Unfulfilled ambitions and an unfettering love for ice cream made the cofounders bet on themselves. In FY24, Dairy Day churned out a revenue of Rs 680 crore
MN Jaganath (left), co-founder, MD & CEO and A Balaraju, co-founder, director at Dairy Day
Image: Selvaprakash Lakshmanan for Forbes India
January 2002, Chennai. It was a ‘bizarre’ dilemma for the master salesman. For the first time in 12 years, ‘Ice Cream Jagan’ was asked to do something contrary to what he had been doing for years: Don’t sell ice cream. “I didn’t know how to react,” recalls MN Jaganath, who was bestowed with the moniker ‘Ice Cream Jagan’ in 1991. “I mean, my job was to sell. And now I was asked to wind up operations,” says Jagan, who dumped his job with Vysya Bank and joined Vadilal in 1991. Reason? “I figured that the best thing for me was to work for a company where I could eat ice cream for free,” he smiles, adding that he would relish ice creams at wedding parties. “I was in love with ice cream,” he gushes.
So much so that he quit his job as a bank clerk which offered ₹1,850 a month, and settled for a new role where he pocketed ₹1,350. Jaganath joined Vadilal in 1991, his obsession with selling ice creams made him popular in the trade circles, and he was billed as ‘Ice Cream Jagan’ in his home market of Bengaluru. The love affair continued for two years, Jagan’s performance broke all records, and then came what some intense love affairs invariably encounter: A nasty break-up. The star performer was denied promotion, he wanted an upgrade from the role of a junior sales executive to a sales executive. But all that he used to get at every “promotion talk” with his boss were two words: Agle saal [next year].
Jagan, though, knew there was no ‘agle saal’. He quit Vadilal in 1993, and joined rival brand Kwality. “All I knew was ice creams, and my familiarity was confined to Karnataka,” he says, alluding to his move to join the Mumbai-based brand, which was planning to launch in Karnataka. “I sensed an opportunity, applied, got selected, and was offered the role of area sales manager,” he recounts. Apart from a meatier role, there was a jump in salary as well: ₹5,400 per month. He launched Kwality in Bengaluru, made the brand breach the sales mark of ₹50 lakh in a short time, and Ice Cream Jagan was enjoying his chilled-out stint.
After a year, the story had a bewitching twist. Hindustan Lever brand Brooke Bond bought Kwality in 1994, Jagan became part of Brooke Bond, which was on an acquisition spree and had brought multiple ice cream brands under its fold, including Cadbury’s Dollops, and from being a superstar in Kwality, Jagan was now one of the thousand stars in the HLL universe. His dream to work for a multinational brand made Ice Cream Jagan settle for a lower designation but a bigger responsibility.
(This story appears in the 09 August, 2024 issue of Forbes India. To visit our Archives, click here.)