In this episode of Entrepreneur Lounge of India (ELI), we speak with Vikram Marwaha, Joint Managing Director of DRRK Foods, the makers of Crown Rice. Vikram shares the fascinating history of their family business, tracing back four generations in the rice industry. We delve into the evolving challenges of rice production and export, from pesticide concerns to global logistics. Discover the unique nuances of running a family business and gain insights into DRRK Foods' strategy for navigating competition and the booming Indian basmati market.Chapters with Timestamps:0:00 - Introduction to Entrepreneur Lounge of India (ELI)0:03 - Guest Introduction: Vikram Marwaha, JMD of DRRK Foods (Crown Rice)0:30 - Vikram Marwaha's Greetings and Background0:51 - DRRK Foods: Company History and Family Legacy (Four Generations)1:18 - Core Business Values: Honesty and Integrity2:21 - Becoming a Private Limited Company and Corporate Governance3:09 - Evolving Challenges in the Rice Industry: Pesticides4:33 - Challenges in Manpower and Global Logistics6:03 - Vikram's Entrepreneurial Journey Begins (2003)6:25 - Early Roles: Managing Production and Dispatch7:48 - Transitioning to Sales and Facing New Challenges8:53 - Evaluating Business Partners: Trust and Long-Term Vision9:12 - The Importance of Traveling with Potential Partners10:07 - Topic Shift: Export and Logistics Challenges10:30 - Impact of Tariffs and Global Trade on Exports11:30 - Basmati Rice Tariffs and Market Price Adjustments13:09 - Current State of Ocean Freight Logistics13:35 - Topic Shift: Competition in the Rice Market14:05 - DRRK Foods' Approach: Knowing the Customer (KYC)14:38 - Consistency in Quality and Consumer Loyalty15:30 - Understanding Diverse Consumer Needs16:11 - Product Diversification: Price Ranges and Specialty Rice (Diet Rice)17:51 - Maintaining Quality and Fostering Loyalty for Growth18:18 - Topic Shift: Booming Domestic Market for Basmati Rice18:56 - Shifting Consumption Patterns in India19:18 - Rice Varieties Across India19:35 - Basmati: The Queen of Rice19:56 - Impact of COVID-19 on Basmati Consumption at Home21:00 - Growing Demand for Basmati in Southern India and Interiors21:54 - Health Benefits and Characteristics of Basmati Rice22:31 - Tremendous Growth in the Indian Basmati Market22:53 - DRRK Foods' Expansion Plans: New Facility in Madhya Pradesh23:26 - Growing Basmati Cultivation in New Regions (Hybrid Seeds)24:07 - Topic Shift: Innovation in DRRK Foods' Portfolio24:18 - Plans for Ready-to-Cook/Eat Rice (Frozen Division)24:32 - Innovating with Rice Crackers from Broken Rice25:11 - Adding Value through Snacks and Frozen Foods25:31 - Topic Shift: Government Support and Regulations in Agriculture25:58 - Vikram's Respect for Farmers26:38 - Farmers' Hardships and the Need for Continued Support27:28 - Impact of Government Initiatives and Technology in Farming28:00 - Positive Changes in Northern States vs. Challenges in Other Regions (Farmer Suicides)30:44 - Topic Shift: Nuances of Running a Family Business vs. a Corporate31:10 - Differences in Decision-Making Processes (Partnership vs. Corporate)31:45 - Maintaining Family Values While Operating as a Corporate32:22 - Addressing Differing Viewpoints and Reaching Common Ground32:45 - Balancing Past Experiences with Future Predictions33:15 - Empowering Professionals Within the Family Business34:03 - The Importance of Professional Voice in Family-Oriented Companies34:19 - Closure of the Session and Thank You