Kishore Biyani is one of the most recognised entrepreneurs in the business world. There was a time when he was competing against the Ambanis and Birlas with his conglomerate, Future Group. Renowned by the title of 'India's Modern Retail King', Kishore Biyani suffered major losses in the last few years that forced his company to the state of liquidation in November 2023.
The former billionaire admitted that it was his impulsive decision to play on debt that cost him so much. From Big Bazaar's failure to handing Pantaloons to Aditya Birla Nuvo and selling a mall to pay off his debt, Kishore Biyani's tragic downfall has stunned the entire business world. Despite all the failures and mega losses in his entrepreneurial journey, Kishore Biyani is still a recognised name in the business world, courtesy of his success story, which is nothing less than an inspirational film.
Recommended Read: Meet Mukesh Ambani's Niece, Nayantara Kothari: 'Bahu' Of Millionaire Family Who Owns Domino's And DD
Kishore Biyani was born on August 9, 1961, into a middle-class trading family in Rajasthan's Nimbi, Jodha. Right from an early age, he found interest in business and learnt a series of things just by observing his father, who was a trader.
Information about Kishore Biyani's schooling isn't available in the public domain, but as per multiple reports, he went to H.R. College, from where he attained a degree in commerce. Due to his family's retail enterprises, Kishore joined Bansi Silk Mills soon after graduation to gain some experience before entering into his family business, which his grandfather started.
Kishore Biyani started his journey as an entrepreneur by establishing a neighbouring mill and a trouser shop. As per a report in Zee News, he sold the clothes with the slogan 'W.B.B', which means 'white, brown and blue'. If the reports are to be believed, Kishore Biyani sold 30,000 to 40,000 metres of cloth in a month due to a massive rise in men's trousers. In the coming years, the small trouser shop was turned into the mega-brand, Pantaloons.
It was in 2001 when Kishore Biyani launched Big Bazaar, which went on to become one of India's largest hypermarket chains. The concept was an instant hit, and Big Bazaar became a 'must-have' part of a mall in different parts of the country. Such was the craze of its sale and availability of a wide range of products, making Big Bazaar a renowned name nationwide. In the following years, we have seen A-listed public figures like Mahendra Singh Dhoni becoming the brand ambassador of Big Bazaar.
Don't Miss: Mukesh Ambani's Bold Lessons That Made Him India's Richest Person With Rs. 7.65 Lakh Crore Net Worth
It was in 2013 that Kishore Biyani founded Future Group, a small company that went on to become one of India's largest conglomerates. With a series of divisions like Brand Factory, Central Mall, Nilgiris, and many more, Kishore Biyani became a billionaire and one of the top players in a series of major sectors.
In the following years, Kishore Biyani acquired a series of brands under the umbrella of Future Group. For instance, it includes the likes of Easyday, 7-Eleven, Planet Sports, Urban Yoga, SPUNK, Baker Street, Golden Harvest, Fresh & Pure, Mother Earth, and many more.
You May Like This: Vijay Mallya's Adopted Daughter Laila Mallya, IPL Controversy, Relationship With Lalit Modi And More
The 2008 economic downturn had a severe effect on Kishore Biyani's conglomerate, Future Group, as he suffered a lot of severe problems due to long-term borrowing. The businessman relied on debt in order to expand his businesses for a long period of time, a strategy that broke the backbone of Future Group.
According to multiple reports, Biyani's decision to cope with the massive debt crisis by considerably reducing the numbers of his mid-level management staff and restructuring his corporate interests worsened the situation.
Things took a positive turn in 2008, but that did not last for too long. In April 2012, Kishore Biyani sold a major controlling stake in Pantaloons Retail to Aditya Birla Nuvo. As of 2024, Biyani reportedly sold his oldest mall, SOBO Central Mall, to K Raheja Corp, a settlement of Rs. 476 crores. As per a report in the Economic Times, Biyani has cleared off all his dues to the lenders of Bansi Mall Management, which was around Rs. 571 crores, through a one-time payment of Rs. 476 crores. The settlement is backed by K Rheja Corp, who had purchased the SOBO Central Mall.
In a conversation with Zerodha's co-founder, Nikhil Kamath, Kishore Biyani opened up about the reason behind his downfall. The former billionaire admitted that his strategy to grow on debt hurt his business. He explained:
"I am a little impulsive person. What went wrong is basically growing on debt. And not building a strong balance sheet. We thought that everybody is perfect. But everyone has a fatal flaw. When I started analysing my fatal flaw, I was able to discover a lot."
What are your thoughts on Kishore Biyani's entrepreneurial journey? Let us know.
Also Read: PP Reddy's Story: Founded Megha Engineering In A Shed, Owns A Diamond House, Rs. 37,000 Cr Net Worth
advertisement
advertisement
advertisement
