Latest news with #Kundra
Hamilton Spectator
23-07-2025
- Business
- Hamilton Spectator
This Brampton entrepreneur started selling clothes in his dorm and now runs a multimillion-dollar apparel business
Back in 2018, while still in university, Manik Kundra launched a clothing business out of a necessity to help pay for the various expenses that come with being a university student. Kundra turned his closet into a shopping area and sold to people out of his dorm room. Today, he is the CEO and owner of a multimillion-dollar apparel business called Icy Studios . The business currently operates a warehouse in Canada and another in the U.S., employs 22 staff, and services more than 100 clothing brands. Icy Studios came out of his love for clothing and generated $5 million in revenue last year, Kundra said. This year, the company is on track to hit $10 million, he added. The 25-year-old described the company as being a 'bootstraps business' and recalls never having any outside funding or investors and barely a line of credit. 'To build a business without any kind of funding and just having the resources from scratch has probably been the biggest challenge,' Kundra said. When it comes to committing to entrepreneurship, Kundra said most people need to spend four years building out a business, adding when you invest 48 months into a business full time, it's very hard to not see some kind of result. 'A majority of the people that I've seen start businesses typically give up at year two or three (years) because of how challenging the first few years really are to kind of kick off a business and see any real traction or to even sustain a living,' he said. Kundra recalled signing a showroom lease in 2020 right when COVID-19 happened. 'Trying to make sure that we could pay our bills on time was a bit challenging, but thankfully the majority of our business was e-commerce based. It was online so we were able to pay the bills and break even,' he said. Icy's retail brand is currently stocked in more than 50 big box stores across the country, including Simons, Winners and more, he said. 'We've also handled merchandise production for clients like Amazon and Microsoft,' Kundra added. 'Simons hosts our products at all 16 locations in Canada. If I'm at Square One or travelling to Ottawa's Rideau Centre, it's inspiring for me to go in there and see it,' said Kundra. Recently, Icy opened a facility in Houston, Texas. Since shipping from Canada to U.S. can be difficult, this was done to make the process easier for U.S. customers. When Kundra decided to pursue this venture full time, he recalled begging his parents to let him drop out of university, where he was studying business. Although his parents initially weren't fond of the idea, they eventually left their nine-to-five-jobs and joined his business. 'My dad manages our production team and my mom handles payroll and all the finance,' said Kundra. Kundra, who comes from a South Asian background, received lots of local support in the beginning. 'I feel like the South Asian community in Brampton really helped embrace the brand really early on. If I look back to the first 100 orders and the first 1,000 orders, they were all from Brampton,' he said. Although the brand eventually expanded, Kundra maintains that no city embraced him like Brampton. He said Icy has also made custom apparel for Diljit Dosanjh , an Indian singer and actor who works in Hindi and Punjabi cinema. 'Their company reached out to us to make custom merchandise for his tour and his online website. Building out his entire website, managing his merch, helping out with the design creation and then having a very successful launch of his merchandise is something that was definitely a big win for us,' said Kundra.
Hamilton Spectator
23-07-2025
- Business
- Hamilton Spectator
This Brampton entrepreneur started selling clothes in his dorm and now runs a multi-million-dollar apparel business
Back in 2018, while still in university, Manik Kundra launched a clothing business out of a necessity to help pay for the various expenses that come with being a university student. Kundra turned his closet into a shopping area and sold to people out of his dorm room. Today, he is the CEO and owner of a multi-million dollar apparel business called Icy Studios . The business currently operates a warehouse in Canada and another in the U.S., employs 22 staff, and services more than 100 clothing brands. Icy Studios came out of his love for clothing and generated $5-million in revenue last year, Kundra said. This year, the company is on track to hit $10-million, he added. The 25 year old describes the company as being a 'bootstraps business' and recalls never having any outside funding or investors and barely a line of credit. 'To build a business without any kind of funding and just having the resources from scratch has probably been the biggest challenge,' Kundra said. When it comes to committing to entrepreneurship, Kundra said that most people need to spend four years building out a business, adding that when you invest 48 months into a business full time, it's very hard to not see some kind of result. 'A majority of the people that I've seen start businesses typically give up at year two or three (years) because of how challenging the first few years really are to kind of kick off a business and see any real traction or to even sustain a living,' he said. Kundra recalls signing a showroom lease in 2020 right when COVID-19 happened. 'Trying to make sure that we could pay our bills on time was a bit challenging, but thankfully the majority of our business was e-commerce based. It was online so we were able to pay the bills and break even,' he said. Icy's retail brand is currently stocked in more than 50 big box stores across the country, including Simons, Winners, and more, he said. 'We've also handled merchandise production for clients like Amazon and Microsoft,' Kundra added. 'Simons hosts our products at all 16 locations in Canada. If I'm at Square One or travelling to Ottawa's Rideau Centre, it's inspiring for me to go in there and see it,' said Kundra. Recently, Icy opened a facility in Houston, Texas. Since shipping from Canada to U.S. can be difficult, this was done to make the process easier for U.S. customers. When Kundra decided to pursue this venture full time, he recalled begging his parents to let him drop out of university, where he was studying business. Although his parents initially weren't fond of the idea, they eventually left their nine-to-five-jobs and joined his business. 'My dad manages our production team and my mom handles payroll and all the finance,' said Kundra. Kundra, who comes from a South Asian background, received lots of local support in the beginning. 'I feel like the South Asian community in Brampton really helped embrace the brand really early on. If I look back to the first 100 orders and the first 1,000 orders, they were all from Brampton,' he said. Although the brand eventually expanded, Kundra maintains that no city embraced him like Brampton. He said Icy has also made custom apparel for Diljit Dosanjh , an Indian singer and actor who works in Hindi and Punjabi cinema. 'Their company reached out to us to make custom merchandise for his tour and his online website. Building out his entire website, managing his merch, helping out with the design creation and then having a very successful launch of his merchandise is something that was definitely a big win for us,' said Kundra.
NDTV
26-06-2025
- Business
- NDTV
Ex-RR Owner Raj Kundra, Banned For Betting In 2015, Accused Of Blackmailing Current Owner: Report
Indian Premier League cricket franchise Rajasthan Royals' majority owner on Wednesday accused his former co-owner of trying to blackmail him by alleging he was defrauded out of his minority stake in the club. London-based venture capitalist Manoj Badale and his company Emerging Media Ventures are suing businessman Raj Kundra at London's High Court for allegedly breaching a 2019 confidential settlement agreement. The case centres on Kundra's former shares in Rajasthan Royals, winner of 2008's inaugural IPL which is now cricket's richest tournament with a brand value of $12 billion. Badale's lawyer Adam Speker said Kundra, who is married to Bollywood star Shilpa Shetty, had threatened to report serious allegations to Indian authorities in a "blackmail attempt". Kundra, however, says he has been told information about the claimants and his lawyer William McCormick that, if that is not true, "in due course it will be exposed". Kundra had to forfeit his 11.7% stake after being found guilty in 2015 of betting on IPL games in a scandal which led to the Rajasthan Royals being suspended for two years, Speker said. He added in court filings that Kundra emailed Badale "out of the blue" last month, alleging he had been "misled and defrauded of the rightful value of my 11.7% stake". The email to Badale said Kundra had filed a complaint with Indian authorities and threatened to make a report to India's Cricket Board (BCCI). Kundra added, however, that he was willing to discuss a deal involving "the restoration of my original equity or compensation reflecting the true and current valuation of the Rajasthan Royals franchise". Speker said Kundra also messaged disgraced IPL founder Lalit Modi this month, saying Badale "did not realise cheating me of the true value would cost him dearly". Badale and his Emerging Media Ventures, which holds a 65% stake in Rajasthan Royals, obtained an interim injunction against Kundra on May 30, preventing Kundra from breaching the settlement agreement by making disparaging statements. Kundra's lawyer McCormick said Kundra accepted the injunction should continue until a full trial of the lawsuit. "It is not an admission that anything improper has been done or is being threatened," McCormick said.
India.com
26-06-2025
- Business
- India.com
Rajasthan Royals Owner Manoj Badale Accuses Raj Kundra Of Blackmail In High-Stakes UK Court Battle
In a dramatic legal twist, Manoj Badale, the majority stakeholder of IPL franchise Rajasthan Royals, has accused his former co-owner Raj Kundra of blackmail. The allegation surfaced during an intense hearing at London's High Court, where Badale and his firm, Emerging Media Ventures, are suing Kundra for allegedly breaching a confidential 2019 settlement agreement. The case digs deep into the past ownership dynamics of the Royals, a team that clinched the inaugural Indian Premier League title in 2008 but has since been no stranger to controversy. The spotlight is once again on Raj Kundra, whose turbulent association with the franchise has come back to haunt both him and the Royals' hierarchy. At the heart of the dispute lies Kundra's former 11.7% stake in Rajasthan Royals—a stake he was forced to relinquish after being implicated in the 2015 IPL betting scandal. The scandal rocked Indian cricket and led to the suspension of Rajasthan Royals for two seasons. Now, nearly a decade later, Kundra claims he was 'cheated out of the true value' of his stake. In an email sent to Badale last month, Kundra alleged fraud, claiming he was 'misled and defrauded' regarding the actual worth of his equity. The message included a veiled threat: he had filed complaints with Indian authorities and was prepared to escalate the matter to the Board of Control for Cricket in India (BCCI). Blackmail Allegations and Legal Ripples Badale's legal team, led by barrister Adam Speker, described Kundra's actions as a 'blackmail attempt.' Court filings revealed that Kundra contacted disgraced IPL founder Lalit Modi with statements suggesting Badale would 'pay dearly' for allegedly undercutting his stake's value. These revelations, Badale argued, directly violated the terms of their 2019 settlement agreement. In response, Badale's firm secured a UK court injunction on May 30, barring Kundra from making any disparaging remarks or further breaching the agreement. This legal shield remains active until a full trial determines the case's outcome. Kundra's lawyer, William McCormick, pushed back against the blackmail charge. While agreeing to uphold the injunction, he clarified that his client's acceptance does 'not amount to an admission' of any wrongdoing. IPL Franchise in Crisis On and Off the Field While legal fireworks erupt off the field, the Rajasthan Royals franchise faces internal turmoil on the pitch as well. After an underwhelming IPL season, rumours suggest the franchise may part ways with captain Sanju Samson, their long-serving leader. Reports link the Kerala wicketkeeper-batter to Chennai Super Kings, sparking speculation that Riyan Parag could be groomed for captaincy. If true, these changes could mark a new era for the Royals—but one shadowed by off-field disputes and ownership controversies. What This Means for the IPL Landscape This high-profile legal battle has significant implications beyond just the Royals. With the IPL's brand value exceeding $12 billion, any controversy involving team ownership and internal rifts casts a shadow on the league's credibility. The BCCI, though not directly involved yet, may be forced to respond should Kundra escalate his claims. The courtroom clash also serves as a reminder of the fragile alliances behind India's most lucrative cricket property, where billion-dollar stakes, public image, and personal reputations collide.
India Today
25-06-2025
- Business
- India Today
IPL: Rajasthan Royals owner accuses former co-owner of blackmail in UK court
Indian Premier League cricket franchise Rajasthan Royals' majority owner on Wednesday accused his former co-owner of trying to blackmail him by alleging he was defrauded out of his minority stake in the venture capitalist Manoj Badale and his company Emerging Media Ventures are suing businessman Raj Kundra at London's High Court for allegedly breaching a 2019 confidential settlement case centres on Kundra's former shares in Rajasthan Royals, winner of 2008's inaugural IPL which is now cricket's richest tournament with a brand value of $12 billion. Badale's lawyer Adam Speker said Kundra, who is married to Bollywood star Shilpa Shetty, had threatened to report serious allegations to Indian authorities in a "blackmail attempt".Kundra, however, says he has been told information about the claimants and his lawyer William McCormick that, if that is not true, "in due course it will be exposed".Kundra had to forfeit his 11.7% stake after being found guilty in 2015 of betting on IPL games in a scandal which led to the Rajasthan Royals being suspended for two years, Speker added in court filings that Kundra emailed Badale "out of the blue" last month, alleging he had been "misled and defrauded of the rightful value of my 11.7% stake".advertisementThe email to Badale said Kundra had filed a complaint with Indian authorities and threatened to make a report to India's Cricket Board (BCCI).Kundra added, however, that he was willing to discuss a deal involving "the restoration of my original equity or compensation reflecting the true and current valuation of the Rajasthan Royals franchise".Speker said Kundra also messaged disgraced IPL founder Lalit Modi this month, saying Badale "did not realise cheating me of the true value would cost him dearly".Badale and his Emerging Media Ventures, which holds a 65% stake in Rajasthan Royals, obtained an interim injunction against Kundra on May 30, preventing Kundra from breaching the settlement agreement by making disparaging lawyer McCormick said Kundra accepted the injunction should continue until a full trial of the lawsuit."It is not an admission that anything improper has been done or is being threatened," McCormick said.- EndsYou May Also Like
