Studd Muffyn
How to turn two failed businesses into a 300-crore annual turnover and a valuation of 2500 crore? That's the lesson to learn from the founders of Studd Muffyn. Any budding entrepreneur can read on to replicate this growth pattern.
In a chance encounter in the hills of Himachal, Paras Tomar and Ankur Bhati met because of a familiar friend on a light trek. "I had already launched Nuskhe by Paras during the lockdown, but things weren't going great with my co-founder for that brand. Our vision didn't align. While he may have helped me start my entrepreneurial journey, I always credit him for making me take that first step. Within about six months of launch, I was seeing a clear lack of enthusiasm, and that's when I met Ankur," explains Paras Tomar, actor-turned-entrepreneur who went on to launch Studd Muffyn with Ankur Bhati. "We met and instantly connected. His strength was numbers and e-commerce, and I was looking for a partner to launch a new brand," Paras adds.
Things hadn't been too rosy for Ankur Bhati either. "We have a family business of tyre tubes, but I wanted to make something of myself," Ankur explains. "I had tried my hands at a few businesses earlier but burnt my fingers several times. We launched an ice cream plant that required a heavy investment that didn't work. We got into making bottled caps, but nothing clicked. Until I met Paras, and I had the idea of turning his vision into a big e-commerce brand," Ankur, the CFO and founder of Studd Muffyn, enthusiastically exclaims.
Ankur already had a nutrition brand - Nature Touch Nutrition, while Paras was heading a skincare company, Nuskhe by Paras. The two decided to get into wellness together because of Paras's popularity on social media, and his credibility as a skincare expert was already well-established. "The Indian market, in my opinion, was ready for a brand that didn't rely on celebrities and simply made good products without marketing frills," Paras says.
"We launched Studd Muffyn with peanut butters and protein powders, which I already had the rise", Ankur chimes in. "And we simply married the idea of #ParasKeNuskhe with our product range to ensure added beauty and wellness to our existing protein portfolio," he says.
Once the trek was over, the two parted ways on a mildly cold July evening. Ankur returned to Ludhiana, now the official Studd Muffyn headquarters, his family home in Himachal, where he spent some time. On August 15th, 2020, Studd Muffyn was launched because both founders believed in a solid India connection.
"It was a big date that was just ahead of us, and we were both convinced that this gave us both some pressure to act fast, and the date was important to us," Ankur explains. And hence Studd Muffyn was born. "Our excitement knew no bounds because we sold our first peanut butter in a matter of minutes of launching the new website, and that gave us the motivation we required," Paras Tomar, the company's CEO, explains.
From a company with four founding members and about 12 packaging team members to a firm that directly and indirectly employs over 600 people is impressive. The company touched a turnover of 300 crore in the previous year. It forayed into apparel, crystals, and home decor and has added industry-leading health and wellness products to its portfolio in the last three years.
Today, at a valuation of over 2500 crores, Ankur and Paras enjoy a deep friendship and a shared vision for the future of their brands. "If we made 30,000 rupees in a day, Ankur and I were thrilled that we had both made 10k each and the company would keep 10k. Today, when we're proudly sitting at a 300-crore turnover, we are so humbled and proud at the same time. Our pyrite, the crystal to attract money, is working very well," adds Paras, also called the Pyrite man of India.
The inspiration from these two founders is fantastic. The reason they were able to collaborate and make things work is that even though both weren't doing great in their previous ventures, their previous failures were great learning for things to go right here. "That is why I advise every budding entrepreneur to learn the ropes because every small or big failure teaches you what to do or not do in a big business. And if we didn't make those mistakes, we wouldn't have been sitting here today," the CFO and founder Ankur Bhati opines.
About Studd Muffyn
Paras Tomar, a former journalist turned entrepreneur, and Ankur Bhati, the CFO, have together founded the natural skincare industry - Studd Muffyn. Born in 2020, the company has attracted a broader customer base and produced tangible results that improve hair growth. Trusted by over 10 million customers, the innovative hair products from the house of Studd Muffyn and Nuskhe by Paras establish their commitment to natural and effective hair solutions. The brand's ayurvedic products stand out in the market, catering to the evolving needs of modern consumers.
