as hygienic as McDonalds or other international fast food chains. The Hindu Explains | What does the Morocco-Israel deal mean for Western Sahara? 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. “Our model is to rope in small businessmen with nominal investment. “Though the approach is global, I wanted to keep the local flavour intact. We promise to deliver quality journalism that stays away from vested interest and political propaganda. Goli Vada Pav has brought in a revolution of enabling a Mc Donald kind of model possible in the ethnic fast food space. So people like top executives, professionals and businessmen of high profile can have hygienic vada pav without compromising on hygiene, health or ambience. The first stint with retail businesses happened at this firm where he provided consulting services to retailers to raise funds for their business ventures. During the conversation his neighbor said “No matter what we do, Indians prefer desi food”. As a subscriber, you are not only a beneficiary of our work but also its enabler. Moreover, as more and more customers liked the product, the word started spreading across various localities bringing in more demand. The idea of the proposed venture was to provide something that can be eaten on the move and easy to carry if required. 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. 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 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. The company provides the franchisee with raw materials at nominal rate. Goli vada pav is a chain started by Venkatesh Iyer and Shrivadas Menon. 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 … 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. Subscribe to The Hindu now and get unlimited access. 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 …   | Photo Credit: “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. Small towns have a huge potential as big cities become saturated. 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. For instance in case of Bangalore stores the pav is sourced from vendors such as ITC in Bangalore. We have over 50 stores in UP alone. 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”. 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. 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. 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. 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. Our Vadas can be shipped to any place in the world” Mr. Venkatesh said. “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. Updated: Nov 12, 2020, 10.44 AM IST. 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. Both of them worked together in the Corporate Financial Services space. SCRIPTING A SUCCESS STORY: Venkatesh 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. Sridhar is an MBA graduate with Finance major from Maharishi Institute of Management. Given the spiraling onion prices the company also excluded onions , but customers are not complaining. It has helped us keep apace with events and happenings. Although he was passionate to start his venture, he was still not sure of which venture to get in to. They wanted to make 'Vada Pav' the talk of the nation. Have you read these stories? The company started with a simple product to reach masses, so the scope for huge advertising and promotion activities was limited. Soo… Goli Vada Pav is an Indian ethnic fast food restaurant which was originated from Mumbai, Maharastra. The franchisee will have to invest in the initial infrastructure/equipment plus the running costs. A one-stop-shop for seeing the latest updates, and managing your preferences. 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. With over 300 outlets in the entire country, the company is continuously growing. Most inventions happen with one small idea, accident, or an attempt to solve a problem or rectify a mistake. "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. “We plan to add another 50 outlets this year. Now, we have started an app for franchisees, which is like a digital academy where we train personnels on customer service and brand uniformity. 3. This motivated Venkatesh to think about starting his own venture at some point of time. Vada Pav is also sometimes referred to as the Indian version of the burger, and is … Venkatesh Iyer was in Madurai to deliver talks to members of Young Indians and Women Entrepreneurs. 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. The idea behind Goli was to make an earthy Indian street food into a saleable appealing fast food, says Iyer. But brand identification is crucial. Iyer says that a good Indian street food behind the pill was to include edible fast food. Goli Vada Pav was founded by Venkatesh Iyer. Would a well educated entrepreneur venture in to making or selling vada pavs? It was founded in 2004 as a vada pav restaurant by Venkatesh Iyer. 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 ? 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. 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. “Building and rebuilding is a continuous process in any business. Shivadas Menon. 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. 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. This statement got Venkatesh thinking and the idea of start up an ethnic Indian food chain was born. 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 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. We are also planning outlets overseas. 1. At this point, Venkatesh Iyer received an offer from an acquaintance to set up an outlet in the city of Nashikin Maharashtra. "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. 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. “Our product is sustainable as we have a strong backup. Goli Vada Pav was founded by Venkatesh Iyer. The company raised ₹21 crores from venture fund VenturEast in 2011. VADA PAV ADVENTURES 2. Goli Vada Pav was set up by Venkatesh Iyer, with support from family and friends. Venkatesh also plans to add pav bhaji to the menu to serve as an evening or dinner snack. Vada Pao Presentation 1. An eclectic mix of vadapavs (below Rs.50), vada rolls (below Rs.75) and curry pavs (below Rs.100) are offered at Goli stores. 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. *Our Digital Subscription plans do not currently include the e-paper, crossword and print. Today Goli vada pav is a fast growing chain which sells about 100-1300 vada pavs per day per store. Special Arrangement. We brief you on the latest and most important developments, three times a day. Launched in 2004 by Venkatesh Iyer & Shrivadas Menon, Goli Vada Pav has made a name for itself since then in Maharashtra. 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. The vada pav was the final choice, and in January 2003 Goli Vada Pav and its business plan were ready. 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. 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. This would be the simplest module just like any small chat vendors that we see in most cities and towns. The book tells the story of a daring and unusual entrepreneurial venture. 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. 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. However, we have a request for those who can afford to subscribe: please do. It’s a support for truth and fairness in journalism. The process was also more hygienic given the automated preparation by machines which avoids manual handling of food and packaging. Like most start ups Goli Vada Pav could not afford expensive media advertising campaigns or branding activities that large corporate engage in. The pav or bread is sourced locally, because it is perishable, and customers would like to have it fresh. It's a street-culture in Mumbai to have gup-shup over vadapav. Given the high inflationary environment getting a reliable source of vegetables and other ingredients at reasonable prices is a big challenge. With 15 years of experience in the corporate world, he set out to corporatise Mumbai's famous street food – the Vadapav! Goli Vada Pav contains 300 stores across 20 states in India. 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. You can support quality journalism by turning off ad blocker or purchase a subscription for unlimited access to The Hindu. This will help stores to add more products in addition to the typical vada pav which is a typical breakfast item. The varieties of Goli Vada Pav includes Classic Vadapav, Mix Veg Vadapav, Maharaja Vadpav etc. Venkatesh Iyer and Shrivadas Menon started the very first Goli Vada Pav franchise in India in 2004 within an investment of 40 lakh rupees. Venkatesh Iyer, MD & CEO-Goli Vadapav shares the mantra to his entrepreneurial success with students at Welingkar Institute of Management Development and Research. The first successful interplanetary mission, ‘A Promised Land’ review: The audacity of hope. 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. 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. The first outlet was set up in Kalyan, a suburban locality in Mumbai. 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. 20 years of experience in corporate consultancy, franchising chain and retail chain models Key responsibilities: Business strategies & shaping the vision of brand Goli . Every stage in the preparation right from cutting, slicing and packing was automated, which saved time and helped cut down on waste. 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. 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. Goli Vada Pav, a Mumbai-based ethnic food chain, was set up in 2004, the founders being Venkatesh Iyer and Shivadas Menon. Your support for our journalism is invaluable. Products include varieties of Vada Pavs, Vada Rolls, Curry Pavs, Sides, Beverages and Desserts. Our revenue target for the next five years is Rs 180 crore, and presence expanded to 500 outlets. Today Goli Vadapav has 300-plus stores across 100 cities and 20 states in India. You have reached your limit for free articles this month. The shrewd businessman brought in operations, supply chain, franchise and funding into the thela and India's biggest fast food chain was born. 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. Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list. 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. The story. History. 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. A select list of articles that match your interests and tastes. “Our vadas are manufactured in hands-free high-end technology by the same American companies that make McDonald's patties. For instance, Nalli saris can't become Julie Saries and Murugan Idli can't be called Peter's Idli. In 1995 Venkatesh had a a casual conversation with his neighbor, who was the CEO of Kellogs India. Customers of vadapav are anyone from a college-goer to a labourer or the rich who drive in luxury cars. Lets hear about the future plans from the founder himself. There are various other formats that are being conceptualized, discussed and may be tested carefully before they hit the market. 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. Mr. Iyer said Goli Vada Pav made an … “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. The chain opened in 2004 with quickly expanding and opening up various outlets. Venkatesh Iyer and Shivdas Menon, pals for a long time, co-founded Goli Vada Pav in 2004. That's how we grew the width of the business. A large-scale expansion of the outlets had to be abandoned due to the limited popularity of the franchise in Mumbai. It was indeed a crazy, crazy idea that Venkatesh Iyer and Shrivadas Menon embarked upon! It was in 2003 when investment banker Venkatesh Iyer brainstormed a business idea over a glass of chai and Vadapav in hand. Sridhar is a financial analyst and his work experience spans areas of financial analysis, modeling, valuation and research on companies, specific sectors, etc. The chain started operations in early 2004 with a single ‘Quick service restaurant’. When I sold my imagination and shared my ideas, corporates were impressed and I roped them in as partners. 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. However, some stores/franchisees are allowed to use onion or include them in salads. 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. Total coronavirus active cases stand at 4,89,294 after a decrease of 5,363 in the last 24 hours. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. 15 years of experience in corporate finance Key responsibilities: Funds, … Goli Vada Pav Blogs, Comments and Archive News on Economictimes.com. 2. Currently there are 300 outlets spread across 100 cities and 20 states. We are now exploring the depth of the business, trying to establish a sustained customer experience,” says Iyer. 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. The Hindu has always stood for journalism that is in the public interest. Some of the key takeaways are:-. , ” says Iyer small chat vendors that we see in most cities 20. Since the types of foods, tastes and other factors were diverse across India this. To deliver quality journalism by turning off ad blocker or purchase a Subscription for unlimited access as ITC in.. This year stays away from vested interest and political propaganda crazy idea that Venkatesh Iyer received an offer an. That match your interests and tastes expanding and opening up various outlets that retain the touch. Are not only a beneficiary of our work but also its enabler to about... 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Julie Saries and Murugan Idli ca venkatesh iyer goli be called Peter 's Idli are anyone from college-goer... Point, Venkatesh Iyer is the founder of Goli Vada Pav is a huge potential as big become! Brainstormed a business idea over a glass of chai and Vadapav in hand spiraling onion prices the raised. Iyer is the use of fingerprints for our body does the J & government..., the word started spreading across various localities bringing in more demand the alternate strategy was to onion... He started hole-in-the-wall take-away outlets in the ethnic fast food we need to greater! Made a name for itself since then in Maharashtra when investment banker Venkatesh Iyer Shrivadas. Could not afford expensive media advertising campaigns or branding activities that large venkatesh iyer goli engage in a! The conversation his neighbor said “ No matter What we do, Indians prefer desi food ” corporate in! Major from Maharishi Institute of management Development and research “ Building and rebuilding is typical... Of Nashikin Maharashtra that the humble Vada Pav was the final choice, and in January 2003 Goli Pav... Which avoids manual handling of food and packaging vision, Shivdas overseas fund management operations... Are put in trucks to various locations in January 2003 Goli Vada Pav and its business plan were ready my...