How Cello Transformed From Making Bangles to Building India's Rs 1,900 Crore Houseware Empire

In 1967, in a cramped factory in Goregaon, Mumbai, Ghisulal Rathod stood amid seven machines and sixty workers. They weren't making anything glamorous—just plastic bangles and PVC footwear. The margins were thin, the competition brutal, and the future uncertain.

Nobody would have guessed that this humble bangle factory would transform into Cello World Limited—India's leading houseware brand with 15,841 product variants, 13 manufacturing facilities, presence in 50,000+ retail stores, and a successful Rs 1,900 crore IPO in November 2023.

This is the story of how one man's observation about heavy brass utensils sparked a houseware revolution that made "Cello" synonymous with durability, affordability, and innovation across three generations.

The Founder's Vision: 1967

Ghisulal Rathod wasn't born into privilege. He started with what he had—a small space, minimal equipment, and determination. His initial business, Cello Plastic Industrial Works, manufactured plastic bangles and PVC shoes—products with low barriers to entry but also low differentiation.

But Ghisulal possessed something competitors lacked: the ability to observe what consumers actually needed.

In the 1960s, most Indian households used brass, steel, and copper utensils. They were expensive, heavy, and required constant polishing. As India's middle class expanded post-independence, families wanted modern alternatives that were affordable, lightweight, and durable.

Ghisulal saw the opportunity. In 1967, he pivoted from bangles to plasticware. The transition seemed risky—abandoning established products for an unproven category. But Ghisulal understood that India was changing, and the companies that anticipated those changes would win.

The Brand Takes Shape: 1982

For fifteen years, Ghisulal refined his manufacturing processes and built distribution networks. In 1982, Cello Plastic Industrial Works officially launched plastic houseware products under the "Cello" brand.

The timing proved perfect. India's economy was gradually opening. Consumer aspirations were rising. Families wanted colorful, modern-looking kitchenware—not just functional products but items that reflected their improving lifestyles.

Cello's plasticware hit the sweet spot: affordable enough for middle-class families but durable enough to last years. The products became fixtures in Indian homes—containers, bottles, buckets, jugs—everyday items that Cello made reliable and accessible.

The Casserole Revolution: 1986

In the early 1980s, while traveling to the United States, Ghisulal discovered something Indians had never seen: casseroles—insulated containers that kept food hot for hours without external heating.

On May 10, 1986, Cello established a dedicated thermoware factory in Mumbai with the same seven machines and sixty workers that had started the bangle business. The company began manufacturing what it called "Hot Pots"—India's first indigenously produced casseroles.

The innovation was transformative. Indian families could prepare food once and keep it hot throughout the day without reheating. For working mothers, for joint families with staggered meal times, for people traveling with homemade food, casseroles solved a genuine problem.

Cello's tagline captured the promise perfectly: "Hot Chahiye Toh Cello" (If You Want It Hot, Choose Cello).

The casseroles became so popular that "Cello" became synonymous with the category itself. People didn't ask for "a casserole"—they asked for "a Cello." The brand had achieved what marketers dream of: becoming the generic name for an entire product category.

Diversification: The Rathod Strategy

By the 1990s, under Ghisulal's stewardship and with his sons Pradeep and Pankaj joining the business, Cello embarked on aggressive diversification.

In 1994, the company launched Wim Plast Ltd. to manufacture plastic-molded furniture using state-of-the-art molds from Italy. Indian consumers were ready for modern furniture alternatives to traditional wood—lighter, colorful, and affordable.

In 1995, Cello entered writing instruments, producing pens with Swiss tips and German ink. The Cello Gripper pen became legendary among Indian students. One telling anecdote captures its popularity: an Indian student studying in the UK in 2016 insisted her friend courier Cello pens from India because, she claimed, "Usi se mera handwriting acha ayega" (That's the only pen brand that will enable me to write well). She couldn't find them in UK stores and absolutely refused to use alternatives.

The pen business grew so successful that in 2009, French stationery giant BiC acquired 40% equity stake in Cello's writing business for Rs 790 crore at a valuation of Rs 1,975 crore ($402.5 million)—validation that Cello had built something genuinely valuable.

BiC eventually acquired the remaining 60% stake in 2015, and the division was renamed BIC Cello (India). But the Rathod family wasn't done with pens. In 2021, Cello re-entered the writing instruments market under a new brand: "Unomax."

The Third Generation: Gaurav's Opalware Gambit

Gaurav Rathod, Pradeep's son, represents Cello's third generation. Born into the business, he did his internship under his visionary grandfather Ghisulal at just 18 years old. After completing a bachelor's degree in finance/economics from Bentley University, Massachusetts, and a master's in Business Management in Business Strategy from the University of Strathclyde, Scotland, Gaurav returned to India to strengthen the family legacy.

In 2017, Gaurav launched Cello's Opalware segment—dinnerware made from opal glass that is heat-resistant, durable, and elegant. Within just three years, he transformed it into a Rs 200 crore business.

Gaurav understood something crucial: Indian consumers were upgrading. They wanted premium products but at accessible prices. Opalware provided that bridge—better than plastic, more affordable than fine china, perfect for India's aspirational middle class.

The Big Brand Ambassador: 2020

In October 2020, Cello made a strategic masterstroke. The company signed Amitabh Bachchan as its brand ambassador.

"Cello is a value for money brand, and we want to showcase our diverse range of products across demographics," Gaurav explained. "There is no other brand ambassador who has appeal across different age groups, everybody can relate to the persona of Amitabh Bachchan."

The partnership wasn't just about celebrity endorsement—it was about trust. Amitabh Bachchan represented reliability, longevity, and uncompromising quality across six decades. Cello represented the same values in houseware. The fit was perfect.

Bachchan appeared in digital campaigns showcasing Cello's commitment to "improving people's lives through the best affordable products in various categories."

The IPO Journey: 2023

Cello World Limited was officially incorporated in 2018, consolidating the various Cello entities under one corporate structure. Though the company was legally new, its promoters—the Rathod family—had been associated with the Cello brand since 1962 through Cello Plastic Industrial Works.

By 2023, Cello had achieved remarkable scale:

• 15,841 SKUs across product ranges

• 13 manufacturing facilities in 5 locations across India

• A high-end glassware manufacturing unit under construction in Rajasthan with European machinery

• 50,000+ retail touchpoints across India

• 683-member national sales distribution team

• 6,000 total employees

The financials validated decades of disciplined growth:

• FY21: Rs 1,049 crore revenue, Rs 165 crore net profit

• FY22: Rs 1,359 crore revenue, Rs 219 crore net profit

• FY23: Rs 1,797 crore revenue, Rs 285 crore net profit

Between FY22 and FY23, revenue grew 31.88% and profit after tax increased 29.85%.

On October 30-November 1, 2023, Cello World launched its IPO—a Rs 1,900 crore offer for sale of 29,320,987 equity shares at a price band of Rs 617-648 per share. The minimum lot size was 23 shares, requiring Rs 14,904 investment.

The book-running lead managers included Kotak Mahindra Capital, ICICI Securities, IIFL Securities, JM Financial, and Motilal Oswal Investment Advisors. MUFG Intime India served as registrar.

Anchor investors subscribed Rs 567 crore on October 27, 2023. The issue was oversubscribed. Allotment happened on November 2, 2023.

On November 6, 2023, Cello World shares listed on BSE and NSE at Rs 829—a 27.93% premium over the issue price of Rs 648, delivering Rs 4,163 profit per lot on listing day.

The entire IPO proceeds went to selling shareholders as it was a pure offer for sale. The company's objective was clear: "achieve the benefits of listing to enhance visibility and brand image."

The Product Portfolio Today

Cello World operates across three primary categories:

Consumer Houseware: Plasticware, insulatedware (casseroles), electronic appliances, cookware, cleaning aids, opalware, glassware, steelware. This division has 717 distributors and approximately 58,716 retailers.

Writing Instruments and Stationery (Unomax brand): Ballpoint pens, fountain pens, highlighters, markers, gel pens, notebooks, stationery products. This division has 29 super-stockists, 1,509 distributors, and 60,826 retailers.

Molded Furniture and Allied Products (Wim Plast Ltd.): Chairs, tables, storage solutions, bathroom fittings. This division has 1,067 distributors and 6,840 retailers.

The company manufactures 79% of products in-house, outsourcing mainly steel and glassware to third-party contract manufacturers. Installed annual capacity as of June 2023: 57 million units of consumer houseware, 705 million units of writing instruments, and 12 million units of molded furniture.

The Marketing Philosophy

Cello's advertising campaigns have become cultural touchstones:

• "Cello – Companion for Life"

• "Cello – Rishta Zindagi Bhar Ka" (Relationship for a Lifetime)

• "Hot Chahiye Toh Cello" (If You Want It Hot, Choose Cello)

• "Don't Just Write, Glide" (for pens)

The messaging consistently emphasized durability, reliability, and emotional connection—positioning Cello not as mere products but as lifetime companions.

The Challenges and Strengths

Strengths: Well-established brand, diversified product portfolio across price points, pan-India distribution network, backward integration capabilities, proven track record of expansion, experienced management across three generations.

Challenges: Vulnerability to raw material price fluctuations (particularly plastic granules and polymers), dependence on promoter group for Rs 290.75 crore in unsecured interest-free loans (as of September 2023), intense competition from organized and unorganized players.

The Legacy

From Ghisulal Rathod's observation that Indian households needed lighter, cheaper alternatives to brass utensils, three generations have built an empire touching millions of lives daily.

Today, Pradeep Rathod (55) serves as Chairman. Pankaj Rathod is Deputy Managing Director. Gaurav Rathod represents the future as Director, bringing global education and fresh perspectives while respecting the values his grandfather established.

When Indian families store food in Cello containers, serve meals in Cello opalware, carry lunch in Cello tiffins, write with Cello pens, or sit on Cello furniture, they're participating in a story that began with seven machines in a Goregaon factory.

From bangles to casseroles to a Rs 1,900 crore IPO, Cello proves that understanding what people truly need—and delivering it reliably across generations—builds brands that transcend products and become part of India's daily life.

That's not just business success. That's becoming family—one hot meal, one written word, one stored memory at a time.