Ask Aakanksha Bhargava, CEO at PM Relocations (PMR), what she liked about the relocation industry, she said that she likes everything about the industry as no two days or no two customers are the same, “For an entrepreneur, the key is to constantly learn and upgrade according to situations, people, and opportunities.”
Nearly 16 years ago, Bhargava started her career in international sales at PMR when the global relocation company’s turnover was a mere Rs 3 crore. Still bootstrapped, PMR today has grown over 4000% under her leadership.
A gender-bender, she used her personal experiences to work out the best relocation arrangements for her customers, enjoying the challenge of resolving all the issues that can arise.
“The main reason behind our success is our passionate team that works tirelessly for the development and growth of our company. Equal credit goes to our clients,” she said.
Founded in 1986 by Rajiv Bhargava and Rajeev Sharma as PM Packers & Movers, the firm was rebranded as PM Relocations in 2006 targeting the global relocation market. After taking up the top leadership position from her father Rajiv Bhargava, she spent at least a year in 10 cities across India to set up 10 branches of PMR.
In the last 37 years, having moved close to 3 lakh homes with a workforce of close to 700 workers across 10 offices in India, she stated that in the pandemic year alone, PMR relocated over 5,000 families within India, 8,000 families abroad and supported employees with over 1,00,000 laptops and desktop computers to ensure business continuity. PMR also provided vital pro-bono logistic support to GiveIndia Foundation & The Robinhood Army to deliver 10,000 oxygen concentrators, cylinders, beds, medical apparatus, and leads for critical life-saving drugs.
While technology is changing the way everyone does business, the relocation industry is no exception. Bhargava highlighted that there is better connect now which has enhanced customer experience, “We believe that by integrating our enterprise resource planning (ERP) system, we would be able to use less paper and documentation since it can be easily updated and used by anyone in India. However, one can never replace the actual heart and soul of this business – the movers and packers who ensure that a seamless relocation takes place.”
For Bhargava, technology is a disruptor in the relocation industry bringing together people like never before. It has definitely made it possible to streamline complicated and unnecessary processes.
The firm will soon come up with its own mobile application and customer centric website which will make it easier for their customers to track their consignment, she added.
A recent study by the strategic consulting and market research firm; Report Ocean revealed that the India Packers and Movers Market is expected to grow at a significant rate during 2022-2028. The expansion in the Packers & Movers market can be primarily attributed to the high rate of urbanization, changing lifestyle patterns, growing floating population of the country, development of right and massive infrastructures for both personal and professional use, and incorporation of technological advancements such as AI, chatbots to provide enhanced support like real-time tracking to the customers.
Stating that the key business revenue drivers are derived from various sources, she said, “The majority of our revenue comes from three main sources, including people opting for global opportunities, businesses expanding to tier-2 cities and domestic relocation.”
Over the past two years the company has been growing over 100% in terms of revenue, she claimed.
Explaining that the revenue is derived from servicing the customised needs of clients, she said, “Whether it’s packing and moving an entire home, office, pet or vehicle, we not only help our customers move but help them move and settle down without the added stress.”
For Bhargava, the key to diversifying PMR’s revenue is to constantly be on the lookout and map the needs of the customers. “Relocation is a continuously evolving business. Yesterday what people needed in terms of relocations changed and hence, in order to be relevant to the customers demands it’s crucial to map and understand client needs,” she explained.
Speaking about the company’s valuation, she said, “Currently, we are sitting on a very strong EBITDA (earnings before interest, taxes, depreciation and amortization) of 18% and, therefore, our valuation should be over 15 times EBITDA multiple.”
But as a relocation entrepreneur, she has often found various roadblocks challenging her throughout her entrepreneurial journey. “Our industry is generally considered “male-dominated” with “negligible” scope for women. But I believe, in strong leadership, lies the power to mould all such stereotypes.”
On dealing with the mindset which categorises work and career choices based on gender, she feels that once, this mindset is changed and people are looked at as individuals minus their genders, it would become much easier for women to qualify in male dominant industries.”
According to Bhargava, one of the biggest challenges which women face, not only in the relocation industry but also across other industries is that ‘women fail to support women. “I feel if women start supporting women at the workplace it would be easier for women to grow collectively,” she quipped.
Her one piece of advice to women startup founders is that no matter what people may think, one should never forget to use her personality as strength rather than weakness. “Focus on your goals, avoid becoming sidetracked by potential roadblocks and maintain your desire to disprove all those prejudices at the forefront of everything you do,” she added.
And what is next for PMR? “We are planning to invest in new technologies and physically expand our office and warehouse setup across the country to ease out the work for our employees and customers.” PMR is targeting Rs 200 crore revenue for this financial year, she signed off.