Interview: Sachin Parikh, Ex-Nykaa CFO & Co-Founder of Pratech Brands
Sachin is the ex-CFO of Nykaa and his strength lies in formulating winning business strategies with enterprise that stands out.
Adept at managing industrial operations, Sachin offers key insights with regards to the workings of multiple organisations and models.
Sachin has completed his BE from University of Mumbai, Masters in Electrical Engineering from University of Massachusetts Dartmouth and MBA from University of Michigan.
In an exclusive interview with Sugarmint, Sachin Parikh share his entrepreneurial journey and his inspiration behind turning into an entrepreneur.
Tell us a little about yourself
Sachin Parikh: I’ve pursued a BE degree from the University of Mumbai, ME from Massachusetts Dartmouth, and then an MBA from the Michigan- Ross School of Business.
From Studying in India and then exploring myself in universities abroad, and then finally working across industries, I can say that over time I have developed a wide range of experience from designing cars to building an eCommerce platform for cosmetics; the one quality that I think helped me the most throughout my journey was me focusing upon solutions more than problems, that is by being a problem solver.
Please tell us a little about your entrepreneurial journey
Sachin Parikh: My career journey has been dynamic and full of excitement. I’ve never been afraid to try new things and take risks in life and that is the reason why I can build a wide-ranging professional experience.
I went from doing my master’s in Electrical Engineering, to doing my MBA, and working at Deloitte. From designing cars for a living to management consulting and then helping build India’s first e-commerce company, the journey has been full of ups and downs, and irrespective of all the downs I love how I advanced in life.
Even though I haven’t been an expert in all the fields I have associated myself with, I have excelled and left no opportunity to learn.
My belief system is pretty different, I think what matters is not a degree but a person’s approach and values, these are other things that decide a person’s growth graph, his approach towards solving a problem or coming up with a solution, that’s what matters.
Also, I have been an avid learner, a keen observer, and an extremely good listener. Plus, I understand new markets, trends, and industries, that’s probably because I have an aptitude for grasping whatever is new.
What service(s) or product(s) do you offer at Pratech Brands?
Sachin Parikh: The main aim of Pratech Brands Private Limited is to serve the new age of Indian consumers to upgrade their quality of life.
We target 2 fundamental categories i.e., Health & Home through 2 key business models – D2C Brands (Home & Health) & Multi Brand vertical retailer (Health)
Our Health category, ecommerce platform HyugaLife is a multi-brand vertical retailer for health & wellness products and it’s going to launch soon.
The platform has onboarded 200+ brands so far in 8 categories with a vision to onboard 1000 brands over the next 12 months.
Also, we believe that education and awareness will be the key to making India healthier and hence HyugaLife is built on 3 key pillars — Short Form, snackable content on Health; Assisted purchase; and an expert panel of key opinion leaders in this space.
Next, we have our women’s exclusive Health Category, Brand Inaari. It is a women-centric health brand that will soon be launched with a first-of-its-kind hormonal balance product for women.
Along with focusing on helping women understand their hormonal cycle, Inaari encourages them to live in alignment with it so that they can develop a sense of comfort around their bodily functions and live healthier and happier life.
Next is our Home Category, Brand Tesora. It addresses the white spaces in Home & Kitchen Appliances by complementing high quality with modern aesthetics for modern home appliances and chic cookware.
A perfect blend of simplicity, reliability, elegance, and style, Tesora offers aesthetically designed, easy-to-use appliances with a focus on convenience and functionality.
What is unique about your Pratech Brands?
Sachin Parikh: Pratech’s uniqueness lies in the way it is being designed and divided across its two vertices- Home & Health. We take pride as we cater to the ever-evolving needs of the new-age Indian consumer.
What sets Pratech apart is our ideology to keep the customer first and believe that a happy home and good health are the key factors to the overall wellness of our consumers. Through Pratech we want to positively impact both of them.
Our stellar leadership team is determined to bring this vision to life and positively impact the generations to come.
Tesora’s uniqueness lies in building “better for you” products backed with aesthetics. Along with aesthetics, the brand is also paying attention to the robustness quotient to give modern-age consumers the appliances they deserve.
In addition, our multi-brand eCommerce platform for Health and Wellness Hyugalife, on the other hand, is unique in its way, it is a core brand partner offering consumers the exact information they require and authentic products from reliable brands in the domain.
What made you choose this type of business?
Sachin Parikh: Pratech caters to two markets in the domain of home and health that are mature in their demand but experience a gap in available assortment.
At the very core, we are keen on being instrumental in improving the overall wellness index of the country.
What was your mission at the outset?
The collective mission is to cater to the evolving health and wellness needs of the new age Indian consumer and offer them a holistic platform where they can find information as well as products. Still, we have further broken these down into micro missions for each of verticals.
HyugaLife To build a more informed and conscious consumer and thereby strive towards building a healthier and happier India
Tesora- To provide the modern generation with ‘better for you’ home and kitchen appliances, with aesthetic charm yet at affordable prices.
Inaari- to build a world where women are healthier and happier by helping them realign with their natural hormone cycle.
What’s your company’s goals?
Sachin Parikh: All our brands and our Health platform are born out of one common goal i.e., to improve and upgrade the quality of life for the new age Indian consumer and make luxury more accessible for them.
What have been some of your failures, and what have you learned from them?
Sachin Parikh: More than failures, it was self-doubt and moments of anxiety that affected me. But soon I understood introspection helps. It actually carries the power to change people’s lives.
It helps to evaluate from time to time where you were, where you are, and where you want to be. It’s a constant and evolving process of reiteration.
For example, when I left Nykaa to work in my family business, and then my plans changed when I realized it was not for me because I had been in e-commerce, seen the rush and peace that follows after a job is well done.
Post realization, I took a pause in life, evaluated my journey, and circled back to what I really wanted to do.
I refused to be stuck in the loop of going with the flow of what the world had to offer and thought it was time to go after what I believed in and felt right for.
As a result, I am now building my own business with a dedicated and enthusiastic team in the health and wellness sector of the country. I believe it is important to change paths and evolve in your life because change is the only constant.
Having said this, I also understand that starting something new from scratch is challenging and scary but hard work makes it all possible.
I believe building and running a startup is an ever-evolving process and as long as you know when to pivot, nothing can stop you from building a successful one.
What was the inspiration behind turning into an entrepreneur?
Sachin Parikh: I’ve seen the growth trajectory of Nykaa, I’ve seen it go from 0-10 so I have first-hand experience of how it all happens. Infact, this was my biggest push to take the entrepreneurial road.
Key things to consider before starting a startup?
Sachin Parikh: According to me the three main things are:
Product Market Fit – It is important to ensure that your products act as a solution to a particular need for the consumers.
Fulfillment — Fulfillment basically means successfully meeting the demand that you are getting. Fulfillment is relatively easy because there are a lot of third-party providers who can help so you can work with them as they are solving a lot of problems for brands.
Sales & Marketing- For sales and marketing, one must start with an agency, then bring it in-house, it’s not difficult but it’ s an evolution you will have to learn through the process.
Your success tips for young and aspiring entrepreneurs
Sachin Parikh: First of all, you need to give your employees the freedom to experiment, if they don’t make mistakes they are not going to learn.
Second, you need to let them be a part of the decision-making process so they feel their voice matters.
And third, let them feel appreciated especially from the wins and losses so they live their journey. Giving your employees the breathing space to evaluate their lives beyond work is very crucial.
It allows them to test if their work is aligning with their overall life goals. Another very important thing is to be a leader not a boss, that way you can steer them well.
|Are you an
Entrepreneur or Startup?
Do you have a Success Story to Share?
SugerMint would like to share your success story.
We cover entrepreneur Stories, Startup News, Women entrepreneur stories, and Startup stories