Business transformation specialists have a special place in the world of business. With unique business transformation strategies, they have etched their names in the annals of success. Through unwavering determination, astute leadership, and remarkable business acumen, they fulfilled their responsibilities to create business powerhouses. Here are the key milestones and strategies espoused by the five business transformation specialists that have propelled them to the zenith of success.
Kumar Mangalam, Chairperson, Aditya Birla Group
Synonymous with visionary leadership and remarkable success, Kumar Mangalam Birla is a true inspiration in the business world. Born on June 14, 1967, Kumar has firmly established himself as a billionaire businessman and philanthropist in India. His success story from 1995 highlights his visionary leadership and strategic business acumen. As chairman of the Aditya Birla Group at a young age, Kumar led the conglomerate's expansion and diversification into industries such as telecommunications, cement, metals, and textiles.
In 2016, Kumar made waves in the telecommunications industry by merging Idea Cellular and Vodafone India. The landmark deal created India's largest telecommunications operator, now known as Vodafone Idea Limited. When Jio entered the market, many network companies in India suffered significant losses, and Idea was no different. In 2020, the company was Rs. 1,15,000 crore deep in debt, including Rs. 87,650 crore due to deferred payment obligations. Rs. 46,000 crore was to be paid as AGR dues and Rs. 68,544 million were paid.
Under the great leadership of Kumar, Idea stood out in the market, and recently, it has successfully raised Rs 18,000 crore in India’s largest follow-on public offering (FPO), which will make a smart turnaround as the country requires three strong wireless telephone networks.
Sunil Bharti Mittal, Founder and Chairman, Bharti Enterprises
Telecom tycoon Sunil Bharti Mittal is an Indian billionaire and philanthropist. As of today, Airtel is one of India's largest telecom companies, with over 474 million customers. Bharti Enterprises has diversified businesses in real estate, education, malls, telecommunications, insurance, hospitality, agriculture, and food. In 1984, Sunil started making push-button phones in India. He is the man behind the growth and success of Bharti Airtel. He helped the company to become the second-biggest mobile operator in Africa and the largest telecom provider in India.
Like other telecom operators, Airtel suffered losses when Jio entered the market. Jio offered its services at cheaper rates, and the quality of service was no match for Airtel. Once Jio was forced to increase its rates, Airtel adjusted too, and then there was little difference.
Currently, under the leadership of Sunil, Bharti Airtel is leading the market and it has recently launched qualified institutional placement with qualified institutional placement (QIP) worth $ 2 billion at a floor price of Rs.452 per share, as well as a separate fundraising exercise through the issue of foreign currency convertible bonds (FCCBs) of up to $1 billion.
Sachin Bansal -The Master Brain Behind Flipkart
Sachin Bansal, founder of Flipkart and Navi Group, is a true entrepreneur who has the vision to find solutions to problems and sets an example that if you decide to do something big, nothing can stop you. However, he has faced many problems and difficulties himself because of this ideology. Success may not be as exciting as we think. It is a package, not just a shiny part.
Flipkart also saw a downfall in the market in 2017 and the company had to pay off all e-commerce market shares. Then, in August 2018, 77 percent of Flipkart's shares were bought by Walmart, an American retail corporation. In FY 2020, it reported losses of Rs 1936.6 crore with Rs 6317.7 crore in revenue.
The strong commitment and the transformational leadership of Sachin and his co-founder propelled Flipkart to unprecedented heights. The success story of Flipkart remains an inspiration for aspiring entrepreneurs and underscores the transformative power of e-commerce in emerging markets.
Ritesh Agarwal, CEO, OYO
Riteish Agarwal—India's youngest billionaire, has a net worth of about Rs. 16,000 crores. The most amazing thing is that Ritesh founded OYO when he was only 21 years old. Within 10 years, OYO became one of the top hotel chains in the world, with a valuation of almost Rs. 33 billion.
Ritesh suffered a staggering loss of Rs. 3000 crores in 2020. The company's net worth fell by 40 percent. Besides the pandemic, one of the reasons was the conflicts with hotel owners. However, under Ritesh's leadership, OYO expanded rapidly, secured significant funding, became the largest hotel network in India, and expanded to more than 154 cities. Recently, OYO launched its first luxury hotel in Dubai and is set to raise $50 million from InCred. Through his dedication and innovative strategies, Ritesh turned his vision into reality, impacting millions of travelers worldwide.
Deepinder Goyal, CEO, Zomato
Deepinder Goyal—Zomato Man has revolutionized the food industry with the food delivery app. Whether it's a late-night craving or an urgent delivery, Zomato manages it all, and that too with just a few clicks. The food industry has great potential in India, and Zomato is another brand that dominates this industry. Founded by Deepinder and Pankaj Chhada, Zomato is a leading restaurant and food service provider in India.
When we look into Deepinder’s entrepreneurial journey, we see that nothing was bread and butter for him. His success pathway was filled with challenges from the competitors. Zomato's losses went up by 160 percent in the fiscal year 2020. According to reports, the company saw a loss of Rs 2,451 crores. The expenses of the company went up by 36 percent to Rs 4,628 crores. However, Deepinder’s determination, resilience, and confidence in his work have set him apart from the other visionary leaders in the market. Zomato celebrates its 16th anniversary this week.