Meet Munish Sahgal. He is an ideal business owner for banks to lend to as his credit score remains intact despite the COVID-19 pandemic and he has no history of defaults. Yet, Sahgal had to chase his bankers, and tag CEOs in emails and tweets in order to get them to approve a new loan or provide him a moratorium on his loan repayments last year.
Sahgal sits out of New Delhi and runs a fashion accessories business with a presence in over 600 malls in the country. While his top-line came crashing down last year in the wake of lockdowns, he managed to recover 50% of his revenue by March 2021.
As an astute businessman, he moved his supply chains around and since he doesn’t have the burden of paying overheads for rent at the malls, his operating costs came down by 80%. He told The Morning Context he was pretty happy with how his business had recovered as his profit margins actually improved. He had to fire 200 sales staff in the last year.