THE POWER ECONOMY
by Nivedita Mukherjee · India Today, 10 December 2008
Not many would notice the cable guy who comes to fix the connection just when the cricket match is perched at its climax. Let alone believe that he could emerge as the game changer of the inverter industry, a pioneer who would set new benchmarks for the sector, an entrepreneur who would generate a Rs 430-crore annual turnover from virtually nothing, even with no formal education in management or technical expertise. But when you are Kunwer Sachdev, sport a “can do” attitude, and are audacious enough to take risks, even the most exaggerated dreams come through for you.
He is the man who lit up millions of homes in the country during the incessant power shortages and went on to become one of the biggest inverter manufacturers in India since he launched his company Su-Kam in 1998. Son of a section officer in the Indian Railways, Sachdev admits that entrepreneurship was always on his mind. “Throughout college, that is all I thought of. I do look back and wonder whether it was I who did all that. But if you want to grow, you can’t afford to stagnate, even if your ideas end up in failure initially,” he says. Sachdev should know all about failure. He first tried to join his brother in the business of selling pens but they soon fell out, and his next career move, as a sales executive in a cable company, was equally short-lived. He then started a business manufacturing cable equipment but with no technical skills, it was never going to work.
Undeterred, he switched focus, sensing a chance to improvise on the locally purchased inverter he had installed at home which could never keep pace with long and frequent power cuts. Failing to convince banks about the commercial viability of the venture, he went full swing into the production of inverters using his personal savings. The initial response would have turned most people off: the first 100 pieces were returned by buyers because of glitches. He hired engineers with proven experience in technological innovation, even though he was running dangerously low on funds. “It was the only choice if my desire to create a brand was to succeed,” says the maths graduate from Delhi’s Hindu College.
The gamble paid off, big time. Today Su-Kam has four state-of-the-art production facilities, including a Rs 100-crore plant at Baddi in Himachal Pradesh which produces 5,000 batteries a day. “The units are equipped with sophisticated assembly lines and backed by integrated in-house component manufacturing facilities and R&D centres,” Sachdev points out. Su-Kam is now a leading player in the inverter space which boasts of a 20 per cent equity stake from Reliance India Power Fund, a private equity fund sponsored jointly by the Anil Dhirubhai Ambani Group and the Singapore-based Temasek Holdings.
Sachdev’s success story doesn’t end here. Having made its presence felt in over 50 countries through product innovation, design sensibility and sales distribution network, Su-Kam Power Systems Limited has a Rs 250-crore expansion plan during the next fiscal year. “On the cards are more sophisticated areas of inverter application like aircraft, boats, golf carts and battery-operated gadgets,” says Sachdev from his Gurgaon office.
Though an introvert, Sachdev doesn’t mind shaking a leg in parties with his peers. He may drive a Toyota Corolla, but for Sachdev, wealth creation lies not just in the coffers he likes to fill but in the energy of his team which he drives with equal passion. His associates vouch for his ability to motivate people. “I believe in giving the requisite independence to people to take decisions in their respective spheres and grow professionally,” is Sachdev’s mantra. They are an intrinsic part of what, he considers, will literally power his future growth.
— by Nivedita Mukherjee
Original publication: The Power Economy, by Nivedita Mukherjee, India Today magazine, 10 December 2008 issue. Publisher: Living Media India Limited (India Today Group).
Photo: Bandeep Singh / India Today Group, 2008. Official India Today Group photo archive: India Content — Kunwer Sachdev, Image ID 797648.
Footnote: This is the photograph in question — and the India Today Group’s archive today sells it at ₹8,000–₹20,000 per image (plus 18% tax). A hefty price tag on a founder’s own memories, and a measure of how iconic this story has become. See the listing →
Disclaimer: While Mr. Kunwer Sachdev founded Su-Kam Power Systems, he is no longer associated with the company as of 2019. Any information regarding his involvement in the company’s operations, strategies, or future plans reflects his tenure prior to that date and should be considered in the context of his past contributions, not his current association.
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References & Further Reading: MNRE — Ministry of New & Renewable Energy · Business Standard: Su-Kam Coverage · Invest India: Renewable Energy