Restoring the past might seem like an unusual way to build the future, but for a company rooted in India’s cultural heritage, it’s proven to be a remarkably sound business strategy. Founded in the late 1990s, this heritage restoration firm—helmed by Shantilal J. Savani—has turned the delicate art of conservation into an enterprise. With revenues, as told by the founders, soaring from Rs 4-5 lakhs annually in its early days to Rs 124.7 crores in 2023-24, the company isn’t just preserving history; it’s reportedly making some of its own.
But don’t mistake this success story for an overnight triumph. “Restoration is a slow, painstaking process—it’s not just about fixing bricks; it’s about reviving the stories and identities that live within them,” Savani emphasised, in a conversation with BrandWagon Online. And indeed, their growth has been anything but rushed. For decades, they quietly chipped away at the challenges of a largely unorganised industry, turning obstacles into stepping stones with impressive precision.
Savani Heritage Conservation’s revenue from operations grew 14.72% to Rs 107.00 crore in FY24 from Rs 93.24 crore in FY23, as per the regulatory filings accessed by Tofler. However, the company’s net profit saw a slight decline of 4.85%, dropping to Rs 8.02 crore in FY24 from Rs 8.43 crore in FY23.
According to the company, their journey began humbly in an era before WhatsApp, Google Maps, or even basic mobile phones—a time when running a business meant manual coordination, physical site visits, and a good dose of grit. “We relied on meticulous planning and sheer determination,” Savani noted. This analogue approach, while admirable, highlights just how far the company has come, especially in adopting a more scalable model in recent years.
A Shark Tank moment: Business meets prime time
This week, the company found itself in the spotlight on Shark Tank India, a platform that typically celebrates tech startups and disruptive business models. Heritage restoration, with its centuries-old methods and materials, may have seemed an odd fit among digital-first ventures. Yet, the pitch struck a chord. “This was a chance to showcase the importance of heritage restoration not just as a cultural imperative but as a viable business,” Savani shared. The Sharks were intrigued, not just by the numbers but by the audacious vision: to expand operations nationwide through a franchise model and train the next generation of restoration experts.
“If we secure an investment, we’ll focus on automating key aspects of our processes. Scalability in this field isn’t just about adding projects; it’s about ensuring consistent quality, even as we grow,” Savani explained. The company’s plans to hit 1,000 projects by 2030 sound ambitious—possibly too ambitious—but they’re grounded in years of experience and a proven track record of delivering on large-scale restoration projects. That said, heritage conservation isn’t exactly a fast-moving sector. The company faces the constant challenge of balancing the artistry of restoration with the cold realities of cash flow.
The pitchers entered Shark Tank India seeking Rs 3 crore for 1% equity, valuing their company at an eye-popping Rs 300 crore. The Sharks were intrigued by their impressive Rs 124.7 crore revenue, the highest ever seen on the show, but not everyone was convinced. Anupam expressed scepticism about their receivables cycle, raising concerns about potential gaps in transparency and hinting that something might be amiss in their calculations. Meanwhile, Vineeta humorously remarked on the pitchers’ valuation, comparing them to a heritage property themselves, while Kunal and Namita chose to step away, citing a lack of alignment with their expertise.
Ritesh Agarwal eventually stepped in with a structured offer of Rs 1 crore for 1% equity alongside Rs 2 crore in debt at 10% interest over three years. After further negotiations, the deal was finalised at Rs 3 crore for 0.8% equity, cementing the highest valuation deal in the show’s history. Ritesh celebrated the milestone, calling it a win-win, while Anupam admitted he remained unconvinced, questioning the accuracy of the numbers shared. He speculated that Ritesh’s willingness to close the deal stemmed from a different level of risk appetite, adding with a chuckle that Ritesh seemed a bit ‘itchier’ to invest than the rest of the Sharks. Despite the doubts, the historic deal left its mark, with Ritesh beaming over his groundbreaking investment.
The art of balancing finances
Their financial model is as unconventional as their business. “For long-term projects, we invest just 5-10% upfront to cover essentials like deposits and initial setup,” Savani explained. The rest? It’s a pay-as-you-go system. Periodic billing ensures steady cash flow, allowing projects to, quite literally, fund themselves.
According to them, their self-sustaining model has allowed the company to take on mammoth projects that span years without falling into financial quicksand. But it also means that every project must be carefully managed—a single delay or misstep could disrupt the delicate balance they’ve built. Their journey has also highlighted the broader challenges facing the heritage restoration industry: skilled labour shortages, reliance on outdated techniques, and limited technological adoption. “In the early days, we lacked modern machinery and struggled to find artisans trained in traditional methods,” they admitted. While they’ve since trained their own workforce, the industry as a whole remains heavily dependent on manual labour, making scalability a perpetual hurdle.
Legacy is the new business strategy
The company’s success raises an intriguing question: Can heritage restoration become a modern, scalable business? The answer, it seems, is yes—but only if the industry evolves alongside it. Savani’s plans to establish a training and research institute could be a game-changer, not just for his company but for the sector as a whole. By professionalising an industry often seen as niche or artisanal, they aim to create a sustainable pipeline of talent and expertise. Still, scaling a business that’s inherently slow and methodical won’t be easy. For every glorious palace restored, there’s a delay, a weather-related hiccup, or a painstaking debate over which shade of ochre matches the original.
The company acknowledges these challenges but remains optimistic. “Restoration is about preserving the past, but it’s also about creating a future where these structures continue to inspire,” Savani said. That vision—equal parts idealistic and pragmatic—is what keeps them going.
The bigger picture (restored)
With their revenues now rivalling mid-sized tech firms, this heritage restoration company is proving that old-world charm and modern business acumen can coexist. But their story is also a reminder that success in such a niche field requires more than just passion—it demands strategic thinking, relentless problem-solving, and a willingness to embrace change.
As they move toward their goal of making India the world’s largest heritage tourism hub, the question isn’t whether they’ll succeed—it’s how far their vision can take them. If history is any guide, they’re just getting started.