In 2025, popular comedian Biswa Kalyan Rath, during one of his live shows, roasted a well-known electronics retail chain in India. He made fun of the company’s name and its customers, which left the audience laughing uncontrollably. The show ended, but the impact didn’t stop there. Clips from the performance were soon uploaded as reels on the internet and quickly went viral. A brand that usually didn’t attract much public attention suddenly became the talk of the town.
Meanwhile, things were unfolding inside the company as well. News of the roast eventually reached the top management. According to reports, a senior employee walked straight into the CEO’s cabin and informed him that the company was being publicly mocked online and people were laughing at them. Instead of immediately rushing to file a defamation case, the company’s owner chose a completely different approach.
The management calmly reviewed Biswa Kalyan Rath’s roast video. As they watched it closely, they realized something unexpected—what the internet was treating as criticism was actually highlighting one of their brand’s biggest strengths. Rather than reacting defensively, the company decided to turn the situation into an opportunity. Instead of sending legal notices or complaints, they directly reached out to Biswa Kalyan Rath and collaborated with him to create an advertisement.
This strategic move completely changed the narrative. What started as a roast quickly turned into a powerful marketing campaign, which went massively viral and made the brand trend across social media platforms.
The company in question was none other than the well-known electronics retail chain Vijay Sales.
With over 167 large stores across India, this company, started by a small trader, is now directly competing with giants like Reliance Digital and Croma.
In this story, we will explore how the television boom, especially the rise of colour TVs, turned Vijay Sales into a multi-crore retail chain. We will also discuss the idea that came to its founder, Nanu Gupta, which helped the brand scale rapidly and “take off” in the Indian electronics market.
The success journey of Vijay Sales is not just about growth—it’s also about smart marketing strategies that helped it stand out in a highly competitive industry. Interestingly, we will also look at how the company identified opportunities even during the 2008 economic slowdown and turned challenges into expansion plans.
This article covers the complete success story of Vijay Sales, including a major business decision taken in pursuit of profit that initially backfired on the company. However, instead of focusing on the loss, Nanu Gupta looked at the bigger picture—and that decision eventually proved to be beneficial in the long run.
Hold your seat for this story, because this article is about a businessman from Haryana (India) who came to Mumbai and went on to build a $1.56 billion USD company—known today as Vijay Sales.
From very humble beginnings to becoming one of India’s most trusted electronics retail chains, this journey is nothing short of extraordinary. What started as a small trading effort slowly transformed into a massive retail empire that now competes with industry giants across the country.
Vijay Sales didn’t grow overnight. It was built through decades of consistent effort, smart business decisions, and a deep understanding of consumer demand. Today, it stands as a powerful example of how vision, timing, and execution can turn a small business into a global-scale success story.
The Beginning of Nanu Gupta’s Journey (1942)
This story begins in 1942 in Haryana, which was then part of Punjab. In a humble farming family, a boy was born and named Nanu Gupta.
Born into modest circumstances, Nanu grew up in an environment where resources were limited, but values like hard work and determination were deeply rooted. Little did anyone know that this boy from a small village would one day go on to build a billion-dollar retail empire in India.
From Struggle to Learning the Market (1947–1954)
The Gupta family’s financial condition was far from stable, and they were struggling to make ends meet. After India gained independence in 1947, the country slowly began to change, opening new opportunities for growth and migration.
In 1954, in search of a better life and stable income, the Gupta family moved to Mumbai, which was then known as Bombay. However, life did not immediately improve after the move. The early years were filled with challenges and uncertainty.
During this period, Nanu Gupta began working as a distributor for Usha International, a well-known domestic company at the time that manufactured sewing machines and fans. Although the brand sounded international, it was primarily an Indian company serving the domestic market.
While working there, Nanu Gupta gained deep, ground-level experience in sales and developed a strong understanding of Indian consumer psychology. In those days, there was no concept of market research, data analytics, or digital targeting. Sales was purely about personal trust and persuasion.
The market itself was extremely challenging. India had a closed economy, strict import restrictions, and a severe shortage of consumer goods. In such a scenario, even basic household appliances were considered long-term investments for families.
For any company to succeed, earning customer trust was more important than anything else. Through his work experience, Nanu Gupta gradually learned these core business principles, which later became the foundation of his entrepreneurial journey.
The First Business and Birth of Vijay Sales (1967–1976)
After working for several years, Nanu Gupta decided to start his own business. However, he was facing severe financial constraints. To begin with, he borrowed around ₹2,000 from relatives and friends.
With this small amount, he rented a tiny shop in the Mahim area of Bombay (now Mumbai). In 1967, at just 25 years of age, he officially started his own venture.
The shop was named after his younger brother, Vijay, and was called “Vijay Television Store.” Interestingly, despite having the word “television” in the name, the shop initially did not sell a single TV. At that time, the television market in India was almost non-existent, and many people had never even seen a television.
So, what did he sell instead? Nanu Gupta focused on products that were already in demand and that he understood well—sewing machines, radios, and electric fans. His ability to connect with customers and build trust helped the small store perform steadily.
By 1972, he expanded into selling black-and-white televisions, which marked a major turning point for the business. With the growing demand for TVs, the business began to scale more rapidly.
In 1976, Nanu Gupta officially registered the single store as a company. Later, the name was shortened and rebranded as Vijay Sales, marking the beginning of a structured retail journey that would eventually grow into a major electronics chain in India.
The Real Competitive Edge Behind Vijay Sales’ Growth
Now the big question arises—when there were already many electronics stores in the market, why did only Vijay Sales grow into a multi-thousand crore company?
The answer lies in Nanu Gupta’s unique way of running the business. He built a strong competitive advantage (moat strategy) that helped the company sustain its market share and survive intense competition, even when bigger players existed.
In simple terms, a “moat” means having something so strong and unique that competitors find it difficult to replace or match it.
During the 1970s and 1980s, buying electronic products was a major financial decision for middle-class families in India. Trust in brands was low, and after-sales service was either poor or completely absent.
Nanu Gupta identified this gap as an opportunity. He understood that customers didn’t just want electronics—they wanted assurance and reliability, especially the guarantee that if a product failed, someone would actually fix it.
To solve this, he introduced a highly efficient service model. Even without computers or digital systems, Vijay Sales maintained detailed customer records using a manual card system. Each card included the customer’s name, address, and purchase details, along with a written assurance of service and repair support if the product developed any issue.
This was a game-changing move.
At that time, most retailers would simply sell electronic products and redirect customers to the manufacturer for service. Vijay Sales, however, took full responsibility themselves.
This customer-first approach built strong trust, long-term loyalty, and set Vijay Sales apart from its competitors. It wasn’t just selling products anymore—it was selling reliability, which became the foundation of the brand’s long-term success.
Hands-On Service That Built Unbreakable Customer Trust
Nanu Gupta’s involvement in the business didn’t end when the shop closed. In fact, his real work often began after business hours.
At night, he would personally visit customers’ homes to ensure their products were working properly. He demonstrated how to use the devices, climbed rooftops to adjust TV antennas, and even repaired faulty machines with his own hands whenever needed.
This level of dedication created a major shift in the market.
First, it filled a critical gap that large companies were unable to address at the time—reliable and personal after-sales service. Customers no longer trusted distant manufacturers; instead, they began trusting their local dealer, Nanu Gupta.
Second, this exceptional service naturally created a powerful word-of-mouth network. Satisfied customers started recommending Vijay Sales to others without any need for newspaper ads or radio promotions.
As a result, Vijay Sales began to grow rapidly and organically, leaving traditional competitors far behind in terms of customer loyalty and market reputation.
The Turning Point – 1982 Asian Games & the Colour TV Revolution
The real turning point for Vijay Sales came in 1982. India was preparing to host the Asian Games, and for the first time, the event was to be broadcast live on television. At the same time, colour TVs were being introduced in the Indian market.
Nanu Gupta immediately understood that this was not just a product launch—it was a market-changing moment. He foresaw a “wave of colour television demand” that could completely reshape the electronics industry.
Taking a bold financial risk, he moved out of the small shop and shifted to a larger showroom in Mahim to properly display colour TVs. His idea was simple but powerful—create an experience that customers could see and feel.
He placed multiple televisions in the showroom and turned them on simultaneously. At a time when most households were cautious about electricity usage, this was a highly unconventional and risky move. However, it worked brilliantly.
People walking by were drawn to the bright, colourful screens, and footfall in the store increased significantly.
Although Vijay Sales had become a registered company back in 1976, it still operated as a single-store business for nearly 20 years. From 1967 to 1986, everything revolved around one shop.
But in 1986, Nanu Gupta made a decision that transformed Vijay Sales from a traditional family-run store into a structured corporate-style retail business. He opened a second branch in Bandra, Mumbai, in a 600-square-foot space.
At that time, most family businesses in India followed an unwritten rule—they expanded only when a family member or heir was ready to manage a new outlet. Trust was usually limited to relatives.
Nanu Gupta broke this mindset completely. He believed in scaling beyond family limitations.
He began placing classified ads in newspapers and hired professional staff from outside the family to manage operations. This was a bold and complex shift, but it marked the beginning of Vijay Sales’ transition into a modern retail organization.
Scaling Beyond One Store with a Future-Ready Model
But expanding Vijay Sales was not just a choice—it became a necessity. The service model that Nanu Gupta had built was strong enough to be replicated across multiple stores, even without his constant physical presence.
At the same time, he introduced a strategy that was far ahead of its time—micro-financing.
This was a period when India had no proper credit bureau system, no credit cards, and no structured EMI options through banks. Buying expensive electronics on installments was almost unheard of.
Nanu Gupta changed that.
He started offering expensive products on easy instalments to his trusted and long-time customers. This simple yet powerful decision opened entirely new possibilities for the business.
It increased affordability, expanded the customer base, and significantly boosted sales volume. Vijay Sales was no longer just a retail store—it was becoming a customer-centric financing-enabled business model.
The strategy worked extremely well. By 1994, the company began expanding rapidly, opening larger stores in areas like Shivaji Park and Sion in Mumbai.
Interestingly, this phase of expansion was also indirectly supported by broader economic changes in India, as government policies were gradually opening up the economy and encouraging retail growth.
Together, these factors helped Vijay Sales move from a single-store success story to a fast-growing retail chain with a strong foundation for future expansion.
1991 Liberalization – The Turning Point for Vijay Sales
The year 1991 was not just a turning point for Vijay Sales, but for the entire Indian economy. India was facing a severe financial crisis—foreign exchange reserves had nearly dried up, leaving only about three weeks of import cover. The Soviet Union had collapsed, and the Gulf War had pushed global oil prices sharply upward.
Under pressure from the IMF and World Bank, then Finance Minister Dr. Manmohan Singh introduced major economic reforms. The License Raj was dismantled, and India opened its economy to the world.
Entry of Global Brands and Market Expansion
With liberalization, global giants like Samsung, LG, Sony, and Panasonic entered the Indian market. Competition increased rapidly, prices started to fall, and India witnessed a strong consumer boom.
These international brands needed strong local partners to distribute their products and build trust with Indian customers. Vijay Sales, already known for its strong customer base and distribution network in Mumbai, became one of those trusted partners.
This partnership significantly accelerated Vijay Sales’ growth, as global brands brought scale and demand, while Vijay Sales provided trust and local market reach.
Second Generation Joins the Business
As the business expanded rapidly after liberalization, new stores were opening and operations were becoming more complex. To manage this growth, the second generation joined the company.
In 1992, Nanu Gupta’s elder son, Nilesh Gupta, entered the business, followed by his younger son, Ashish Gupta, in 1999. Their entry brought formal education, modern management practices, and structured operations into the company.
However, this also introduced a new dynamic within the family business.
Nanu Gupta, now respectfully referred to as “Bade Sir,” remained firm in his principles. He prioritized ethics and long-term brand trust over short-term profits. If any major brand violated agreements, engaged in unfair pricing, or broke customer trust, he would immediately end partnerships without hesitation.
Balancing Tradition and Modern Thinking
Nilesh Gupta played the role of a stabilizer, balancing his father’s strict ethical approach with a more diplomatic and relationship-driven style. This helped maintain strong ties with global brands while preserving the company’s core values.
Meanwhile, Ashish Gupta brought a more aggressive and growth-oriented mindset, focusing on market expansion, innovative marketing strategies, and supply chain improvements.
However, like most family businesses, not everything was smooth internally. Strategic disagreements and debates were common, especially as the company scaled rapidly.
One of the most critical and high-risk decisions in Vijay Sales’ history came around 2003–2004, when the company decided to enter the mobile phone and laptop segment, marking its shift toward the digital consumer electronics era.
The Biggest Risk – Entering the Digital Era (2003–2008)
Initially, this decision turned into a major disaster for Vijay Sales.
The digital products category was completely different from white goods like air conditioners or refrigerators. Technology was changing rapidly, product lifecycles were short, margins were very low, and customer preferences shifted almost overnight. As a result, old inventory started piling up in warehouses, losing value every single day, leading to significant financial losses.
As losses increased, Nilesh Gupta and Ashish Gupta strongly pushed the board to exit the digital segment immediately and refocus on high-margin white goods to protect profitability.
However, Chairman Nanu Gupta took a firm stand and used his veto power. He refused to shut down the digital category. Instead, he explained that mobile phones and computers were not a side business—they represented the future of global consumer markets.
He believed the company needed to endure short-term losses in order to understand and master the digital supply chain from within. Eventually, the family accepted his decision.
This long-term vision proved correct. Today, nearly 50% of Vijay Sales’ revenue comes from digital products.
Rapid Expansion and ₹500 Crore Milestone (2006–2008)
With the rise of mobile phones and laptops, Vijay Sales entered a high-growth phase. By 2006, the company was operating 8–10 large stores within Mumbai and had achieved an annual revenue of around ₹247 crore.
During this period, the company also made a strategic real estate investment by purchasing a four-storey building in Goregaon, strengthening its asset base.
In 2007, Vijay Sales expanded outside Mumbai for the first time, entering Tier-1 and Tier-2 cities such as Pune, Surat, Ahmedabad, and later Delhi. This aggressive expansion strategy paid off quickly, and by 2008, revenue had doubled to approximately ₹500 crore.
Surviving the Global Financial Crisis (2008)
In the same year, the global financial crisis hit the world economy. Liquidity dried up, and many retail companies that had expanded using heavy debt struggled to survive. Several were unable to repay loans, and expansion plans came to a halt.
Vijay Sales, however, was in a strong position. The company had minimal debt and strong cash reserves. Instead of struggling, it used the crisis as an opportunity—acquiring prime commercial properties at lower prices.
This financial discipline became one of Vijay Sales’ biggest strengths: a low-debt, high-liquidity business model that allowed long-term strategic thinking without pressure from lenders or investors.
Strong Financial Discipline and Ownership Model
Even today, Vijay Sales follows a unique approach. Instead of relying heavily on rented spaces, the company prefers owning its retail properties wherever possible. Out of more than 167 stores, around 92 are company-owned properties, while the rest are on long-term leases.
This reduces rental burden during economic downturns and protects profit margins when markets slow down.
Additionally, the Gupta family has extended significant financial support to the business at very low or negligible interest rates, keeping external debt relatively low compared to industry standards.
As a result, Vijay Sales operates with strong liquidity and does not depend on private equity or public shareholders. This allows the company to take long-term decisions without quarterly profit pressure, focusing instead on customer retention and market expansion.
Expansion into South India and the Rise of Private Label (2019–2022)
In 2019, Vijay Sales made a bold move into South India by acquiring 28 stores from Tirumala Music Center in Hyderabad through a distress sale. These stores were rebranded, giving the company a strong foothold in Telangana and Andhra Pradesh almost overnight.
As the business expanded, Vijay Sales realized that although branded products generated high turnover, margins remained low because global manufacturers controlled pricing.
To solve this, the company launched its own private label brand, “Vise” (Vyse), around 2015–16. The goal was to fill the gap in affordable, good-quality electronics—especially in LED TVs for budget-conscious customers in Tier-2 and Tier-3 cities.
By eliminating middlemen, distribution layers, and brand royalties, the company was able to offer products at nearly half the price of major global brands. This strategy worked well, and by 2022, Vise contributed nearly 10% of total TV revenue.
Challenges of Private Label and Shift in Strategy
However, the private label journey was not without problems. While sales increased, outsourcing production meant limited control over product quality. Customer complaints started rising, which began affecting brand perception.
Recognizing this, Vijay Sales stepped back from aggressive private label expansion and refocused on improving sales systems and customer experience.
Around 2020, despite the rise of e-commerce, Vijay Sales continued to perform strongly in the offline retail space, supported by its trust-based business model and strong physical presence across India.
2020–2025: Digital Transformation and the Third Generation Shift
The year 2020 marked a major turning point for Vijay Sales. Despite the growing dominance of e-commerce platforms, the company continued to perform strongly in the offline retail market. However, a Harvard Business Review case study on the company highlighted a critical concern—demographic aging.
At that time, Vijay Sales operated around 102 large stores, but a clear pattern emerged. Most customers visiting these stores were above 40 years of age. They were loyal, trust-driven buyers who preferred in-store shopping. In contrast, the younger generation had already shifted to platforms like Amazon and Flipkart, preferring quick, one-click online purchases.
The management realized a serious risk: if they failed to engage the younger audience, the future of the brand could be at stake.
Entry of the Third Generation – Karan Gupta
This is when the third generation of the Gupta family entered the business. Nanu Gupta’s grandson, Karan Gupta, joined the company in 2019 after completing his finance degree from the Kelley School of Business, Indiana University (USA).
Unlike the older management, Karan brought a strong understanding of digital marketing, algorithms, and e-commerce systems. He was given full freedom to rebuild Vijay Sales’ digital infrastructure.
COVID-19 and the Digital Pivot
The COVID-19 lockdown in 2020 forced all physical stores to shut down. This crisis became an opportunity for transformation.
Karan Gupta took immediate action. He reactivated the customer database, personally reached out to old customers via calls and WhatsApp, and offered remote assistance for appliances like ACs and refrigerators. At the same time, he promoted Vijay Sales’ newly improved e-commerce platform.
Although the website already existed, it was significantly upgraded during the lockdown period to handle rising digital demand.
This shift worked extremely well. By 2025, Vijay Sales’ online platform alone generated approximately ₹190 crore in sales.
Struggles in Digital Advertising and New Marketing Strategy
Despite success in offline retail, digital advertising initially did not perform as expected. Heavy spending on online ads failed to deliver strong returns.
To solve this, Vijay Sales adopted an unconventional guerrilla marketing strategy in collaboration with a startup called Water, which used branded water bottles as mobile advertising platforms.
Water Bottle Campaign – A Unique Offline-to-Online Bridge
The campaign targeted high-traffic corporate and educational zones in Delhi NCR, including places like Unitech Cyber Park and institutional hubs near Qutub Institutional Area.
Around 300 branded water bottles were distributed at offices, boardrooms, and workstations at extremely low prices (₹1–₹2) to ensure quick adoption.
Each bottle carried a QR code that unlocked an instant online discount—₹500 off on purchases above ₹10,000 on the Vijay Sales website.
The results were impressive. Within just 15 days, 11.3% of users scanned the QR code, and the revenue generated from digital sales exceeded the marketing cost, making the campaign profitable.
Targeting Millennials and Gen Z
Encouraged by this success, Vijay Sales further strengthened its digital push. The company focused on Millennials and Gen Z customers, who heavily prefer online shopping. Apple products, in particular, became a key focus area to attract premium young buyers.
Special discounts and targeted campaigns helped convert younger audiences into long-term customers.
Viral Marketing Breakthrough with Biswa Kalyan Rath
During this transformation phase, another major opportunity emerged—the collaboration with comedian Biswa Kalyan Rath.
What started as a roast turned into a powerful marketing campaign, giving Vijay Sales massive online visibility and helping the brand connect with a wider audience across India.
This combination of digital transformation, creative marketing, and generational leadership helped Vijay Sales successfully evolve from a traditional retail chain into a modern omnichannel brand.
A Fully Bootstrapped Billion-Dollar Retail Empire
What started as a small shop has now grown into a massive organization with over 5,000 employees working day and night across India.
What makes Vijay Sales even more remarkable is its ownership structure. In an era where most startups depend heavily on foreign funding, venture capital, or private equity, Vijay Sales has remained completely bootstrapped.
The company is still 100% family-owned. Founder Nanu Gupta holds around 35% ownership, while his sons Nilesh Gupta and Ashish Gupta jointly hold about 27%, and the third generation, Karan Gupta, owns approximately 10% stake in the business.
A Rare Example in the Modern Startup Ecosystem
In today’s digital-first and e-commerce-driven economy, many experts claim that offline retail is declining. However, Vijay Sales stands as a strong counterexample to this belief.
The company’s journey proves that if an idea is strong, leadership is adaptable, and opportunities are identified during crises, no challenge is big enough to stop growth.
Leadership Perspective and Legacy
In a podcast, Managing Director Nilesh Gupta shared that his father never initially imagined building such a large brand. However, a combination of business intuition, discipline, and a strict commitment to ethics helped shape Vijay Sales into what it is today.
This mindset—refusing to compromise on core values while evolving with time—has transformed Vijay Sales into a ₹13,000 crore retail powerhouse, built entirely on trust, consistency, and long-term vision.
