Cupid Limited, a leading manufacturer & supplier of quality male condoms, female condoms & water based Lubricant Jelly, was established in 1993 and was registered on Bombay Stock Exchange (BSE) in 1995.
The objective of the company was to manufacture and market quality Male Condoms throughout the World. In 1998, commercial production started with a capacity of 160 million pieces per year and the first export shipment was to South Africa. Production capacity gradually increased to 400 million pieces per year by 2007/08.
During 2007, the company decided to launch an R&D program to start manufacturing of Female Condom. After meeting all the regulatory requirements, WHO/UNFPA Pre-Qualified its Female Condoms for worldwide public distribution in July 2012. Cupid became the 1st company in India and only the 2nd company in the world to supply WHO/ UNFPA Pre-qualified Female condoms. Also, under the wise hegemony of Chairman and Managing Director, Om Garg, the company is the first in the world to obtain the status of pre-qualification by WHO/UNFPA for the supply of both male and female condoms.
Cupid’s Male and Female Condoms have been exported to over 80 countries worldwide. Approximately 90% of the production is exported. In 2018, the total production capacity was increased by 40% i.e., 560 million pieces per year. Cupid Limited started to manufacture water-based lubricant in 2015. Cupid Limited total revenue was about Rs. 154 Cr with a Net profit of 39 Cr. It is a debt-free company. It has a healthy order book with a balance sheet. Cupid was listed on Forbes magazine for Asia’s best under billion-dollar companies in 2018.
More About Om Garg
Om Garg has been associated with Cupid Limited since 1993. Currently, he is the Chairman and Managing Director of the company, a position he has been holding since 1998. Before joining the condom business, Mr Garg worked for an International Mining company between 1970 and 1987. His last position was the Director of Mine Planning for M.A. Hanna Company whose mining operations were in Canada, Brazil, Colombia and various parts of USA. In 1987, he decided to be an entrepreneur starting wholesale jewellery distribution business based in Cleveland, Ohio. After obtaining a master degree in Canada, he joined Iron Ore Company of Canada in 1970. Mr Garg has been a US delegate to the ISO-TC 157 committee on Condoms since 2002.
Cupid’s manufacturing facility is designed to facilitate world-class manufacturing of quality products. Towards this objective, we have set up manufacturing facilities and established quality management systems, as per GMP guidelines to meet the requirements of drug regulatory agencies worldwide. Each and every condom processed at the plant is electronically tested before approval and dispatch.
The automated sealing line provides the fast and streamlined sealing of condoms. They assure high quality of products by regularly inspecting the facilities, systems and procedures to meet the current GMP standards. The employees are trained periodically on GMP requirements as well. With more than two decades of experience in the market and a debt-free balance sheet, Cupid successfully exports condoms to more than 50 countries in the world. Our modern facility has a current capacity of over 480 million pieces for Male Condoms, 52
million pieces of the Female Condoms & 210 million sachets of Lubricant Jelly per annum. Its manufacturing facility is located at Sinnar near Nashik, about 200 Km. East of Mumbai.
Challenges And Revolution
Initially, Cupid had to face several marketing challenges and the company was going through its expansion phase, it also faced some financial crunch. However, since 2014, Cupid has been cash and building its reserves. However, there is one thing the company wishes they had done differently, they believe that the production of the female condoms which has now turned into a rage in the market, should have been started earlier in 2001-2002.
At Cupid Limited, revolution means supplying quality condoms to their worldwide customer base at a competitive price. If there was one thing that the managing director would want to change about the company, it would be an introduce complete automation for the entire production facility since the start of production.
Changes In The Industry
The medical industry has changed drastically over the years. For specifically the condom industry, the increase in demand from various countries from around the world has consequently resulted in an amplified demand and supply process with high-capacity production plants being installed globally.
Om asserts, “The one thing I am proud of regarding the company is that Cupid Limited has managed to maintain a profitable operation ensuring that employment is provided to hundreds of employees regardless of the situation in the market. However, it is one of the most difficult tasks to find quality staff in the medical device industry and it is all the more difficult to hold them back for a long period.”
One of the biggest and the strongest reason behind the success of the company is to have had a profile of maintaining consistently profitable orders from the customers. And one of the most important decisions, for Om, has been to ensure that his employees stay motivated. And they continuously work towards a common goal and strive to develop strategies for the growth of the company in future. The Managing Director, in his leadership role, has taken several decisions full of risk like introducing an R&D team that embarked on a journey to understand the female condom market.
“We actively promote creative thinking at the company by giving way to open discussion and a buffer to make mistakes by the employees. For someone who is looking forward to stepping into this industry, I’d like to advise them to keep their work force engaged at all times and monitor the bottom line. And my best advice would be to achieve success and build a motivated teamwork approach in your organization” added Om.
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