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Agrawal was born in a modest family in Kolkata. At the age of 4, he was struck by polio, which left the lower half of his body paralysed. Walking became impossible, and he had to rely on crutches. But he never gave up.
He completed his studies and tried a few jobs but later realised that he was not made for working under someone else. With borrowed money and opened a small photocopy shop.
He ran the photocopy business for a year but did not find satisfaction. He then tried selling soft drinks, but profits were minimal. Finally, he entered the apparel business with a small in Kolkata. He continued with it for 15 years.
Still, his heart longed for something bigger.
He moved to Delhi and in 2001-02, launched Vishal Mega Mart – a supermarket concept designed for India’s middle and lower-middle class. His idea was quality goods at affordable prices, even clothing and groceries for just Rs 99.
The business boomed with 645 stores across 414 cities, 2,50,000 sq. ft. of retail space and five factories powering the supply chain.
By 2007, the company launched an IPO worth Rs 2000 crore. And this is how, Vishal Mega Mart entered the stock market with a bang. But the success came with a cost.
In a rush to grow faster, Agrawal made several wrong decisions. Stores and factories were opened without proper evaluation, pushing the company deep into debt.
Then came the 2008 global financial slump, and Vishal Mega Mart could not withstand the shock. Its debt piled up to a staggering Rs 750 crore.
By 2011, the company was sinking. Cash dried up, and it became impossible to pay lenders or vendors. To save the business, Agrawal was forced to sell it. A company once valued at Rs 1,100 crore was sold for just Rs 70 crore to Shriram Group and TPG Capital. Later, in 2018, Kedaara Capital and Partners Group acquired it for Rs 350 million.
Despite the loss, Agrawal was not done. His passion for retail never faded. With the remaining funds and a Rs 10 crore loan, he launched a new venture – V2 Mart, a new-age value retail chain.
From living on crutches to building two retail giants, Ram Chandra Agrawal’s journey is a masterclass in resilience, vision and courage. He did not just dream big; he dared to fail and start over.
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