Protium’s Machinery loan helped Balaji Super Spandex increase their production capacity by 50%
Overview
- Company Name: Balaji Super Spandex
- Business owner names: Vivek Agarwal
- Commenced Operations in: 2007
- Location: Bangalore
- Sector: Manufacturing
- Industry: Garment Accessories (Narrow Fabric and labels including woven elastic, knitted elastic, heat transfer labels, printed labels, etc)
- Initial Investment: Self-funded
- Protium Customer Since: 2022
Background of the Company
Balaji Super Spandex was, founded in 2007, in Bangalore by Vivek Agarwal, has become a leading manufacturer specialising in narrow woven elastics and labels. The company manufactures high-quality garment accessories, specialising in narrow woven elastics and labels. Holding the Oeko-Tex Standard 100 certification, it provides customised solutions to its clientele that include well-known branches across apparel, orthopaedic, electronics, and automotive sectors.
Business History and Expansion
Over time, the company witnessed a substantial increase in demand for its certified products, particularly from repeat customers. To fulfil these orders, additional machinery was required that would ensure their long-standing clients do not go to other suppliers.
One of the solutions for this was to procure funding. When this process was initiated, Mr Agarwal realised that traditional financial institutions take a long time to evaluate and respond, denying them the ability to fulfil more orders. This was when a Protium representative approached the business owner with our Machinery loan product. After carefully considering the details of the loan, including transparent pricing, terms, etc, Balaji Super Spandex went ahead with their application and procured funding.
| Challenges | Solutions | Result |
| New Machinery | Protium’s Machinery Loan enabled the purchase of new equipment. | 1. Balaji preserved its capital expense towards the machinery. 2. The new machinery helped in boosting overall production capacity by over 50% and nearly doubled their turnover |
| Processes of traditional Lenders | Protium processes loan applications with minimum documentation. With the help of its proprietary credit underwriting platform, this fast-tracks the loan approval and disbursal time as compared to traditional lenders | Boost in the value of contracts from ₹5-6L to ₹12-30L and enabling larger contracts. |
Quote from the Founder
“In manufacturing, timely fulfilment of orders is crucial, and this sometimes leads to loss of customers. For us, this situation was handled with Protium’s financial support. Protium’s team genuinely understood our business needs and provided us with Machinery loan. With this help, we got new machinery to fulfil our growing customer demands in time and increase our overall capacity by 50%.
Protium’s loan process was quite easy and had transparent pricing. That’s why we’ve come back to them more than once. For any MSME looking to grow, having a lender like Protium in your corner makes a big difference.”
— Vivek Agarwal, Founder, Balaji Super Spandex