Introduction 

The Indian wedding market, with an annual growth rate of 25-30%, presents enormous  opportunities for SMEs in the retail sector. And with weddings costing upwards of £50,000 in the UK, every aspect - right down to the stitching - has to be perfect. We sat down with Ankit, Managing Director of designer brand Monga’s, to learn how Lenkie’s Grow Now, Pay Later credit facility has delivered a tailor-made finance solution to their family-run business.

Story behind Mongas

Monga’s owe their origins to Arun and Reena Monga, Ankit’s parents, who began their journey in 1996 exporting clothing from India to designer boutiques in the UK. Since then, the family has built a global brand which designs and manufactures South Asian clothing for weddings across the world. They have shops and offices in London, Birmingham, and Southall, supported by over 90 team members. Coupled with a significant online presence, Monga’s are one of the foremost SMEs bringing the $130b South Asian wedding market to the UK and beyond.

Growing Inventory

Like many retailers importing supplies from abroad, success presents its own cash-flow challenges for the business. Monga’s regularly purchase stock from their suppliers in India, ship this to the UK, and sell in-store and online. Not only does this require significant working capital, it also means they can go for weeks or months between purchase and sale. 

How Lenkie helped 

With a new store in Birmingham generating even more demand, Lenkie’s credit facility has helped Monga’s to continue their growth trajectory. In particular, 3 key features stand out above the rest:

1. Revolving line of credit - with every repayment Monga’s can drawdown again, and again, and again, creating constant access to funds with each payment cycle.

2. Live, highly competitive FX rates for seamless transactions with their exclusively international suppliers

3. Continuous underwriting policy - Lenkie has scaled with the business as it grows, providing access to 200% more credit. A flexible limit means that Monga’s has been able to make more payments and access more capital as their relationship with us blooms.

What’s next?

Cash-flow secured, Ankit and his team can now focus on bringing their inspiring, innovative, and beautiful designs to more customers than ever before. Having already established Monga's as a dominant player in the UK, their sights are set on expanding new customer base in North America and Europe. Lenkie's credit facility provides them with the flexible funding required to help them achieve these global growth ambitions.