Symphony Success Story: Air cooler maker Company

Symphony Success Story: A business that initially grew very fast but gradually the company. Due to some wrong decisions of the owner, the company went bankrupt. So after that, no one would expect that company to stand in the market again.

But this seemingly impossible feat was accomplished by the Symphony company which has a monopoly in the cooler makers category. Let’s see how. What business tricks did he adopt that once again became Hero in the company market which had reached zero.

Symphony’s owner Achal Bakeri started the symphony in 1988 with a very budgeted amount.

In the very first summer, the symphony had sold its entire lot. Moreover, just 6 years after its inception i.e. in 1994, this company came on the list of the Bombay stock exchange.

Bankrupt Symphony

But then there were some mistakes in some decisions and their execution and in 2001 the company went bankrupt. Actually, the symphony was doing very good business not only in the country but also internationally.

But Bakeri, the owner of the symphony, felt that coolers are just a seasonal product. That’s why they should start selling more things to dominate the market throughout the year.

And what was it then, the symphony also started making washing machines, AC, Exhaust fans etc.

But this strategy of symphony did not bring profit for them but loss and the company had to bear the loss. Too it took a decade to rebuild the symphony due to so much damage.

But it is said that “the fruit of hard work may not be available in a day but it is definitely available one day.”

Bakari’s hard work also paid off and the company started making its place back in the market. And this time more strongly.

Today Symphony is the largest manufacturer of air coolers in the world. It has 419 trademarks, 82 registered designs, 20 copyrights, and 51 patents.

Now the question comes that after all, did symphony do such a thing that after a decade of bankruptcy, it established its monopoly in the market.

So there was only one funda of symphony behind this that brother keeps making innovations. He made tabletop coolers for the use of a single person. Apart from this, he also innovated the cooler which can be controlled from the app.

At the time of the Pandemic, he diversified the business using an omnichannel approach. Also collaborated with Disney to launch cooler for kids.

This means age group no matter what, the symphony tried to create something different for everyone. And this effort of his also paid off.

Apart from this, he also expanded the scope of his business by taking over a Japanese and a Chinese company.

So this was the story of Symphony becoming the world’s largest cooler-making company by bouncing back again after going bankrupt.