The late Rakesh Jhunjhunwala was known was for his eccentric personality and his utmost belief in Titan.
#karthikreddy #CaratLane #TATA
[00:00:00] Another important influence at least our team dug up in research and you can correct me if I'm wrong, seems to be the late Mr. Jhunjhunwala
[00:00:07] And you mentioned in an interview that for the first time you met him you couldn't hold his attention for more than a minute or half a minute
[00:00:15] What was that about like he didn't believe in the business and then again same thing how did you convert him to then becoming a mentor to you
[00:00:23] Maybe a glimpse of someone the startup world doesn't see much of you seem to have so would love to hear the audience have that
[00:00:31] RJ was personality
[00:00:34] I encountered him a few times and he massively opinionated about what he believed in it
[00:00:41] And there was an unbelievable line that he tells me and then he repeated that one day to me as well
[00:00:48] So he was sitting and I go to the office and before I could say anything and I think we had some people in Chennai were related to him
[00:00:57] Friends of mine as well as Bhaskar who was trying to stitch this deal together and he obviously was very close to Rakesh
[00:01:07] He's been a big believer in Titan also
[00:01:10] I think he's been a bigger believer in Titan than Tatas
[00:01:13] When they were not willing to put more money and he put more money in his house at that point
[00:01:20] So and he really stuck by them for the time that he did as well also and so you know Bhaskar wanted an opinion as well also
[00:01:30] So that meeting was set up and I was sent over there and so all nonsense you guys don't know take VC money and then you're thinking
[00:01:38] You know making losses and all of these things and what is the need to make loss in selling jewelry on that part right and doing that part
[00:01:45] So I said you're right. It's a mistake I made for years and when I said that I think it was a little bit over this thing as well
[00:01:52] He said what's your gross margin? He said 17%
[00:01:55] He said you know what is Titan's gross margin?
[00:01:57] I said yeah about 22% you think you can ever come 17 to 22% when you can do that that's when you'll make a business
[00:02:04] That's 30% more gross margin than you make as well or whatever the gap was
[00:02:08] Yes sir
[00:02:09] He said that
[00:02:11] I said no but I want to tell you how I'm trying to build it and why what my thesis is
[00:02:14] As I understand I've built it, it was after market hours because you not meet in market hours as well
[00:02:19] He dosed off in that conversation and I just couldn't hold his attention
[00:02:26] He dosed off as well also
[00:02:28] So then very you know like a minute or two later he sort of woke up and everything and I asked him can I take a cigarette
[00:02:37] So he said yeah, give me a cigarette and I've read somewhere also that you know you smoke with someone and you drink with someone and you become sort of
[00:02:46] You know you know that icebreaker
[00:02:49] Yeah, I take the cigarette he also takes one he lights it when he lights it he can't sleep
[00:02:55] So he's awake and then I narrate what I'm trying to build how I think it's for the mother and this for the daughter
[00:03:01] And this is the natural extension we're a feeder brand into what they want to build all of that stuff etc
[00:03:06] And he heard me through the whole thing
[00:03:08] And he says see the thought is right but this loss making business doesn't make sense
[00:03:13] I said okay and then in the end he said you haven't your cigarette I said no I don't smoke
[00:03:18] So that's awesome
[00:03:21] That's a hack if I'm saying that
[00:03:24] Because he told that story a few times you know so he says he's like oh you know I've made it