How Manish Chandra is making it big with Poshmark
Poshmark is a leading online e-commerce company where one can buy and resell their used or unworn clothing and apparel. It provides a social platform for the new-generation, fashion-conscious men and women.
Started eight years back by CEO Manish Chandra with its headquarters in Redwood City, California, Poshmark has carved a niche of its own and has been successful in disrupting the retail marketplace with its new-age, cost-effective strategy and user-centric interface.
It provides a great opportunity to those who are looking for a lucrative side hustle with zero investment and maximum returns, all the while clearing out their wardrobe and downsizing. With over 1.4 million registered sellers catering to more than 40 million happy buyers every month, Poshmark CEO Manish Chandra is making sure that the company grows in leaps and bounds with every passing year.
Even with such robust growth, very little is known about Manish Chandra and his humble beginnings. Below we take a look at the Poshmark CEO who is taking the startup world by storm.
Manish Chandra, The CO-Founder And CEO of Poshmark:
Manish Chandra was already a successful entrepreneur with a startup in his bag (Kaboodle) that he had sold to Hearst for $30 million before he launched Poshmark. An alumnus of prestigious universities like IIT Kanpur, India, UT in Austin and MBA from Hass School of Business, Manish sharpened his entrepreneurial skills with his knowledge about fashion.
Chandra said in an interview how he carefully observed his wife’s habit of buying more than what she needed and stacking her closet with dresses from different labels which she hardly ever wore. He noticed this tendency in a lot of shopping enthusiasts along with the inclination of some people towards purchasing second-hand goods.
This soon made him conceive the idea of an online portal for reselling one’s clothes and accessories at half the purchase price to buyers on the lookout for affordable and cheap clothing. Thus Poshmark was born in 2011, built on the technology that changed the way women look at shopping, thereby building a passionate community where people openly shared their love for fashion.
Starting with only clothing, Poshmark soon forayed into other common retail items like shoes, makeup, jewelry, and bags. It created an irresistible range for its buyers from luxury designer brands like Roberto Cavalli, Gucci to street fashion brands and personal boutique items.
Chandra mentioned before that Poshmark’s goal was to create a massive fashion platform, powered by people instead of machines. His vision is to make Poshmark the go-to place for people to buy and sell fashion, “in a way, democratize style and fashion across a community”.
As the CEO, Manish Chandra has managed to take the company to great heights, closing in $1 billion in Poshmark revenue for sellers last year and raising more than $160 million in investor funding so far.
With scaling and growth as his primary concern, Chandra is leaving no stone unturned in bringing Poshmark to the global scene and turning it into the largest fashion platform in the world.
The Early Life of Manish Chandra
Manish Chandra has completed his academics from prestigious universities around the world. He did his BTech in engineering from IIT, Kanpur, before heading off to the States to pursue MS from UT, Austin. He then enrolled for an MBA in the reputed Hass School of Business.
Someone who is meditating since 2015, Chandra admitted that he saw the world differently, realizing how a company impacts society by creating connections and empowering the people.
A deeply spiritual person, he is an admirer of books such as The Alchemist by Paulo Coelho and a member of groups such as 10X CEO. Chandra said he knew from the start that he wanted to build a “people-centric business. This means a business where people love coming to work.”
Before starting Poshmark, he had turned this into a reality in his previous startup Kaboodle Inc, where he served as the CEO before it was sold to the Hearst Corporation in 2007. He then put all his energy and resources into Poshmark
How Did Poshmark Take Off?
Although Poshmark started off on a decent scale, gathering momentum each year, its recent rise to a user base of 40 million with over 1.5 million registered sellers has left Chandra himself in a state of surprise.
Founded as a platform exclusively for women and women’s fashion, Poshmark has since expanded into men’s and kid’s categories as well. The company officially hit the 1 billion mark this year, but according to Poshmark CEO Manish Chandra their journey has just begun to conquer and monopolize the online fashion world.
At a point of time after Poshmark took off, Chandra was handling customer service calls, hosting trunk shows all across the US to generate buzz and facilitated payments and transactions through e-mail and PayPal. In his desire for speed and flexibility in shipping, Chandra was once faced with an arrest warrant following complains by the USPS that demanded millions of dollars overdue in shipping costs, which Chandra had ignored.
From there, Chandra pitched a strategic partnership with the USPS, which led to PoshPost, a unique solution not only for faster delivery but also standard shipping rates, similar to what eBay and Amazon followed.
Since then, the company has had several developments, with its very own proprietary payments system, annual sellers meet-up, known as PoshFest and a virtual storefront “boutique” for its fashion entrepreneurs.
It has also benefitted from collaborations and partnerships with influential style and youth icons such as Netflix star Marie Kondo and ace tennis champion Serena Williams, who has her personal boutique in Poshmark and is a member of its Board of Directors.
The biography of Manish Chandra serves as a living testament to the meteoric rise of this e-commerce fashion portal which is slowly taking over the online resale space and is aiming for large scale growth in the coming years.
With a net worth over $30 million, Poshmark CEO Manish Chandra is eyeing global dominance.