Are you a biker or love bike riding? If Yes, then you are expected to get excited to know about two non-biker friends who decided to take up ‘motorcycling and motorcyclists’ as their business idea.
Interesting, isn’t it? For most of us, it’s a dream come true. Two self-confessed non-bikers Arbaaz Sha Muzawer and Wasim Shaikh of Custom Elements in market research found that around 17.7 million two-wheelers were sold in India in 2017-18, of which 12.61 million were motorcycles. Just wow!
And this research and the statistics gave them their business idea, Custom Elements –
Arbaaz was an SAP consultant in Bengaluru whereas Wasim was working with ACT Fibernet in Nellore. Even though having a corporate job, both were enthusiastic about the idea of a start-up. The idea actually took a turning point when Arbaaz decided to quit his corporate job and get into the field. Wasim also joined Arbaaz in some while. And the duo finally launched Custom Elements in February 2017.
Custom Elements is a Bengaluru-based startup which designs custom bikes and helmets and retails a wide range of riding gear and accessories for biking enthusiasts. Though Custom Elements might be a result of the duo’s passion, it didn’t take them long to understand the vast opportunities this luxury-driven market holds.
The duo bootstrapped the start-up with ₹5 lakh, and interestingly, in less than two years, they claim Custom Elements is already profitable, and have made revenue of ₹45 lakh. They have also taken their business to a new e-commerce retail platform, which is seeing 40 percent month-on-month growth, the founders claim.
The founders explain their business model and huge opportunities in this market. A biker spends anywhere between ₹20,000 to a couple of lakhs to customize a bike. They spend on riding gear, riding boots, bags, helmets, gloves, and even accessories like keychains and small miniature helmets, which is used for display on display shelves.
The cost of designing a helmet can start from ₹25,000 and go up to ₹75,000, the founders say. For bikes, tank designing could start from ₹40,000 and customizing the whole bike could go on to ₹2-3 lakh.
Custom Elements, however, is not into bike modification. It is mainly into custom airbrushing. They take care of the painting, designing, the aesthetics part of it that deals with only the upper skin, whether it is with the motorcycle or the helmet.
The duo’s business idea is just as good as their business plan. They are an example to the newcomers in the field of startups. Their analysis of the market before taking any new step, actually shows how a startup should be worked upon. It’s amazing how beautifully they have used the market opportunities in their favour and today, their start-up grows along with the market.