Lalit Mohan Mathur
Founded in 2005
Manufacturer, supplier, and exporter
of insulated heating equipment.
© Wadhwani Foundation
WHITE
LOCAL
MANUFACTURI
NG
INTERNATIONA
L
STANDARDS
Wipe Hotwire India Thermal Equipments (WHITE) is a manufacturer,
supplier, and exporter of insulated heating wires, cables, mats, and
equipment. It was started by a retired 60 year old, whose initial loan
application was declined by banks. WHITE, today, represents an
entrepreneurial resolve to swim against the current, to make specialty
products and be rewarded in return. They started with supplies to New
Zealand and then expanded operations to Hong Kong, Australia, UK, and
Europe over a period of time.
EXPORTS TO OVER 10 COUNTRIES
EXPANSION PLAN TO 10 MILLION METER/YEAR
INTERNATIONAL QUALITY PRODUCTS AT COMPETITIVE PRICES
2 PRODUCTION UNITS, 100-PEOPLE WORKFORCE
© Wadhwani Foundation
LALIT MOHAN MATHUR
60 YEAR-OLD
SCRIPTS A STARTUP
Lalit, holds an engineering degree from the
University of Baroda and is an alumnus of
Jamnalal Bajaj Institute of Management
Studies. He has worked with KELTRON and
Uptron, in their R&D department. During his
travels abroad, Lalit saw a niche market for
high performance specialty wires and cables
which he thought could be designed and
supplied from India. Post retirement in 2005,
he formed a startup to tap into it.
© Wadhwani Foundation
To estimate the downside risk and set a limit
to what you are willing to lose in order to start a venture.
Estimating what is affordable does not depend on the venture
but on the person - your personal mindset and circumstances.
© Wadhwani Foundation
AFFORDABLE LOSS
Invest only what you can afford to lose.
© Wadhwani Foundation
2
INVESTMENT
Lakhs
AFFORDABLE LOSS
Lalit started out with Rs 2 lakhs ($ 3000)
from his personal savings, to buy raw
materials and machines. This was an amount
he was willing to risk losing even if the
business didn’t take off after the first order.
However, WHITE quickly bagged a kitty of
orders and applied for a loan, which was
rejected by the banks, because the
company’s founder was 60 years old. Banks
thought of it as a risky investment. Later, two
of Lalit’s friends invested around Rs 12 lakhs
in the company and became his partners.
© Wadhwani Foundation
FOCUS ON DOWNSIDE RISK
Focus on the possibility of loss - DOWNSIDE
rather than on the prediction of gain - UPSIDE
© Wadhwani Foundation
FIRST ORDER
Lalit’s last assignment before retiring, was
R&D for a company that made specialty wires.
He met an importer in New Zealand who had
some issues with the under floor heating
cables he was buying. After retiring in 2005,
Lalit contacted the importer and sent him
improvised trial samples. He was impressed
with the samples and price, and wanted to
switch business to Lalit. That spurred him on
to form WHITE.
© Wadhwani Foundation
“During my travels abroad, while in active service as
a designer, I saw a niche market for high performance
specialty wires and cables which I thought we could design
and supply from India. After retirement, I started modestly
with a sum of Rs 2 lakhs from my personal savings.”
LALIT MOHAN MATHUR
© Wadhwani Foundation
#Effectuation