Leaders

“Age doesn’t matter if you have true grit’. Proving the statement to be quite true, Simran Parekh has astonished the world as she emerged as a promising business leader ready to explore the world. Being a part of her family business, Simran was quite clear about her decision to work at Parekh Textiles right after completing her education. A far-sighted woman, Simran was aware of the challenges she had to endure and the struggles she had to face as an industry leader. Well-equipped with her expertise, which she garnered via her internship tenures with some elite organizations, as well as the guidance she received from her father, Simran is spearheading the financial division and shaping the group’s future. Being a woman, who is not often encouraged or expected to join the family business, Simran has made it quite obvious that she has different priorities. Currently pursuing a family business management course at ISB, Simran quotes, “Financial literacy and professionalism in a family business are essential if one is aiming for exponential growth”.

Women can not only be a part of the family business, but also play an integral part to lead it to greater heights, Simran stands as an exemplary phenomenon for all girls. Simran engages in an exclusive interaction with the Women Entrepreneur magazine.

Give us a brief overview of Parekh Textiles and how is it currently positioned in the industry?

Parekh Textiles is a family-run business that was started by my grandfather in 1970s. Cotton Waste is the by-product or scrap that is produced by ring frame spinning mills while processing cotton to make yarn, which is in-turn used by other industries and spinning mills as a part of their raw material consumption. We are one of India’s largest Cotton and Cotton Waste Trader with a current annual turnover of Rs. 400 crore. In the year 2021, India produces 365 lakh cotton bales. Approximately of the cotton bales consumed, cotton waste is 49 lakh tons. We have traded-in 49,000 tons of cotton waste as on 31^st January 2022, which is one percent of the country’s cotton waste.

Give a glimpse of your journey till now. Share your current roles and responsibilities within the company and the challenges you have encountered so far?

I have been working in my family business since my 10th grade. While completing my degree in finance from NMIMS, Mumbai, I started interning with various renowned conglomerates to acquire the required expertise as an emerging finance leader and hone my professional skills. In this period of three years, I learned to work at a ground level and understood the functioning of big and small businesses, as well as the thought process of these business leaders. All these experiences I have acquired in my journey so far have played a prolific role in shaping me.

As a CFO as well as the owner of the business, I have to deal with multiple aspects of business in my company including finance and other operational functionalities. The Indian economy is dynamic and growing exponentially, and the opportunities are limitless, which have kept all businessmen and women on their toes. Since finance has play a proactive role in this dynamic situations, liquidity, ROI and regulatory obligations are of utmost importance. Our industry is very unorganized and the prices are quite volatile in this segment. To ensure profitable turnovers, seizing the right opportunities is a challenge we face every day.

“To become successful, we need to get every step right; but to fail, only one misstep is enough”

What has been the driving force behind all of this success that you’ve achieved at such a young age? What is your success mantra?

Mentored by my father, I was always interested to venture into our family business. Even at our home, business and finance formed a part of our dining table conversations. I and my siblings were always encouraged to talk about business, finance, higher goals, ambitions, and so on. So, all these experiences molded me into the person I am today. As a business owner, I believe we are not only taking care of our employees, but also their families. Leadership with empathy and integrity has been imbedded in the very fabric of our company.

What advice would you give to the young women who aspire to follow in your footsteps?

‘To become successful, we need to get every step right; but to fail, only one misstep is enough’. It is very important that you work towards your goals every day. Incremental growth and consistency are key. Analyze people around you and stay away from people that drain your energy, surround yourself with people better than you. Most importantly get a Mentor..

Simran Parekh, CFO, Parekh Textiles

An alumnus of SVKM’s Narsee Monee Institute of Management Studies (NMIMS), Simran holds a degree in BBA and Financial Management Services. Having joined her family business, Simran is currently pursuing PGP MFAB from ISB.