From No Money For Shoes To Rs 18 Crore Turnover, How Debashish Majumder Turned His Fortune

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Curated By: Business Desk

Last Updated: September 08, 2023, 17:03 IST

After COVID-19, Majumder opened 55 stores in 12 months.

After COVID-19, Majumder opened 55 stores in 12 months.

Debashish Majumder started an outlet named Momomia at GS Road, Guwahati by borrowing Rs 3.5 lakh with 10 per cent interest from a private lender.

It is believed that one cannot attain success without hard work and challenges along the way. After all, these obstacles are responsible for shaping us and preparing us for the future. And for those who believe in second chances, Debashish Majumder’s inspiring story will make you hold on strong to that belief. From working as a banker, losing Rs 8 lakh to a venture to building a brand, Debashish is a true entrepreneur and in his case, a true food entrepreneur.

Debashish Majumder currently has a turnover of Rs 18 crore with his momo venture. But there was a time when he could not afford his mother’s surgery or buy a new pair of shoes for his wife. Throughout his journey, the entrepreneur believed in his grandfather’s saying, “Do something to make a name for yourself. It is not the money that people remember but the name you create for yourself and the number of lives you touched.”

Born into a middle-class Bengali family, he was told to either be a banker, engineer or doctor, so he became a banker. He got his first job as an office assistant in a Guwahati-based company which offered him a salary of Rs 1,800. Gradually, due to his outstanding performance, he kept gaining ranks and he finally had a job of Rs 1 lakh package.

Majumder decided to invest in an ice cream shop venture which faced a severe loss of about Rs 8 lakh. Within a year, he had to shut the shop. One day, he visited a momo-outlet in Guwahati and did not like the taste and quality of the food. It sparked an idea in him. According to him, momos are the speciality of the North-east India. And if a non-north eastern brand can sell momos in Guwahati, then he can definitely up the level and give tough competition by serving tasty momos.

His wife and mother supported him as he took a second shot at opening a business venture after he quit his bank job. He started an outlet named Momomia at GS Road, Guwahati by borrowing Rs 3.5 lakh with 10 per cent interest from a private lender. The initial years were a period of struggle and he had to convince his lender to let Debashish pay him back on a daily basis instead of a monthly basis.

The entrepreneur used to give him Rs 300, Rs 400 or Rs 600 out of the monthly Rs 35,000 EMI. However, after the COVID-19 pandemic, the business kicked off pretty well and he was soon able to open 55 stores in a span of 12 months. In the financial year 2021 and 2022, he registered a turnover of Rs 18 crore.

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