“We plan to expand 130 cr on expansion”: Prasuk Jain
In an exclusive interview with Prasuk Jain, Managing Director, Chiliad Procons and Co-Founder of The Game sheds light on the growth strategy of the company.BY Shipra Srivastava | November 19, 2018 | comments ( 0 ) |
Tell us about Chiliad Procons. Starting from inception to journey so far?
As how everyone starts their journey, mine has been no different. The struggle was real, from travelling to places and chasing banks; being a startup, I started my early days when I carried my bag of vision on my shoulder to see if I can be the lucky one to start my company. The difference was my vision had a variety of fun, entertainment and leisure moments which I wanted to deliver for the Indian crowd and that is what helped me in stepping my first milestone in India.
Chiliad Proconswhich started as Global advisory services helping companies from Canada, UK and USA; we were associated with world leaders for establishing their base in India which made me learn a lot of global standards and business tactics needed. I further went and graduated myself in Snow Making before I came back to India and started my first Snow World in Mumbai which made me foray into the world of entertainment from advisory services.
Since then, Chiliad Procons has been global leaders in creating designs and development strategy for some of the best indoor theme parks in the world. The group is putting all its efforts towards being a distinguished player in the amusement industry. The best in technology and concepts are ready to take over the Indian market, reassuring visitors to step and experience beyond their imagination. Each project is a unique legacy to the World of Entertainment being it Snow World, Ski India or The Game. The projects under the group umbrella are carefully outlined to provide perfect blend of adrenaline rush and elation.
All of your gaming properties are located in retail malls. Was it a strategic choice to open at shopping malls? How do you think to get leveraged from retail locations? Going forward, would you continue to focus similar locations?
The Economy of any country is designed in certain manners which the citizen usually adapts. For India, shopping, entertainment has been classified as destinations which are usually retail malls. This in return helps any retailer to design its strategy in a much smarter way. For us, yes it had been a strategic choice to be part of shopping malls as it enhances the quality of visit of anyone to mall just from basic shopping and F&B to now entertainment. Therefore, you would see that every developer is focusing on Entertainment zones in larger way. Firstly as customer, you get every possible essence of day out in a Mall from shopping, movie, F&B, entertainment. As a Business player, it is more viable to be present in a Mall because you know your set footfall, you know your audience and you know that’s your target.
How do you think the economics of retail destinations get help from gaming properties such as ‘The Game’?
As highlighted in the above question, entertainment is the only space which is currently not available online and it is the only thing which customers want to experience in real which gives leverage to Gaming Brands to explore and expand its wings in every possible country. For us, we just don’t believe in being a gaming brand, but we believe in delivering highest quality and standard products with a luxury feeling and exclusive options of entertainment which helps us stand out in the market.
Who do you see as your biggest competition in this space?
Where there is no competition, there is no fun to be in the game. It’s about how do you differentiate yourself and what better you provide to your customers makes you be in the Game. For us, we try to be exclusive with our offerings and we see no competition for us. We will strive towards the most unique parks across India from Snow World, Ski India, The Game to The Jungle Book Theme Park which is coming soon.
What are the major operational challenges in running such properties?
India has no snow sports history and no major adventure history as our country has never been in the map of Adventure and Amusement Parks. So it becomes extremely difficult for us to find capable engineers to handle the day-to-day maintenance of high end technology and hence we have to wait for spares and engineers to visit us in India to take care of such issues which turn out to be an expensive affair. Also, India Is still not prepared for high end technology parks or high intensive Capex development which forces any developer to compromise on certain parameters due to which India still doesn’t stand out to be market for players like Disney and Universal.
Kindly shed light on your business model. Have you achieved your break even so far?
Entertainment and Amusement Centers are high intensive Capex development so it has to be a very smart play to achieve break even or have to be deep pockets to run such center. We play in a different model which helps us achieve our break evens. We develop our project in the heart of a city which makes it easily accessible to people and the comfort of being present in neighborhood makes it helpful for us to boost our revenues.
At last, kindly highlight your expansion plans? How many such properties you are looking to open? Also are you looking to venture into franchising?
Snow World is currently operational in Mumbai and the second snow park is opening in Delhi and Bangalore in this financial year. Secondly, we have just launched our premium sports center concept which shall be soon replicated in 4 locations in Mumbai which are already identified. The concept will tweak according to locations but the focus would remain the same of Premium gaming zones. The company has already developed two lounges and is awaiting licenses from authority to open for public of which one is in Mumbai and other in Delhi. With signing of The Jungle Book Theme Park in India, property for the same is signed and we shall commence our work on the same very shortly. The company is currently in the phase of development of projects by itself and will soon look at Joint Ventures opportunities. The company is spending approx. 130 Crores in its expansions.