How Asian Paints Built MONOPOLY in the Indian market? : Indian Monopolies EP 1
Summary
TLDRAsian Paints' remarkable journey from its 1942 inception to becoming India's market leader is highlighted in this script. With a CAGR of 20% over 60 years, the company's innovative products, efficient supply chain, and strong dealer relationships have been pivotal to its success. The script delves into the business strategies and lessons from its consistent growth, including embracing technology and prioritizing dealer support, as it prepares for future market trends.
Takeaways
- 📈 Asian Paints has consistently grown at a CAGR of 20% over the past 60 years, making it one of India's greatest companies.
- 💡 Early investment in Asian Paints in 2000 would have yielded an impressive return of Rs 1.87 crores without considering dividends.
- 🔄 The company's business doubles every three years, showcasing its strong and sustained growth trajectory.
- 🏆 Asian Paints has been a market leader in the paint industry for 54 years, outperforming its competitors significantly in revenue and profit.
- 🛠️ Asian Paints capitalized on the ban on paint imports during World War II to establish itself as a domestic producer, identifying a market gap and opportunity.
- 🎨 The introduction of 'Washable Distemper' filled a critical gap in the market, offering quality at an affordable price, and was key to the company's early success.
- 💻 Asian Paints' investment in technology, including India's first supercomputer in 1970, allowed for efficient supply chain management and a competitive edge.
- 🛑 The company's innovative 'Regular Payment Performance Discount' incentivized timely payments, improving capital rotation and dealer relationships.
- 🔗 Asian Paints built a strong network of dealers by bearing the initial investment for tinting machines and offering support, which expanded its reach and market share.
- 🔑 Consistency in adopting technology, recruiting talent, and evolving marketing strategies has been a cornerstone of Asian Paints' long-term success.
- 🏠 Asian Paints is preparing for the future by focusing on service-oriented models and DIY tools, anticipating changes in consumer behavior due to rising labor costs.
Q & A
What is the historical significance of Asian Paints in India?
-Asian Paints is significant for being one of the greatest companies in India, achieving a compound annual growth rate (CAGR) of 20% over the past 60 years and becoming a market leader in the paint industry for 54 consecutive years.
How much wealth would an investment of one lakh rupees in Asian Paints in 2000 be worth today?
-An investment of one lakh rupees in Asian Paints in 2000 would be worth at least Rs 1.87 crores today, without considering dividends.
How does Asian Paints compare to its competitors in terms of revenue and profit?
-Asian Paints generates significantly higher revenue and profit compared to its competitors. While Berger and Nerolac combined have a revenue of Rs 12,662 crores and a profit of Rs 1,248 crores, Asian Paints alone generates a revenue of Rs 22,044 crores and a profit of Rs 3,139 crores.
What was the initial market strategy of Asian Paints?
-Asian Paints initially targeted rural areas where people painted the horns of bulls and the entrances of their houses. This rural-to-urban approach helped them achieve revenue of Rs 23 crores by 1952.
What innovative product did Asian Paints introduce in the 1950s?
-In the 1950s, Asian Paints introduced a game-changing product called washable distemper, which was positioned between dry distemper and plastic emulsions. It combined the qualities of plastic emulsions but was more affordable.
What critical factor contributed to the success of Asian Paints' supply chain?
-One critical factor was the introduction of the 'Regular Payment Performance Discount,' which incentivized timely payments from dealers and improved capital rotation, enabling Asian Paints to operate efficiently with less working capital.
How did Asian Paints leverage technology in the 1970s to enhance its operations?
-Asian Paints invested in a supercomputer in 1970, which they used for demand forecasting and supply chain management, significantly improving efficiency and reducing workforce requirements.
What strategy did Asian Paints use to strengthen its relationship with dealers?
-Asian Paints provided tinting machines on a lease agreement to dealers, making it affordable and reducing the burden on dealers. They also established a seamless support system, addressing dealer queries quickly and effectively.
What are the two major trends expected to shape the future of the paint industry?
-The two major trends are the evolution of a service-oriented industry, where customers will pay for value-added services, and the rise of the DIY (Do-It-Yourself) model, driven by increasing labor costs and the availability of sophisticated tools.
What lessons can be learned from the success story of Asian Paints?
-Key lessons include identifying market gaps, emphasizing efficiency, treating employees and partners with care, and maintaining a strong company culture and independent board of directors to drive long-term success.
Outlines
📈 Asian Paints' Remarkable Growth and Market Dominance
This paragraph introduces the incredible growth and success of Asian Paints in India. It highlights the company's consistent growth at a CAGR of 20% over 60 years, the potential wealth generation for early investors, and its sustained market leadership for 54 years. The paragraph also compares Asian Paints' revenue and profit with its competitors, Berger and Nerolac, to emphasize its dominance. It raises questions about the company's secret to success and hints at the business lessons to be learned from its history. Additionally, the script mentions a sponsorship by Skillshare, an online learning platform, and shares the host's personal experience with the platform.
🏭 The Strategic Foundations of Asian Paints' Success
The second paragraph delves into the strategic moves and market research that contributed to Asian Paints' success. It discusses the company's origins during the British rule in India when a ban on paint imports presented an opportunity for domestic production. The founder, Mr. Champaklal Choksey, is credited with identifying two segments in the paint industry and initially targeting rural areas, which eventually led to urban market penetration. The paragraph also explains how Asian Paints addressed a gap in the market by introducing washable distemper, a product that was both affordable and of high quality, which played a significant role in the company's growth and profitability.
🚚 Asian Paints' Pioneering Supply Chain Management
This paragraph focuses on the supply chain innovations that have been a cornerstone of Asian Paints' dominance. It describes the company's early adoption of a 'Regular Payment Performance Discount' to incentivize timely payments from distributors, thereby improving capital rotation. The paragraph also details the technological advancements that Asian Paints implemented, such as the use of a supercomputer for demand forecasting and the adoption of GPS for tracking, which significantly increased operational efficiency. The company's direct distribution model, which eliminated middlemen, is also highlighted as a key factor in its success.
🤝 Building a Strong Network and Preparing for the Future
The third paragraph discusses the importance of Asian Paints' relationship with its dealers and the strategies employed to maintain a robust dealer network. It explains how the company facilitated the adoption of tinting machines by dealers through leasing arrangements and financial support. The paragraph also touches on the company's commitment to customer service and support, ensuring rapid response times and effective problem resolution for dealers. Furthermore, it outlines the company's efforts to stay ahead of the competition by adapting to market trends, such as the increasing labor costs in the painting industry and the potential rise of a DIY model.
Mindmap
Keywords
💡Asian Paints
💡CAGR (Compound Annual Growth Rate)
💡Market Leader
💡Supply Chain Management
💡Washable Distemper
💡Tinting Machines
💡DIY (Do It Yourself)
💡Efficiency
💡Independent Directors
💡Service-Oriented Models
💡Skillshare
Highlights
Asian Paints has achieved a remarkable 20% CAGR growth over the past 60 years.
An investment of one lakh rupees in Asian Paints in 2000 would be worth Rs 1.87 crores today without considering dividends.
Asian Paints' business doubles every three years, maintaining its market leadership for 54 years.
The company's revenue and profit significantly outpace its competitors, such as Berger and Nerolac.
Asian Paints capitalized on the British Raj's paint import ban in 1942 to establish a domestic production base.
Founder Champaklal Choksey's market research identified key segments in the paint industry.
Asian Paints initially targeted rural areas for distribution, which eventually led to urban market penetration.
The introduction of washable distemper created a new product category and boosted Asian Paints' market presence.
Asian Paints' supply chain efficiency, established since the 1960s, has been a key factor in its dominance.
The company pioneered 'Regular Payment Performance Discount' to improve capital rotation and dealer relationships.
Asian Paints' early adoption of technology, including a supercomputer in 1970, streamlined its operations.
Elimination of middlemen and direct supply to dealers has allowed Asian Paints to maintain higher profit margins.
Asian Paints' extensive distribution network and tinting machine strategy have solidified dealer relationships.
The company's portal and customer support ensure swift resolution of dealer queries and problems.
Asian Paints' logistic system ensures efficient delivery, even multiple times a day in some cities.
The company's culture of supporting dealers during unforeseen events has built a loyal network.
Asian Paints' board of directors consists of credible independent directors, ensuring the company's forward-thinking.
Asian Paints is adapting to future market trends by focusing on service-oriented models and DIY tools.
The company is expanding into related home decor and improvement sectors to offer comprehensive solutions.
Key lessons from Asian Paints include identifying market gaps, prioritizing efficiency, nurturing dealer relationships, and maintaining a strong company culture.
Transcripts
Hi everybody, Asian Paints is one of the
greatest companies in the history of India.
And the most astounding thing about this company
is that it is the only company to have grown
at a CAGR of 20% since the past 60 years.
And if you invested just one lakh rupees in Asian paints in
2000 today at Rs 3000 per share, your wealth would be worth
at least Rs 1.87 crores, and that too without dividends.
The business of Asian Paints literally doubles every three
years and it has been a market leader in the industry not
for five years, not for 10 years, but for the past 54 years.
And if you draw a comparison of Asian paints with its
competition in Tickertape, you will see that well Berger
stands at a revenue of Rs 6869 crores, Nerolac has a revenue
of Rs 5793 crores their combined total is Rs 12,662 crores,
but Asian Paints alone generated revenue of Rs 22,044 crores.
Similarly, Berger generated a profit of Rs 719 crores,
Nerolac stands at Rs 529 crores their combined profit is
Rs 12,049 crores but Asian Paints alone generated a profit
of Rs 3139 crores.The question is how did Asian Paints
become such a dominating force in the paint industry?
What exactly is their secret sauce that enabled
them to be a market leader for 54 years?
And most importantly, what are the business
lessons that we need to learn from the
greatest paint company India has ever seen?
Before we dive into this lengthy case study, I want to quickly
thank our sponsor Skillshare for supporting our content.
Skillshare is an online learning community where millions
of curious learners come together to take premium
classes from famous creators and industry leaders.
From marketing to video editing
to UI UX design, they have it all.
Last month I took the Nir Eyal's
class to learn about the hook model.
And this month, I took up Gary V's class wherein he
explained his social media strategy using real-world
examples of social media wins and social media losses.
I learned the techniques of repurposing my content on
multiple social media platforms like Facebook, Instagram, and
Twitter to build a long-term relationship with my audience.
The best part about Skillshare is that it is an
ad-free platform that works on a subscription model.
This means just like when you pay for Netflix, and you get
access to all the shows on the platform, at Skillshare you
get access to 1000s of classes all at once, including Indian
creators like Alicia Souza's illustration class, and Ekta
Chaudhary's gardening class and a lot more.The subscription
will cost you less than Rs 2000 a year that comes down to
less than Rs 166 a month that is lesser than the cost of a
Starbucks coffee.For Think Schoolers Skillshare is giving one
month of the free trial if you use the link in the description.
This is applicable only for the first 1000 people.
So go ahead, click on the link below and explore
the amazing things that Skillshare has to offer.
The story of Asian Paints dates back
to the volatile times of 1942, India.
And this is something that you might already know that
during that time, India was still under the British
raj, World War Two was still going on and the government
had temporarily banned the imports of paints in India.
During those days the paint industry in India had
a few foreign companies and Indian players like
Shalimar paints were the major players in the market.
But this ban resulted into a brilliant
opportunity for domestic production.
And spotting this opportunity.
Mr.
Champaklal Choksey and three of his friends
set up Asian Paints in Mumbai in 1942.
And one of the most amazing traits of this gentleman
was that he was an incredible market researcher and he
spent a lot of time understanding the paint industry.
This is when he understood that there
were two segments in the paint industry.
One was the industrial segment and the
other was the decorative paint segment.
In the industrial segment, it was a b2b space that is
all about supplying paint to giant factories and plants.
Whereas the decorative segment was a b2c as in
a business to consumer space wherein you could
sell paint to the common man to paint his house.
Long story short, initially, the
large distributors rejected Mr.
Choksey so he turned to the villages wherein people painted
the horns of the bulls and the South Indians painted the
entrance of their house considering it to be auspicious.
Looking at this demand, MR.
Choksey started supplying to the village distributors,
the demand soon enough short up, and within some time,
the bigger distributor started approaching Asian Paints.
And in the next 10 years with this rural to urban
approach, they hit revenue of Rs 23 crores by 1952.
Now the obvious thing over here is that
they couldn't have become the biggest player
just by selling paints for bull horns.
Right?
Then the question is how did Asian Paints
become the biggest player in the market?
Well, this is where the second phase
of Asian Paints growth started when Mr.
Choksey noticed another huge gap in the market.
During the 1950s Mr.
Choksey saw that there were two major products in the market.
One was a basic dried distemper that was extremely
cheap, but it had a tendency to peel off.
It used to stick to the clothes
and it used to stink very badly.
The second product was the plastic emulsion product
that was free from all of these problems but was
five times costlier than tried distemper.Therefore,
it was unaffordable for the common man.
So you know what guys, Asian Paints came up with a
game-changing product called the washable distemper that was
placed exactly between dry distemper and plastic emulsions.
Now, this was a revolutionary product because
it has the qualities of plastic emulsion, but
it was way cheaper than the emulsion product.
And this product was marketed using a very
successful marketing campaign which said,
"Don't lose your temper, use tractor distemper."
And guess what, within no time, washable
distemper was a massive hit in the market,
and the company started taking giant leaps.
Although the firm was not very profitable during
the 1950s, from 1952 to 1962, the revenues grew
at a compound annual growth rate of 21%, with
margins rising from just 2% to 13% by 1962.
And by 1967, that is 25 years after the company started,
Asian Paints became the largest paint company in India.
And the most astounding thing is that even today,
that is even after 54 years, Asian Paints is still
the largest paint company in the Indian market.
Now, this begs the question, in this volatile and
uncertain market with such a vast customer base
spread across an extremely diverse country like
India, how is it even possible that not a single
company could challenge the position of Asian Paints?
Well, the answer to that lies in three critical
aspects of the Asian Paints organization.
The first is a world-class supply chain that
they've built over the past 60 years.And
the Foundation came way back in the 1960s.
During that time, large multinational corporations used to
offer at least 180 days of credit period to their distribution
channel and this included the shopkeepers, the dealers, the
distributors, who supplied paints to the retail customers.
This channel allowed the distributors to expand
the credit period even as long as one full year.
For example, let's say you are a paint company, and
I am the shopkeeper and you gave me Rs 60,000 worth
of paints that I am supposed to sell at Rs 80,000.
So, I can take up to six months to sell
the paint and then pay you back Rs 60,000.
And this means that for you Rs 60,000
of capital is stuck and cannot be used.
Now, if the same thing happens with 1000
distributors across the country, that is Rs 6
crore worth of capital of yours that will be stuck.
This money cannot be used to buy raw materials.
And for the next cycle, you will need another Rs 6
crores, which means that you need an exorbitant amount
of working capital to even survive in the market.
This is the reason why the smaller players
found it very difficult to enter the market.
So the entry barrier was very very high.
But the one practice that was prevalent and even today it
is still prevalent in any credit system is that even if the
shopkeepers have sold Rs 60,000 worth of paints, then they have
got 180 days to pay back, no one really bothers to pay back.
And even if they did, they used to pay using post-dated checks.
Now the Asian Paints team understood this very clearly.
So they came out with something called
'The Regular Payment Performance Discount'
wherein the regular payback was incentivized.
For example, a shopkeeper would get a 3.5% extra discount
if he made the payments within 30 days throughout the year.
Similarly, if a dealer made payments in cash, they
would get a 5% discount on his procurement price.
Now, this was a very, very big deal because the paint industry
by default operated at razor-thin margins at the dealer level.
And these initiatives worked wonders because it was
a win-win for both Asian paints and the dealers.
Why?
Because Asian Paints was able to rotate its capital faster.
So they were able to serve a larger network of
distributors with very less working capital.
And at the same time, the dealers were getting
discounts and manage their working cycles better.
Similarly, in the next 50 years, Asian Paints always
remained a pioneer in supply chain management.
In fact, Mr.
Champaklal Choksey bought the first-ever
supercomputer in India in 1970 for Rs 8 crore.
And what blew my mind is that Asian Paints had a supercomputer
10 years before ISRO had it,10 years before IIT Powai had
it and 21 years before any other company in India had it.
And they use these mainframes to forecast demand by which they
could run their supply chains at insane levels of efficiency.
They started branch billing on computers way back in the 1970s.
And even started using GPS for
tracking the movements of their trucks.
And the result?
Well, in 1980, the Bhandup plant used to operate
with 1600 workers, but Ankhleshwar started production
for the same capacity with only 250 workers.
And by 1985, the same thing was
done with less than 100 workers.
So you see, in less than five years, they were able to improve
their efficiency to such an extent that now they were able
to operate at the same capacity with 1/16 of the workforce.
All of this was done because of insanely superior technology.
Secondly, from 1970s onwards, Asian Paints
removed all middlemen like distributors and
wholesalers from its distribution channel.
And this meant that they were supposed to supply
directly to the dealers and because of this today,
Asian Paints the manufacturer reaches 70,000
paint dealers without any channel intermediation.
Therefore, with only 3 to 5% average margin
for the dealers, Asian Paints is able to
keep 95 to 97% of the margins for itself.
Meanwhile, the extraordinary levels of efficiency have
taken Asian paints to such heights that even today
with 125 depots in its supply chain, while Nerolac
generates a revenue of Rs 40 crore per depot, Asian
Paints generates revenue of Rs 100 crores per depot.
Similarly, the revenue per factory for Nerolac
is at Rs 700 crores, whereas Asian Paints
stands way ahead at a revenue of Rs 1500 crores.
This is the level at which Asian Paints operates.
And this brings us to the second critical
factor and that is a relationship with dealers.
A classic example of the same was a distribution
of something called tinting machines.
For those who don't know, tinting machines are
machines that could produce a large variety of
shades using a small set of standard colors.
For example, if you wanted saffron, the tinting machine will
be able to mix red and yellow in appropriate quantities to give
you the exact same saffron color that you're looking out for.
So because of the usage of a tinting machine, you no longer
had to store every single color bucket in your inventory.
And today, you can produce 1000s of colors with tinting
machines without going back to the manufacturer.
Therefore, the very presence of these machines
meant that the sales of the company would skyrocket.
And what blew my mind is that today, while Nerolac and
Berger together deploy 46,000 tinting machines through their
dealer network, Asian Paints alone has 50,500 machines.
The question is, how is there such a stark
difference between Asian paints and others?
Well, that is not just because of the extensive network
that Asian Paints has, but also because Asian Paints built
a seamless system for the adoption of the tinting machines.
Because back then the problem was that tinting machines
were manufacturer-specific, they required significant
space in the store and they were extremely costly.
And while many paint companies asked the dealers
to bear the heavy cost, Asian paints used to bear
the initial investment, and then it would give
the machine on a lease agreement to the dealers.
This way, the dealers felt less burdened, and the company
established a solid relationship with its dealers.
Therefore, the entry barrier even for
small players was almost eliminated.
This is the reason why the network Asian Paints grew
from just 15,000 dealers in 2001 to 52000 dealers
in 2018 because even the smallest dealer in the
market could afford to partner with Asian Paints.
Furthermore, after some time, Asian Paints orchestrated
a three-way agreement wherein banks funded the dealer and
then the dealers repay the loan to the banks over time.
This way, the investments were not reflected
in the company's balance sheet and at the same
time, financing was made easy for the dealers.
And even today when I spoke to the few dealers in my circle,
they told me that the Asian Paints portal is so amazing that
their queries get answered usually within just 24 hours.
And regardless of whatever problem the dealer
faces, the company has an extensive customer
support team to help them out with extreme care.
And even in the tier four cities, if you order products in
the evening, it will be delivered to you by noon without fail.
And in tier-one cities, Asian Paints logistic
system delivers goods two times a day, and in
some cases, even four times every single day.
Cherry on the cake is that Asian Paints has always gone
beyond its call of duty to help its channel partners in
case if they faced any unexpected problems.And as Jalaj
Dani, an Asian Paints executive stated and I quote, "Dealers
are a part of our family, if we find that they're affected
due to unforeseen events like riots, floods, earthquakes,
etc, we ensure that the best support is provided to them
in every possible manner, including expanding the credit
period, so as to help them get back on their feet."
This is a reason why ladies and gentlemen, Asian Paints
has the largest number of dealers and an extensive
network that is far, far superior than its competition.
And the third critical factor is their
incredible levels of consistency.
Now, people, I don't know how many of you see this, but then
in the past 50 years, the stakes of the founders have changed.
And just like any other giant company, even Asian
Paints had some conflicts within the company.
But even then, they have been remarkably
consistent with their adoption of technology.
They've been recruiting the same
grade of talent since the 1970s.
And their marketing has constantly evolved
with changing trends in the Indian culture.
And last and most importantly, many companies fill their
boards with friends and cronies in order to pay lip
service to the legal requirement that mandates that 50%
of the board should comprise of independent directors.
But Asian Paints is among the rare breed of
companies whose boards are truly independent.
Out of 14 directors, Asian Paints has seven
independent directors who are credible individuals with
extraordinary backgrounds, who always make sure that
the company is always a notch ahead of its competition.
And this brings me to the last part of the
episode and that is since the past 54 years Asian
Paints has been a market leader that's fine.
But today what is Asian Paints doing to stay ahead If it's
competition in the next 50 years, to understand this, you
will first have to look at the megatrend in the paint market.
If you see the cost of labor involved in painting
at a home has increased from just 10% of the
project cost in 1980 to 65% of the project cost.
This is because from 2006 to 2015, the labor
costs in India have grown at a CAGR of 9% to 10%.
Whereas the paint prices have increased at a mere 3% CAGR.
So in the next 10 to 15 years, labor costs are expected
to be around 90% of the overall paint project cost.
And when this happens, it will make more sense
for you to buy paint from a store and paint a home
yourself rather than employing painters and laborers.
And once this happens two consumption
patterns are likely to emerge.
Number one, customers will be willing to pay for labor
involvement only if there is service-oriented value
addition, that can not be done without expertise.
This is a reason why Asian Paint has already
started trying several service-oriented models.
They've been opening experience
stores in Mumbai, Delhi, and Kolkata.
They've opened color ideas stores, which
provide color consultancy in mom and pop stores.
They have home solutions painting service, which
currently executes 20 to 25,000 projects a year.
And then we have Royale Play that is high-end textured paints.
And apart from that, they've even started laying
the foundations into kitchenware, bathroom
fitting, furniture, and even interior decoration.
So to put that straight Asian Paints doesn't
just want to paint your house, they want to build
and sell everything that is inside your house.
This is the first trend that is the evolution of
a service-oriented industry in the paint market.
Secondly, the DIY model is expected to emerge.
Currently, households do not adopt a DIY approach
because of the lack of sophisticated tools, and
number two, at 60% to 65% of the project cost, labor
involvement is still affordable for many households.
However, with sophisticated tools being introduced in
the market, and with the labor cost shooting up to 90%
of the project cost.both these factors are expected
to change the trajectory of the paint industry.
This is the reason why Asian Paints is now venturing into
building user-friendly DIY tools in order to empower ordinary
people like you and me to be able to paint our house.
This is what Asian Paints is doing to prepare for the future.
So if this is very, very clear to you, let's
talk about the lessons from the case study.
Lesson number one, no matter how big the players in the
industry are, if you want to become successful, it is
absolutely important to identify the gaps in the market.
Lesson number two, and this is something we've seen even in
the case of Toyota and Ford, that efficiency is one of the
most powerful yet the most underrated aspect of a business.
And in the race of scaling up, companies often
overlook the inefficiencies in their system.
A classic example of the same was Ford and even
Gillette.Whereas on the other side, they've got
companies like Asian paints, who deploy incentives
in the form of regular payment discounts and
invest heavily into the next-gen technology like a
supercomputer to reach unthinkable levels of efficiency.
Lesson number three, while on one side, we've got companies
that treat their employees as objects and exploit them
in the name of efficiency, on the other side, we've got
Asian Paints that goes beyond its call of duty to make
financing easy for dealers, to give them extended credit
period during slack time, to resolve their queries with
utmost care within 24 hours, and most importantly, to go
out of the way to help them out during a calamity saving
them from an unimaginable amount of pain and suffering.
And lastly, while good brands have a legendary
leader, a great brand has a legendary culture.
In this case, it was the impeccable board of directors
of Asian paints, the star recruits from IIM, and the wise
marketers of Asian paints, who have kept the legacy of the
company not for five, not for 10 but for 70 consecutive years.
If this isn't an epitome of greatness, I don't know what is.
That's all from my side for today, guys.For your study
materials, I'm attaching the links to them in the description.
And please read this book called 'The Unusual Billionaires'
because I found some fascinating insights about Asian Paints
in this book for this case study, and if you learned something
valuable, please make sure to hit the like button so that the
YouTube algorithm knows that you learned something valuable.
And for more such free business and political
case studies, please subscribe to our channel.
Thank you so much for watching.
I'll see you in the next one.
Bye-bye.
[ Subtitles by: subit.in ]
Посмотреть больше похожих видео
How Spotify won everyone else | The rise of Spotify | The History of Spotify
How Tanishq HACKED the GOLD Market of India : Titan & Tanishq (A TATA Product) Business Case Study
Maruti Suzuki Drives Business Growth on a Full Oracle Stack
Why Red Bull Isn't A Drink Company
Kisah Reinkarnasi Blackberry Jadi Perusahaan Siber Ternama Dunia
Walmart - Supply Chain Management System
5.0 / 5 (0 votes)