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Sai Silks (Kalamandir) IPO Promoters
NAGAKANAKA DURGA PRASAD CHALAVADI AND JHANSI RANI CHALAVAD

Sai Silks (Kalamandir) IPO Company Details

Sai Silks (Kalamandir) is one of the largest retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit after tax in Fiscal 2019, 2020 and 2021. Through its four store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall, it offers its products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle income and value-fashion, with a variety of products across different price points, thereby catering to customers across all market segments. It leverages its store network of 46 stores as of May 31, 2022, to focus on spreading India’s vibrant culture, traditions and heritage by offering a diverse range of products which includes various types of ultra-premium and premium sarees suitable for weddings, party wear, as well as occasional and daily wear; lehengas, men’s ethnic wear, children’s ethnic wear and value fashion products comprising fusion wear and western wear for women, men and children.

The share of organized retailing in apparel has increased from 14% in Fiscal 2007 to 32% in Fiscal 2020. The evolution of the market, in its current phase, represents distinct segmentation of channels of organized retail for apparel. This phase also represents emergence of category leaders in respective groups of western (formal and casual), Indian, and athleisure.

Historically, the ethnic retail trade of sarees was dominated by unorganized players in small format stores with a very few organized players. (Source: Technopak Report) Its founders recognised the opportunity and in order to address the gap in the market, it commenced operations in 2005. Today, it offers one of the widest portfolios of saree SKUs among women’s apparel brands in India.with large retail outlets that provide customers a wide variety of options in ethnic wear across various price points.

Its business was founded by its Managing Director, Nagakanaka Durga Prasad Chalavadi a first-generation entrepreneur. It commenced operations through its first ‘Kalamandir’ store in 2005 at Hyderabad, Telangana with a store size of 3,213 square feet and have over the years expanded to 46 stores in four south Indian states, i.e., Andhra Pradesh, Telangana, Karnataka and Tamil Nadu, with an aggregate area of approximately 550,815 square feet, as of May 31, 2022. As of May 31, 2022, its average store size, calculated on the basis of its operating stores, is 12,811 square feet for its Kalamandir format stores, 3,400 square feet for our Mandir format stores, 5,972 square feet for its VaraMahalakshmi format stores and 18,700 square feet for our KLM Fashion Mall format stores.

For more information, click www.sskl.co.in

Objects of the IPO
The Company proposes to utilise the Net Proceeds towards funding the following objects:
1. Funding capital expenditure towards setting-up of 25 new stores
2. Funding capital expenditure towards setting-up of two warehouses;
3. Funding working capital requirements of the Company;
4. Repayment or pre-payment, in full or part, of certain borrowings availed by the Company

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Sai Silks (Kalamandir) IPO GMP