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Meet Paresh Davdra, who built "billion-pound business" with only £34,000

Meet Paresh Davdra, who built "billion-pound business" with only £34,000
19 Oct 2017
  • Today Paresh Davdra is the Co-founder/CEO of London-based RationalFX, which generated over £1bn ($1.3bn) revenue last year.
  • When Davdra arrived in UK after his family was forced to flee Uganda, under Idi Amin's dictatorship in 1972, little would he have imagined that he would establish a billion-pound business.
  • He came a long way from an immigrant working in a mobile-shop to a successful entrepreneur.

  • Idi Amin orderd Asians to leave Uganda within 90 days
    Early Days
  • In 1972 Paresh's family fled to UK with £50 in hand, leaving behind everything in Uganda.
  • His father worked as a clerk and later secured a job as financial controller at a forex broker.
  • At 16, Paresh held jobs in telesales and mobile-phone shops. He studied marketing and computer science at Middlesex University.
  • In 2003, he joined his father's firm as a forex dealer.

  • Davdra resigned from job to set up a business
    Business Idea
  • While working as a forex dealer, Paresh met Indian-born IT Manager Rajesh Agarwal at the firm.
  • They both quit their jobs soon as they wanted to establish a company for supporting the currency needs of those buying properties abroad.
  • They started running a small firm manually but wanted to offer the services online, on a larger scale but had no money.

  • The duo built RationalFX with only £34,000
    RationalFX
  • Paresh and Rajesh somehow gathered £34,000 and launched forex brokerage RationalFX in 2005.
  • They soon understood how "terrifying" business could be.
  • They struggled a lot to sign up clients and real estate agents, but their big breakthrough came when some agents selling Dubai properties came on board.
  • After two years, RationalFX was hit by a massive financial crisis; however, it managed to survive.

  • RationalFX weathered the storm; changed Davdra's young mindset
    FACT
    Davdra said: "The business was doing great guns, and I was well on my way to being rich. It wasn't really about building a business that comes with time and maturity. But the crash brought that along. It was a good learning curve."

    Xendpay, an online money transfer service with low remittance costs
    A Second Company
  • Today, RationalFX is a successful company with clients ranging from high-net-worth people to medium-sized enterprises.
  • It reported £1.3bn revenue in 2016 and £1.1bn in 2015.
  • Paresh and Rajesh later started an offshoot company, Xendpay, aimed at those sending smaller amounts of money to family overseas with a very low transaction commission.
  • Xendpay isn't yet profitable. Davdra expects the business to break even in 2018.

  • Our brands are still growing and are quite young: Paresh
    Businesses
  • In 2016, Rajesh Agarwal left RationalFX after being appointed London's Deputy Mayor for Business.
  • He remains a non-executive director and owns 70% of the company while Paresh holds the rest.
  • Davdra says he doesn't want to sell RationalFX as of now though he gets at least two such offers a day.
  • RationalFX and Xendpay are headquartered at London's Canary Wharf with 110 employees.

  • We're working class, a humble Paresh Davdra said
    FACT
    Though he now owns a billion-pound business, Paresh Davdra "has his feet firmly on the ground." He says: "I think we're pretty humble. We're working class, and we just do normal stuff. It's the way we've been brought up."



    This post first appeared on NewsBytes: Latest News, Breaking News India, Today News, Current News, please read the originial post: here

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