( Cox School of Business,Southern Methodist University -MBA ; Indian Institute of Technology Roorkee)
|Rank in India
Rank in World
|Reverse Logistics Company Pvt. Ltd.|
|Number of Employee|
|New Delhi, India
GreenDust is India’s premier online shopping site that offers customers and bulk buyers option to purchase unused, branded factory seconds, surplus, overstock, and refurbished products at the lowest prices – guaranteed. GreenDust is a brand by Reverse Logistics Company Private Limited (RLC) that is essentially a comprehensive reverse supply chain company. GreenDust was launched by Reverse Logistics Company Pvt. Ltd.
After graduating in software engineering from IIT Roorkie in 1990, Hitendra Chaturvedi made his way to the US to pursue an MBA from SMU Cox School in Dallas, Texas, a year later. He spent the next 16 years job-hopping around the country working for Ernst & Young, AT Kearney and Newgistics. It was during his two-year stint at Newgistics, a Texas-based reverse logistics company, in 2000, that he first learnt the ropes of the concept. In 2006, while he was working with Microsoft, he was sent back to India as an expatriate to head their OEM division in India. This gave him an opportunity to do his homework on the reverse logistics vertical at home.
To his surprise, companies knew little and cared even less about waste management and the benefits of this green initiative. In India, the rate of return for slightly defective products is 4%, which makes this industry an estimated $15-16 billion (Rs 74,287 crore-79,226 crore) opportunity. So, around April-May 2008 he quit Microsoft and decided to explore this untapped territory. He founded Reverse Logistics Co. (RLC) in Delhi in October 2008, no one had a clue about what his work entailed.
After 16 years in the US, he had no idea about how to start a company in India. he lost count of the number of times he ran from pillar to post to get his documents in order. Nonetheless, five months later, armed with a seed capital of Rs 1.2 crore-half of which came off my savings while Mumbai Angels funded the balance-RLC got off the ground.
He started with an 800 sq ft warehouse in Mumbai and a team of six people. Then the battle to woo clients began. In November 2008, they bagged their first client, Future Bazaar. Thereafter, original equipment manufacturers (OEMs) and e-commerce websites such as Philips and Croma came on board.
The challenge was to create a channel for the products that are returned annually, sell them for 25-30% off the current market price, and still leave a decent earning margin. He kept his business model simple: Take the rejected/defective/unsold/returned products from the OEMs, refurbish them, provide a year’s warranty from our side, and finally sell them as factory seconds through our brand, Greendust.