In this podcast, Anshuman Sinha is in conversation with Simran Juneja, who started her entrepreneurial journey in 2022 with an investment of 7000 INR ($90) and created Inayat Jewels, which sells locally crafted premium silver jewelry. Today, Inayat Jewels’ current revenue is 34 lakh INR, which is $41,000.
Simran Juneja shared that she has an educational background in fashion from NIFT in Mumbai, India.
She also worked as a filmmaker in Mumbai, where she learned about marketing. Regarding her work experience, she shares that she’s worked with the British Council and has been highly interested in culture and history, inspiring her to explore the crafts of India on a grassroots level.
Anshuman Sinha’s following question is regarding Simran’s experience while studying at NIFT Mumbai.
Simran shares that it was an exhilarating experience since she could participate in several field visits. She shares that there’s a significant disconnect between urban life and rural life. Her field visits allowed her to connect with artisans and explore rural life. Even though she studied knitwear design, which differs from accessory design, her interest in the field grew once she met one of the artisans.
Simran further shares that these experiences were significant for her, and since she got them in her early 20s, people often found her extremely lucky. She elaborates that while fortunate to have these experiences, her diligent effort and interest in the field pushed her to do more. She shares that initially; she would e-mail people within the field to work on projects alongside them. However, later, she started showing up at their offices and showcasing her work to secure projects with them. She believes that any startup founder must be hands-on with their approach and sometimes leave their ego behind.
Simran also shares that during her journey with Inayat Jewels, she began by writing to everyone and talking to them personally on Instagram. She shares that the crux of her business revolved around craft. She believes craft serves a purpose and can generate profit with a meaningful impact. Her endeavor with Inayat Jewels was to make beautiful jewelry and sell it for profit, provide livelihoods to rural communities, and bring the exquisite craft of Indian culture to the forefront.
Anshuman Sinha follows this up by asking what Simran wants to do with Inayat Jewels. The company sells handcrafted premium silver products. However, Anshuman Sinha is curious about the vision behind the brand.
Simran shares that the vision is to make people aware of the beautiful craftsmanship found in India and to provide them the opportunity to own them. She shares how the textiles of India, such as Pashmina, Madhubani, and Chikankari, are incredibly famous. International museums, including one in London, also feature these textiles. Her goal with Inayat Jewels is similar. She wants to bring the craftsmanship of jewelry making to the forefront and make the world aware of such craft. She shares that India is already the world’s second-largest exporter of gems and jewelry. Her vision with Inayat Jewels is to make people aware of these crafts and promote them. She also shares that her mission is to encourage these crafts on a global platform and not just be restricted to India so that people can learn about them.
Anshuman Sinha’s next question is regarding her clientele. He states that Simran’s clientele is highly global, as 70 to 80% of her total sales are from NRIs worldwide. He asked how she was reaching them and what the secret sauce was.
Simran shares that the secret sauce is collaboration. She elaborates that startups that don’t have funds to pay people must work hard to make people believe in them. This was one of the reasons why she chose to collaborate. She would try to collaborate with a store in the US or conduct photo shoots with clients who live in London and have purchased her product.
Simran also shares that she collaborated to reach out to her clientele on a grassroots level. She would also write to friends randomly and strangers on Instagram. Celebrity endorsement has also helped her brand a lot since she worked as a filmmaker during her initial days and was able to connect with members from her prior field.
Anshuman Sinha’s next question is regarding her Instagram presence. He shares that Simran currently has 110,000 followers on Instagram with 518 posts. He asked her how she had reached 110K followers on Instagram?
Simran shares that she treats her Instagram account as her physical storefront. She believes that footfall will only increase when she treats her Instagram account as a physical store and opens the doors of that store every day. She further says, “It’s not like you will create something today, and you will create something tomorrow. You have to be active. You must treat Instagram as your shop; that’s how I went about it. I tried to be active on Instagram, be relevant to people, and understand them and their needs.”
Anshuman Sinha asks what her future goals are regarding Inayat Jewels.
Simran shares that her answer would be different if he had asked her about her lifetime goal. However, for the next two years, she has an efficient vision regarding her sales and revenue.
She is currently not looking for any depreciation in the coming years. Simran wants to focus on her revenue and intends to work on her brand visibility.
Anshuman Sinha’s next question is regarding the customer perspective. He asks Simran to take him through the journey of a customer interested in buying jewelry from her store.
Simran shares that people visit her Instagram and then go to the website to shop for the products. Additionally, they can contact her on WhatsApp if they have any questions or doubts. She mentions that many people call her since she does not have a chatbot, and the messages often pile up. Sometimes, she has around 100 to 500 message requests in a week or even in a single day.
She elaborates that by replying to messages, she can assure her clients about the quality of the products and that they will be delivered on time. She also shares that most of her clients come through referrals, which helps build trust since the products are in a particular price range. Regarding her shipping, she mentions that if the products are ready, they are shipped within a day, and if they are not prepared, they are shipped within a week at most.
Anshuman Sinha further enquires about her payment format.
Simran shares that her payment format is highly organized. For her international clients, Inayat Jewels is available on PayPal. They also have a current account, their business account, where customers can pay through the brand’s website. She further shares that they have Razorpay on the website, a highly secure payment gateway.
Anshuman Sinha’s next question concerns the typical price range from lowest to highest.
Simran shares that silver is mainly priced based on its weight. Since all her products are made with 92.5 silver, the lowest price range starts from 2000 to 2500, and the highest could go up to 2 lakhs INR. She shares that if a necklace is weighty for someone who wants to customize it, the price may vary based on customization.
Anshuman Sinha enquires about the percentage of repeat customers.
Simran shares that since Inayat Jewels has not been able to do a lot of marketing, 60% of her clientele are repeat customers. She proudly mentions that these customers would initially buy one piece and then come back to buy three more pieces. This practice helped her slowly increase her sales, and eventually, she saw that every piece from her collection was selling relatively fast.
Anshuman Sinha’s next question is regarding the funding Simran strives to raise and how she plans to utilize it.
Simran shares that she currently does not want to raise a lot. She firmly believes in creating maximum from minimum, which has been her business mantra. Currently, she is looking for 50 lakh INR funding. She wants to use most of it in marketing and branding and may invest some of it in team building since she believes in the power of collaboration and teamwork. Simran also feels that technology is critical and plans to use some of the funds to make the buying process more user-friendly.
Conclusion
Anshuman Sinha, mentor and host at Startup Pulse, also invites Simran to join him as an entrepreneur and an associate member at TiE Patna, which is set to be inaugurated this August. As a TiE Patna member, she can network, meet like-minded entrepreneurs, and connect with interested investors.
Simran shares that she is highly excited about TiE Patna and will definitely attend its events to meet more entrepreneurs like her and learn from them.
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