Spokesperson: Vaibhav Jain(24), Founder, Tynimo
- What’s the concept behind Tynimo? What factors/conditions led to its inception?
We wanted to revolutionize the lifestyle retail segment. Our main idea was to provide high quality, well-designed daily lifestyle products at affordable prices. We started Tynimo with an intention to capitalize on the concept of Impulse buying, where people never plan to buy these products but end up buying it on the basis of what they see.
The idea to start Tynimo originated during a couple of business and leisure trips to South East Asian countries. The whole concept of fast fashion shopping is a popular concept in South East Asian markets. During our trips to these countries, I would always enjoy visits to these concept stores that offer unique, cute and offbeat products. All these products were of good quality and were reasonably priced. We found that in India there weren’t any other Indian brands catering to this segment. We decided to apply the same concept here in India. Finally we decided to build India’s own answer to all foreign brands and hence Tynimo was formed. We were always passionate about building something worthy in consumer retail and this segment was just the right opportunity.
- When was it founded, where? Please share details about the background of the founder – education, work experience?
Tynimo was founded in Aug 2018 but came legally into existence only in January 2019. There was extensive research and planning involved before the brand was formed.The founder, Vaibhav Jain S, is a BBM graduate from CMS-Jain University, Bangalore. Prior to Tynimo, he started and built another HR service company called TEAMROLL INC. The company as of today serves 2000 people on its payroll.
The chairman of Tynimo, H Suresh Jain is also the director of HANSUM INDIA ELECTRONICS PVT LTD(Regional Channel Partner – VIVO Smartphones). He has immense and diverse experience in retail and smartphone industry with many achievements and accolades in his name. D Hemanth Jain, director at Tynimo life style pvt ltd oversees the finance and operations department
- What prompted the founder to startup? Why choose the variety store segment?
The passion to revolutionize the lifestyle retail segment prompted us to start Tynimo. At Tynimo, we are targeting a wider and huge customer segment that gives us lots of opportunities to interact and serve consumers of varied demographics.
In India, people are always looking for products that are well designed, of high quality but are economical. The options are either limited or not as per desired. Hence the variety store segment is a huge market where we are focused on providing consumers with 16 categories of daily lifestyle products that are affordable but at par with bigger brands in terms of quality and design.
- What’s the story behind the brand name?
Tynimo symbolizes a tiny place that offers more. It means “tiny store, more to shop”. We wanted a name that is easy to recall and explains our concept well. Hence, we decided to coin a name by mixing 2 words. As of today, our brand is registered under 20 trademarks.
- Which market segment, target group is the lifestyle brand catering to? What are its offerings? Pricing per segment?
Most of the products at Tynimo are centric to female shoppers. We are also targeting shoppers who fall under lower and upper middle class as well as a small portion of upper class as they form the majority of our population and the gap exists in this segment.
However, we have experienced shoppers from all demographics and all classes shopping with us due to a good line up of products and pocket friendly pricing.
Our products are priced between Rs. 50 – Rs. 3500
We have 16 categories of products named: Toys, Home Décor, Bags and Wallets, Fashion Jewellery, Hair Ornaments, Footwear and Socks, Seasonal products (Sunglass, Umbrella, Caps etc), Travel Series, Personal Care, Food and Beverages (to be introduced), Indian Handicrafts, Digital and Watches, Innerwear, Office Stationery and Sports and Fitness
- Please share a market overview for the lifestyle retail segment – both for India and globally.
There is a huge market here. Being a developing country, India’s retail market is pegged to be at $1.3 trillion by 2020 and we being a lifestyle brand having 16 categories of daily needs, the opportunity is huge. Moreover, since we are an economical brand, there is a huge demand for an offering like this in Tier-2 and Tier-3 towns. There is scope for more than one brand to exist and have healthy competition. This is visible with reputed foreign brands entering India and they are followed by many lookalikes of their own.
Globally, this segment has been successful in most of the developed as well as developing nations.
- How does Tynimo stand out from its competitors? Please share an overview of the competition.
We stand out in many ways. –
Firstly, we have a dedicated zone for Indian handicrafts to promote India’s arts and crafts products. We sell them at reasonable prices so that as many people can buy and take pride in India’s beautiful and amazing art talent. The Indian handicrafts collection is designed by artists across various regions including Jaipur, Varanasi and Saharanpur. Each artistry collection represents the culture of the specific region they belong to, with raw materials used for these works specific to those regions, like Ambabari and Kadam wood carvings which are native to Rajasthan.
Apart from this, our products are better designed and economically priced in comparison to other players. We also have a dedicated gifting section where customers can select from an exclusive gifting range. Recently, we also introduced pre-loaded Tynimo gift cards that can be purchased and gifted to anyone.
- How is Tynimo bridging the gap between luxury and lifestyle retail and Indian sensibilities when it comes to pricing?
The gap in Indian market is that we are always looking for products that add value to our lifestyle but are not pocket heavy. We need more options but want it to be economical. But options are very rare or nil. Either we are forced to buy expensive brands or settle down for local products. Tynimo is filling this gap by providing high quality, beautifully designed branded products at affordable prices. We want people to upgrade their lifestyle through our brand.
- Is the brand providing an impetus to local craftsmen and artisans in nay way? Please share how.
Yes we are providing an impetus to local artisans and craftsmen. We have a dedicated section for Indian handicrafts at all our stores where we have displayed Indian handmade products curated from across the country and priced reasonably. This is helping them with an organized platform to market their products and we work with them closely by giving them market feedbacks, design requirements so that they can make products as per the need of the market. Our vision is to make Indian handicrafts a famous and mass segment in the next 2 years.
- Explain your operational model. How many outlets? How much initial investment was put in to launch the brand?
As of now we are operating 3 company owned stores in Bangalore at Mantri square mall, Malleshwaram, Commercial street and Jayanagar 4th block with 1 upcoming store at HSR layout.
The initial investment is about 10cr for the brand.
- What revenue figures are you clocking in at the moment? (Numbers and statistics always do well for the story, so request to share projections, growth in MoM or percentage if you cannot share exact revenue figures.)
Just 6 months into business, we have witnessed significant growth. We are witnessing on an average 100 walk-ins everyday per store with 70-80% conversion ratio and average ticket size is between 850Rs – 1000Rs
- How do you plan to grow the brand from here on? Future plans? Expansion?
We plan to expand through routes as below:
- Open company owned stores in major towns, cities and metros
- We have opened applications for Franchise. We are offering lucrative margins with faster payback period with amazing deals for franchise partners. Average investment required is 60Lakhs for a 1000sq.ft store and it is a good opportunity for entrepreneurs and businessmen interested in starting a new business
- We are finalizing a few key strategic deals at some important locations as a part of our major branding strategy, which will give us the next level of boost required. We have planned an approx. investment of 3-5cr only for this purpose.
- By 2020 financial year-end, we plan to have at least 50 operational stores across the country with 40-50% being in Tier 2 and Tier 03 towns and have minimum of another 50 in the pipeline.