40UNDER 40

Weaving Success at ReshaMandi

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Mayank Tiwari, 

Founder and CEO, Reshamandi
age: 37
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In 2004, Mayank Tiwari, the founder of ReshaMandi, attended a block-printing cluster development programme at Bagh village in Madhya Pradesh as a student of NIFT, Mumbai. He bought a block-printed shirt for about ₹350 from the artisan. When he came back to Mumbai, he looked for the same fabric. The price of one metre at branded stores was over ₹300. “A shirt requires at least 2.5 metres. I wondered why consumers were paying so much and artisans earning so less?” says Tiwari.
The incident stayed with Tiwari, who launched ReshaMandi in 2019 to build a tech-enabled natural fibre supply chain ecosystem–from farmers to fashion, as Tiwari puts it. Saurabh Agarwal, 38, the other co-founder, is an ex-CISCO employee who has built tech architecture at ReshaMandi.
The start-up has four verticals – ReshaFarms, ReshaYarns, ReshaWeaves and ReshaMudra. The starting point in the supply chain, ReshaFarms, helps farmers produce quality cocoons with the help of Internet of Things devices that control temperature and whumidity. “In sericulture, on a one-acre farm, government expects 65% output. We ensure 80% output,” says Tiwari.
Farmers vouch for the technology. Prassana Reddy, 59, from Mutthanalluru, Anekal Taluk, Bangalore Urban District, says, “I get help in rearing and selling the cocoons. Earlier, I earned ₹250-350 on one sample. Now, I make ₹800-950,” he says.
ReshaYarn helps reelers procure quality cocoons at competitive prices. They can buy cocoons from the app and also sell yarn. Weavers, too, can access quality yarn and connect with retailers and businesses. Through ReshaWeaves, ReshaMandi is working with unorganised retailers in 29 cities to sell final products. It claims 8-10% cost reduction for reelers, weavers and retailers.
ReshaMudra, on the other hand, is a fintech firm that has ‘buy now pay later’ option. It also offers asset-backed lending for working capital and health insurance to retailers.
Now that the entire supply chain is up and running, it plans to launch its own label. “I want to change the mindset that silk is expensive. Our supply chain management process ensures that the cost incurred by the end consumer is reduced by 30-40%,” says Tiwari.
The company reported ₹266 crore revenues in FY22 as on January 22 compared to ₹20.6 crore in FY21. It expects to grow at 20% month-on-month for the next one year.