In this world of clashing industries, we must come across the name of the Bajaj group. Proudly calling itself an indigenous company, Bajaj Group is a multi-industry (also known as a conglomerate). This industry is one of the most well-known in our country. It is also one of the oldest of its kind. Here we will talk about its business model and its secret to strive and perform well.
About Bajaj Group
Bajaj Group of companies, being India's one of proudly indigenous companies, was founded in 1926. Its founder was Mr Jamnalal Bajaj. It set up its first headquarters in Mumbai. It boasts of being one of the oldest multi-business companies in our country. It serves worldwide, so it's also multinational. Having achieved the ' First in the industry' status with all plants certified and several other international awards with its excellent automobile production, Bajaj stands high in business standards.
Areas of operation
The Bajaj groups started operating first in India and, with the flow of time, placed themselves in the list of oldest conglomerates of India. With about 40 companies and nine subsidiaries of the Bajaj Group, the company exports mainly to Sri Lanka, Colombia, Indonesia, Netherlands, and Bangladesh. And its soon wanting to expand its exports to Russia. Not just this, the business of Bajaj Group is expanding worldwide nearly to every corner of the world.
Key products and services
Being a multi-business company, Bajaj deals in automobiles, insurance, financial services, electrical devices, consumer care, alloy and steel, and finally in sports. A single company provides all these services. Here is a quick list of services offered by the Bajaj Group:
1. Automobile: Being one of the largest producers and exporters of automobiles in India, the Bajaj group exports up to 50-52℅ of its automobile production. Bajaj auto holdings limited as an investment company, Bajaj Auto international holdings BV, Maharashtra scooters Limited, PT Bajaj Auto Indonesia are all under Bajaj Group.
2. Insurance: Bajaj groups is also known widely for its insurance providing services. Bajaj Allianz General Insurance Company Limited, Bajaj Allianz Life Insurance is essential to assistance provided by the company.
3. Finance services: In the field of finance, we have Bajaj finance Limited and Bajaj Finserv Limited, and these deal with financial assistance and distribution of products along with hiring and leasing.
4. Consumer care: Mostly, cosmetics and hair care products form a part of this. Various oils, face wash, soaps, scrubs, face masks, facial creams are products it deals with.
5. Electrical Device: Various electrical devices, primarily fans, air conditioners, poles, lattice closed towers, and high masts, form a part of the electrical devices Bajaj Groups deal with.
6. Alloy and steel: Mukand International Limited is the part which deals with the trading of metals, alloys, and steel along with alloys of iron. Hospet Steel Limited Plant is the iron-making division, and also in steelmaking and rolling mill.
7. Electrical components: Electrical devices such as GLS lamps, fluorescent lamps, electrically operated fans, lights, and various miniature lamps are part of Bajaj Group's productions.
8. Sports: Various sporting equipment and gym equipment are products of Bajaj. Equipment relating to various sports and also cycles are a part of it.
Bajaj provides many different services in many other fields. It caters to the needs of everyone. Without any distinction in gender, age, or irrespective of the sex of a person, Bajaj groups provide their services. Being a multi-business company, it is a conglomerate in its truest sense. Its services attract an array of audiences, from a retired individual to a homemaker to a sportsperson.
Business Model Of Bajaj Group
Bajaj Group showcases an extraordinary business model for others to follow irrespective of what industry they are dealing with. A multi-business company isn't set on its own; it requires strategy and all pooled into its business model. It has a diversified business structure and mainly focuses on three things - acquiring many customers irrespective of their age and sex. The second is providing a great variety of services that can cater to the needs of all its consumers. The third one is the expansion of its exports and services into different other countries.
Its business model helps it to get a maximum amount of profit. Its revenue means include exports, shares, selling within the country, sponsoring, and manufacturing much-needed materials.
What is unique in the Business Model of Bajaj Group?
As already discussed, Bajaj groups believe in catering to the needs of their large and diversified customers. It's not easy to adopt these well-crafted strategies, but they made Bajaj Group's business model inspiring every industry. These include:
1. High exports: Exports form an essential part of the business model of Bajaj groups. It mainly exports its two-wheelers to several countries. Also, the team which handles it is very experienced.
2. Meeting the needs of customers: The prices are reasonable for an Indian household. Also, online marketing and easy EMI options are available to those who want to buy the products
3. A complex and unique distribution network: A highly managed and efficient distribution web that eases the setting up of business both in and outside our country. It has many warehouses and storerooms with its products—a group of trustworthy dealers.
Providing several services and proudly being the most prominent bikes and scooters in our country, nearly 50-52 percent of its sales are exported. Some of its essential strategies in the business model also include promoting its new launch, giveaway and lucky draws, Internet marketing, easy EMI options on various goods. Other methods include different social media accounts which post about the product, providing a great versatility of products, and letting customers decide and review their products.
How does Bajaj Group Make money?
The wisely crafted business model helps Bajaj groups to extract profit efficiently. First, the services provided by it caters to a large and diverse audience who use its services frequently. The company gains profit from as many national and international consumers as possible. Almost 50 percent of its automobiles are exported. Also, there are numerous ways to make money in its own country.
Bajaj Group makes its money by exports. Bajaj Auto, which is a part of the bajaj Group, manufactures a large number of two and three-wheeled vehicles. These are in great demand in foreign countries. Over more than seventy countries have gotten these vehicles imported from India. It helps in adding to the revenue of bajaj groups. Selling and buying of shares also add to its revenue.
Bajaj is a well-known brand of electronics in India; people buy electronics from this brand in many ways. Indians trust this brand, and because of its excellent performance, its demand is very high in the country. It helps the company to get more money. By using the method of recycling, the company makes its iron and steel. These, when sold this generates a large amount of profit. As steel and iron are used in every place, its sales help the company a lot.
Bajaj has sponsored many events and even supported the Indian teams in some international events, these sponsorship helps get income. Because of the increase in the number of factories at various places, more production is the result. More production means more sales. Also, the taste of people is being taken into consideration to increase the amount of profit.
Bajaj groups which started as small businesses soon grew into a vast business empire. The founder, along with his family, all worked together in making Bajaj one of India's most profitable brands. Not only does it provides us with a variety of products, but it also engages itself in several welfare activities. This company has won the hearts of both Indians and the people of another country. It is due to its efficiency and diversity of products.
What is the revenue of Bajaj group?
Bajaj group has a revenue of more than 50,000 crores in Indian currency.
Who is the MD of Bajaj group?
Rahul Bajaj is the MD of Bajaj groups.
Who are the CEO of Bajaj Group?
Rajiv Bajaj, Sanjiv Bajaj, and Lalit Jalan are the CEO of Bajaj Group.
How many companies are there in Bajaj Group?
There are 34 companies under Bajaj Group of companies.
What are the companies under Bajaj Group?
Some of the companies under Bajaj Group are:
- Bajaj Allianz General Insurance Company Ltd.
- Bajaj Allianz Life Insurance Company Ltd.
- Bajaj Auto Finance Ltd.
- Bajaj Auto Ltd.
- Bajaj Electricals Ltd.
- Bajaj Finserv Ltd.
- Bajaj Holdings & Investment Ltd.
- Bajaj International Pvt. Ltd.
- Bajaj Sevashram Pvt. Ltd.
- Bajaj Ventures Ltd.
- Hercules Hoists Ltd.
- Jamnalal Sons Pvt. Ltd.