Inspiring words from our director Rahul Gupta https://lnkd.in/dwv_trk3
I don't make posts on Linkedin, but I waited for 5 years to make this post. Until 2015, we Rays Experts were a debt-free company, had never raised any equity, were bootstrapped, having cash reserves of over Rs. 30 Crores (Approx. $4 Mil). On 31st March 2017, the Total debt obligation went to Rs. 128 Crores (Approx $17 Mil). The same year, a major client defaulted on a payment of Rs. 20 ($2.6 Mil) Crores and our account went stressed. A large utility didn't honour its agreement and denied payments. I had made massive expansion plans and invested heavily in future projects. Resultantly, the debt trap started and over 100 Crores loans were recalled by the bank. Any problem that a business can think of had started in the company. In reality, the business was so vulnerable that some wrong calls made the business go haywire. We were on verge of selling the company for nothing, only to come out of the issue but also shut the business. Had my sister Nidhi Gupta and my family not trusted my capabilities, I would have made the deal. On 30th April 2022, The total loan obligation is 0. We have no outstanding loans. All loans repaid. And in all this, we didn't raise any outside equity or further debt. Amid all this, Covid came, and multiple other issues too. but here we are.. stronger and better. What made this turnaround? Our team, the unwavering faith in ourselves and our business model, innovative business plans to fuel our revenue and profits. Most importantly, our commitment to becoming debt-free, powered by hard work and the support of family. I hope this post inspires a few other entrepreneurs. I am happy to help anyone looking for suggestions to come out of similar issues in their businesses. Nidhi Gupta Once again, thanks to my Rays Experts team, all our ex-employees, clients and well-wishers. Thank you #newindia for being this land of opportunities. Thank you, God. #team #business #entrepreneurs