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Ksh 6,500 was the amount of money Bipin Shah received as a loan from a friend approximately 45 years ago when he began building his business empire.
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The operations director at Basco Paints started out by selling foam glue to carpenters before branching out into paint production.
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The company offers clients an extensive range of paints available in more than 7,000 colors, manufactured at their facility in Embakasi which produces over nine million cans each year.
Japhet Ruto, a correspondent for LFHCK ID.co.ke, boasts over eight years of expertise in finance, commerce, and tech sectors. He offers insightful examinations of financial shifts both within Kenya and internationally.
The leading offering from Basco Paints, Duracoat, has achieved widespread recognition largely due to Peter Marangi, who serves as its brand ambassador.
Over four decades ago, Bipin Shah, who founded and currently directs the operation, obtained a KSh 6,500 loan from a close acquaintance, paving the way for the paint company to evolve into a multibillion-shilling enterprise.
Initially, Shah used the loan to sell foam glue to carpenters in Ngara, Nairobi.
The entrepreneur shared his journey of beginning with nothing following the financial hurdles that obstructed him from continuing his studies beyond high school.
“I grew up in a humble family setting. Economic constraints stopped me from pursuing higher education beyond high school. With funds I borrowed from a friend, I started producing carpenter’s glue. My aim was simply to find work that would enable self-sufficiency,” Shah shared with Business Daily.
How Shah set up Basco Paints
To complement his glue business, Shah ventured into manufacturing and promoting wood preservatives as well as turpentine, assisted by one staff member he had brought onboard.
For multiple years, the earnings remained stable, yet by 1984, he had to expand his range of products again since competitors started joining the marketplace.
One of his siblings, Kamlesh Shah—who presently serves as the managing director at Basco—aided him in launching the paint production business. After completing his studies for the day, he would lend a hand with the company’s operations.
They entered the paint sector with KSh 500,000 accumulated from their initial venture and financial support from two nearby banks.
He disclosed, ‘We started off with budget paint, targeting individuals seeking an economical option.’
As they were a small business at that time, he mentioned that they opted against competing directly with the industry giants.
What is the number of products that Basco Paints manufactures?
Even though his nephew Mital Shah acts as the company’s export manager, Bipin’s elder brother Anil Shah holds dual roles as chairman and financial director.
The two siblings enlisted contractors and convinced them to test the new paint line, aiding in establishing their budget-friendly paint brand’s reputation.
At present, Basco Paints offers clients an extensive range of paint colors in more than 7,000 different shades. These paints are manufactured at their facility in Embakasi, which churns out over nine million cans each year.
The firm additionally produces various products such as tile adhesives, varnishes, wood finishes, and primers.
Other old Kenyan companies
As an update, numerous Kenyan enterprises have operated for over 100 years and employ thousands of people.
This list comprises Jubilee Insurance, Bamburi Cement, East African Breweries Ltd, and Kenya Commercial Bank (KCB).
Over 127 years, KCB Group has offered banking services and recently reported a profit of KSh 61 billion.
