Indian Cricket Team Captian MS Dhoni backed startup makes a revenue of $2.5Million in the first three months of operation. This update has been confirmed by a top executive from Seven.
Seven is part of Rhiti Group, and Dhoni owns the footwear part of it, while apparels and accessories are owned by Rhiti Group Chairman, Arun Pandey.
Arun Pandey said the company is targeting a turnover of $10 million in the domestic market and $3-4 million from international markets by the end of this fiscal. Out of the $2.5 million revenue, 56% constitute from the footwear and the rest from apparel and accessories combined.
“Today’s generation has begun to embrace a much more active and health-conscious lifestyle. Seven addresses the value gap in the market,” said Dhoni to ET when asked about Seven.
Pandey said they will be investing in setting up company-owned retail stores across key metro markets by the end of this year besides investing in innovative designs and technology in their product line-up. The company has set up a network of distributors and retail points on offline as well as online platforms and is now readying to hit international markets over the next two months.
“We have sold our first consignment to a handful of international markets including the Middle East, Africa and few countries in South East Asia. The response has been excellent and we’re now gearing up for a formal launch in these markets, including Australia,” said Pandey.
Dhoni is the brand ambassador for Seven and his millions of fans are helping him make Seven popular. His social media followers only add upto more than 18 million. His is not the only cricketer to invest in a startup. Recently Virat Kohli invested in kids fitness startup Stepathlon Kids.
Pre-startup buzz celebrities were investing in businesses like restaurants and real estate. Technology awareness and stories of highest amount of returns, has diverted this investment into the startup ecosystem.