Enterprise: Madduma Hardware (Pvt) Ltd / Madduma Distributors (Pvt) Ltd

Founder: A.G Madduma Bandara

Industry: Hardware, Supermarkets and Distribution Agency

Year it was founded: 1992

Location: Batukotuva, Higurakgoda

Maintaining a business name that everyone knows, and loves is not an easy task. This is a conversation with the Managing Director of Madduma Hardware (Pvt) Ltd & Madduma Distributors (Pvt) Ltd, Mr. A. G. Madduma Bandara on his businesses where it grew day by day from its inception and became popular business names among the customers today.

1. Firstly, let's talk about how your business was started, shall we?

This business was started by my father. It was in 1992 as a small-scale rice brokerage business in the Batukotuwa area of ​​Higurakgoda. After that, he started the agrochemical shop. By this time, he was continuing the rice brokerage business with the support of his family members. After that, they started the first hardware store in Batukotuwa while continuing the existing business. I joined the business in 2000.

2. Let's also talk about the development that has come in the direction of the business up until today.

At present our group operates from 6 outlets located in Batukotuwa, Higurakgoda, Minneriya, Kadurwela, Divulankadawala and Habarana and all are reputed dealers in hardware, supermarkets, agency business and agrochemicals agencies.

Also, we are the distribution agency of Tokyo super, Hemas Manufacturing, Lanka Tiles in Polonnaruwa area and also run several dealerships with Darley Butler, Ceylon Cold stores, Arpico products and Laugfs Gas. Apart from that, 03 supermarkets are also being run in the areas of Higurakgoda and Polonnaruwa under the name of "Madduma Super Center".

3. How does your business differ from other competing businesses?

Offering a credit period to retail buyers and lower prices of goods can be seen as our difference. And we always try to introduce something new. As an example, we were the first to start home delivery of hardware products in Higurakgoda.

4. What challenges have you faced in this journey and are you facing any recently?

Due to the current economic situation in the country, sales have dropped by 50% due to low demand for products, which is an extensive challenge. Also, increase in transportation cost and fluctuation in the price of products due to fuel cost and vehicle maintenance cost are the other challenges we face.

5. Let's talk about your future business dream, shall we?

We hope to establish our own brand and manufacture chemical products and hardware products through it. Also, our future idea is to expand the business outside the Polonnaruwa area throughout the island.

6. How was the support received from Commercial Bank during your journey?

I started banking with Commercial Bank since 2002. That is by opening two current accounts to run my business. Since then, Commercial Bank has been the main banker of my business. They have always guided me to run the business without any financial difficulty and I am especially thankful to the former managers and current manager of Higurakgoda branch for their excellent guidance in my business journey.

7. What advice do you have for aspiring entrepreneurs?

New entrepreneurs start their own business on a small scale, manage finances properly, and go your way without trying to compare your business with major competitors from the moment you started it. And do not use business profits for your personal agendas. Another point is to try to start a business that you are familiar with, that you are passionate about and that is in demand in the current market.

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