India, March 3 -- In 2020, Hyderabad-based Neeru's was on a strong growth trajectory. The women's ethnic wear brand, built over four decades, had reached an annual run rate of INR 100-150 Cr. It was growing steadily and projected to sustain a year-on-year growth rate of 30-40% over the next two to three years.

The business followed a familiar pattern: opening new stores across cities, welcoming walk-in customers and driving sales via physical retail.

Then the shutters came down. Everywhere.

The Covid-19 pandemic did more than slow the business - it brought Neeru's to a standstill. Revenues declined sharply, with topline sales contracting by nearly 50% as stores were forced to shut and strict retail protocols limited operations. For a b...