How a Jamshedpur kid began with Rs 2 lakh and constructed an Rs 85 Crore turnover organization

From introducing espresso candy machines at MNCs and charging them on per cup premise, to beginning a lighting organization for shows and occasions, and afterward taking the huge jump to assemble instruments, Siddharth Jhunjhunwala has progressed significantly as a business visionary. Siddharth, 37, is the organizer behind India's local instrument brand, Bengaluru-based Kadence. 

From installing coffee vending machines at MNCs and charging them on a per cup basis to starting a lighting company for shows and events, and then taking the big leap to manufacture musical instruments, Siddharth Jhunjhunwala has come a long way as an entrepreneur. Siddharth, 37, is the founder of India’s homegrown musical instrument brand, Bengaluru-based Kadence.

“We manufacture and sell more than 150 instruments. From guitars to pianos to violin to saxophones to flutes to cajons to drum sets and ukuleles, we have it all,” says Siddharth, whose company Cresurge Private Limited registered high volumes of sales during the lockdown last year and increased its turnover from Rs 35 crore in 2019-20 to Rs 85 crore in 2020-21.

“We sell about 300 Ukuleles in a day across various stores and online platforms, making us the number one Ukulele seller in the country,” says Siddharth, who was born and brought up in the steel city of Jamshedpur. Siddhartha started his first startup, Rio, a proprietorship firm, with Rs 2 lakh soon after finishing his BBM (Bachelor of Business Management) from Christ College, Bengaluru, in 2005.

By 2008 they had installed 100 machines and spread to Hyderabad as well.“But I had to shut the business in 2010 due to the (global) recession that hit the Indian companies, which resorted to heavy cost-cutting measures. We were doing a turnover of Rs 3 crore then,” reminisces Siddharth of how his business collapsed after seeing quick growth initially.

“I learned the biggest lesson of my life that if you are a small person, and don’t have huge capital, then invest in a B2C venture instead of a B2B type.” His father had a paper recycling unit in Jamshedpur, and he had always led a comfortable life, growing up in a cosmopolitan environment that was made possible due to the presence of Tata Steel in the city. It wasn’t a typical 90s kind of situation (in Jamshedpur), there was diversity in thought process, and we lived ahead of our times, he says.

His next venture, Cresurge, was started in 2010, and it provided light solutions for stage events. “I started Cresurge (it means to be creatively searching ahead) with my saving of Rs 10 lakh from my previous business,” he says. The company designed and executed shows, providing the men, equipment, and technology for its clients.

While organizing the concerts, Siddhartha noticed that most professionals used imported musical instruments. Starting with 15 employees, they have now grown into an 85-member team and have a manufacturing unit in Bengaluru. The company has four exclusive stores across India, in Bengaluru, Hyderabad, Delhi, and Goa, and counts celebrities such as AR Rahman and Virat Kohli as its clients.

At the company-owned outlets, Open Mike Nights are held every Tuesday, where people can sing, play instruments, and have a great time. At a bonfire, everybody should play an instrument, and they have a good time,” says Siddharth. “The biggest chunk of sale comes from Ukuleles and guitars that cost between Rs 2,500- Rs 6,500,” says Siddharth, adding, “Most of our products are priced under $50, as impulse buying happens in this price range.

“In UK, a person buys four musical instruments in his/her life, and we plan to enter UK market soon. “As India is growing, it is important to inculcate the love for music early in life in children. And we feel Kadence is giving that much-needed push” says Siddharth, who is hopeful that the future generation of Indians will express their love for music in a better way with so many resources at their disposal.

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