Pandemic-induced job losses triggered onboarding: MD
Direct selling firm Modicare on Friday said it has been onboarding nearly two lakh consultants every month as people are turning to direct selling after losing their jobs amid the pandemic.
“During COVID many people lost jobs overnight, for them direct selling became an option. And they could do it from home as well, without stepping out,” said Samir Modi, founder & MD, Modicare Ltd.
“Currently have a base of 53 lakh consultants with two lakh new consultants joining every month,” Mr. Modi said. He added that men and women accounted for 50% each of the consultant base, with 30% consultants in the age group of 21-29 years, 50% aged from 30-49, and the remaining above 50 years. Mr. Modi added that the company had been growing at CAGR of 65% and expected to garner revenues of about ₹2,100 crore this year.
“Five years, ago we were at ₹96 crore. This growth has been driven by new product offerings. Even during the pandemic, we unveiled 150 new products across categories like oil, ghee, masalas, tea and coffee,” he said.
U.K. market entry
Mr. Modi further said the company was looking at entering the U.K. market with cosmetics and wellness segment products and would be investing ₹60 crore on it.
“We will expand the product line in the U.K. We need to get UK FDA registration and EU FDA registration and that takes a long time,” the MD said. “Hence, launching with limited categories,” he added. The company also announced its foray into consumer durables last month with air purifiers.
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