IndiaMART

My Forces Have Always Been For Me, This Independence Day #IM4Forces

When we sat down to plan for this Independence Day, we wanted the celebration to be dedicated to the real heroes who have sacrificed their comfort to protect our freedom. Hence we decided to send our messages to our Armed Forced – Indian Army, Navy and Air Force because we strongly believe that we owe our independence to them.

When we looked around we realised that we celebrate even the smallest of our festivities and successes and share our happiness and pride with everyone – friends, family and social media. We party, we click pictures, we post selfies, we write Facebook posts and we celebrate the togetherness. Considering this, we thought to dedicate one day, one picture, one social media post to those who have missed every celebration and festivity to keep ours secure.

We just wanted to show to our soldiers that we care and that we are grateful for what they do for us. Whether it’s 50 degree temperature at the Indo-Pak border in parts of Rajasthan or -50 degree at Siachen, whether it’s a flood or a drought, whether it’s is for a peace keeping mission or for holding the guns tight against the enemies; our men and women in uniform never shy away from standing upright whenever there has been a need. Hence, this independence day we thought to get into action and do the minimum we could do for them. We got ourselves photo-ready to get clicked and put forward the best of our emotions through personalised messages.

Here’s a sneak-peak:

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We feel that this is the least that we can do for those who do not think twice before sacrificing their lives to keep us safe. We urge all of you to never shy away from sharing your love and respect for the Forces. If 1.3 Billion countrymen decide to stand with the 4 Million active, reserved and para military personnel, then imagine the strength that we can add to our Forces. This activity of ours was just a small endeavour towards the same. Let each one of us stand in solidarity and tell them that our forces aren’t alone because #IM4Forces.

How IndiaMART survived dot com burst, 9/11, 2008 crisis…

Entrakr

Back in 2001, Dinesh Agarwal received a call from one of the leading business magazines in Delhi, which was conducting a survey on the internet business in India, after the dot com bubble burst.

The reporter on the call asked a straight question – whether Agarwal’s five-year-old internet business was alive. And Agarwal equipped, “We’re alive and kicking and profitable.”

The publication verified the claim with the company’s registrar of filings and changed the cover story overnight. The new edition had Agarwal on the cover page and ran a story on IndiaMart, a profitable internet business entity, recounts the founder.

Launch story

On 14th August 1995, state-owned Videsh Sanchar Nigam Limited (VSNL) announced the launch of the first publicly available internet service in India. The announcement was a harbinger of a flood of opportunity in India.

Meanwhile, in far-off US, a 25-year-old software engineer was observing the development in India. The young man decided to return to his country to leverage the opportunity via the internet.

Within two months, he was in India; within a year’s time he founded a company for exporters and other businesses.

Launched in 1996, IndiaMart created an online B2B directory, along with websites building platforms for exporters and SMEs.

“It had been a few years since the Indian economy was opened to the world. The other major economies like the US wanted to trade with Indian businesses, but there was little scope of business reach between the two countries. I decided to build a business directory and websites for these exporters/ businesses to introduce them to other parts of the world,” said Dinesh Agarwal, CEO and Founder, IndiaMart.

When the ball set rolling

The launch of IndiaMart was successfully able to stir the market as the company’s portal witnessed an influx of enquiries relating to various businesses from different parts of the world, especially the US, Agarwal explained.

“We would note down all the enquiries and send them to various related businesses through posts. This gradually brought some business for exporters; they eventually saw some relevance in their association with us,” he said.

For the first two years, the company was listing the business for free and building the directory.

In 1998, IndiaMart got the first paid listing. And in the same year, it expanded its reach beyond Delhi and launched its second office in Mumbai (then-Bombay).

The company’s B2B directory and website building business were a major hit and continued to remain so till 2001, when the company bore the heat of the melting twin towers (caused by a terrorist attack) in America.

How 9/11 affected business

Two events – the war in Afghanistan and protectionist policy of the US – made a huge dent in the export market of India. As export dwindled so did the business of the Delhi-based company.

Besides, expansion of the internet had already started, as many players had begun offering website building services in the country.

“Those were the tough days as the company was grappling with the havoc in the market. However, we utilized the time to build strategies and found methods to evolve our business,” added Agarwal.

IndiaMart’s B2B listing was the unique model on which it had built a huge directory of business on its platform. There was nobody around who could give the company competition. It adopted a new slogan ‘more buyers, more suppliers and more business’, which stands true for the company’s business as well as businesses registered on the platform.

Building trust among users

Within a year’s time, its premier listing business took off. Now, Agarwal wanted to build a more trustworthy platform where buyers and sellers could trust each other and conduct business smoothly.

A year later in 2003, it launched TrustSEAL, a B2B business verification service that checks a company’s proof of existence, credibility and trustworthiness.

Under TrustSEAL, the company has to submit a copy of documents along with a subscription application and specified fees. IndiaMART and its authorized verification agency verifies the documents and authenticates the data and accordingly assigns a TrustSEAL to the company.

Meanwhile, the company observed that users also needed a mode of transaction on the platform via which they can settle payment on the trust of the company.

In 2005, Agarwal launched a payment platform, which he shut down in 2009.

The year 2007 was another dramatic period when IndiaMart made another big pivot — it changed its focus from international to the domestic market.

“The shift in focus was a deliberate attempt as per the demand of the market. During 2007-2008, the rupee was getting stronger against the US dollar. Besides, the Chinese export market was swiftly capturing the world, including India. Amidst this, another development was taking place in India – domestic business was rising in an unprecedented way. We saw a lot more opportunity within the country and hence, decided to shift our focus,” said Agarwal.

Giving a push to the new growth plan, the company decided to raise funds. In 2009, it raised an undisclosed amount of funding from Intel Capital.

Following the move, the listing company observed a boom. A year later, in 2010, continuing the growth momentum, it launched 52 offices in 52 weeks.

In 2011, the platform enhanced the use of technology and introduced many other services for users — auto generated requests for quotation (RFQs), finding right sellers and buyers using computer algorithms, etc.

This year, IndiaMART has forayed into the payments space to help the over 3 million sellers on its platform. The company has launched its buyer and seller protection programme to address the bottleneck of trust deficit for SMEs.

“For any marketplace, effective payment facilitation is the most aligned service as it facilitates the purchase cycle,” says Agarwal.

When Agarwal burnt his hands in B2C

In 2014, IndiaMART.com had launched Tolexo, an e-commerce marketplace for businesses to list their entities and consumers to buy various items through the platform.

Agarwal said the aim was to create a niche for SMEs and sell focussed products for them.

In 2016, it raised an undisclosed amount in Series C funding led by Amadeus Capital and also spent a large sum on Tolexo.

In the same year, Tolexo launched Seller Panel. The aim of launching the panel was to offer enhanced visibility to sellers and enable them to manage their business-related tasks seamlessly.

The company did everything to support the new B2C entity. However, Tolexo couldn’t take off as expected by the founder.

In February this year, according to media reports, Tolexo was planning to lay off 300 employees, or 85% of its workforce. The move was reportedly part of the company’s plans to wind up its online business to launch a completely new offline initiative.

When asked what went wrong in the business, Agarwal equipped, “Our aim was to provide solutions in the B2C segment as well, however, we failed to crack the business. We’re still wondering what went wrong and why we couldn’t take off.”

Company has come a long way

It’s been more than 20 years of IndiaMart and there is no looking back. The company which was started as a listing platform has now the largest directory of business where, as claimed, over 35 million buyers have access to 3 Million suppliers for over 4.3 Crore products listed on the the platform.

The online platform  had closed the financial Year 2015-16 with revenue of Rs 300 crore and is expected to register a growth of 30 per cent for the year 2016-17.

When asked about the existing competition likes of Alibaba, Agarwal reclined on the chair — expressing his relaxed state of mind — smiled and said: He is little bothered by it. Alibaba can rather work with us instead of thinking about creating a competition.

Today, Agarwal is not only an entrepreneur but an investor, who has invested many firms and acquired some as well.

He has invested in more than 40 companies, including the likes of Procmart, Wishberry, SilverPush, Ozonetel, Little Eye Labs, WeAreHolidays and PlayCez, among others.

Besides, the company has been planning to hit IPO. Agarwal said: We aim to roll out IPO. We have been talking to our investors for quite some time, however, we are yet to settle on many important plans and decisions. I believe we will soon reach the conclusion.

Five tech upgrades to ease your business activities

ET CIO

The recent past has seen a wave of technological advancements that have true potentials to enhance the ease of doing business.

Ranging from voice and fingerprint recognition to the transition of India into a digital economy, these technological upgrades can help give a major boost to the economic activities.

Here are some of the latest tech upgrades taken up by major industry players to keep their business models in sync with the changing tech and therefore, reap higher yields in scale and growth.

Digital payments:

India is witnessing a shift to digitisation, with customers resorting to online payment. It was time that the small and medium sellers come online too and take the digital plunge to become the part of the mainstream economy. Recently, IndiaMART entered the payments space, opening gateways for over three million sellers associated with the company to jump on to the digital bandwagon. The company has launched its buyer and seller protection program that will enable the sellers to remain free from the concern of payment risk and assure the buyers that they will receive exactly the product or service they expect before the payment is made. Since the pilot launch of online payments, there has been a week-on-week growth of 100 percent and more than 20,000 buyers and suppliers have already registered for it.

Artificial Intelligence (AI):

With AI being considered as the future of technology, Staqu created VGrep API suite, offering virtual search engine and a hybrid recommendation engine. It recently launched a Pilot project with Alwar Police by developing an app for police officers – ABHED (Artificial intelligence Based Human Efface Detection), an advanced AI app to assist police in criminal identity registration, tracking and missing persons’ search.

Iris Technology:

Bringing iris detection into its operations, Delta ID aims to make the iris in our eyes a secret password that no individual will ever have to remember. The company’s patented biometric technology, ActiveIRIS is the world’s first iris recognition technology that can be easily integrated into mass market mobile and PC devices, and is extremely easy for consumers to use. With ActiveIRIS, all users have to do is to just look to unlock their mobile devices, log into various websites, make an online or mobile payment or do an Aadhaar authentication or eKYC.

For consumers, the natural and fool-proof eye-based identification technology is incredibly fast, easy to use while being safe and secure if compared to other identification mediums existing in the space such as passwords, passcodes, face recognition and finger-print recognition, which depends on several external factors.

Geo fencing:

Be U Salons uses Geo Fencing, which is like creating a virtual geographic boundary around an area, by means of GPS or RFID technology, enabling software to trigger a response when a mobile device enters or leaves the area. It sends a notification to the customer registered through app that ‘Hey we noticed you were here, come avail this service’.

AMP:

Using the AMP technology, customers of NoBroker, a real-estate portal can seamlessly locate their houses. AMP supports the idea of an ‘organised realty sector’ in India where house owners and potential tenants both needn’t require tech-skills for a seamless exchange.

This monsoon, stay safe and use these apps to keep mosquitoes at bay

During the monsoon, the threat of dengue looms large and people adopt all types of measures to ward off mosquitoes. It always good to take precautions before hand, lot of people are getting pest control done in houses. It is especially important as the World Health Organization revealed that mosquitoes killed 24,000 Indians in 2015. Below are the top four apps to help you stay safe:

* UrbanClap: Pest control is one of the services of UrbanClap which is high in demand these days. The start-up provides government licensed professionals and chemicals. The service is available for both commercial and domestic purposes. UrbanClap uses technology and smart processes to structure the highly unorganised services market in India.

* IndiaMart: The portal observes that every year around June-September, the inquiries for such products grows manifold. Also, the portal has witnessed a surge for pest control service requests by commercial organisations like corporate offices, hotels, hospitals, schools and colleges.

* ExportersIndia: The portal provides a wide range of anti-mosquito products like herbal mosquito repellent, mosquito repellent coils, cream, lotion, mats and chemicals.

* Timesaverz: Timesaverz provides various services ranging from cleaning tasks, beauty services, laundry pickup and drop, plumber, pest control, appliances repairs and handyman jobs. The app makes it convenient to book services directly from your mobile phone and track their status. It is also giving leakage audit services. Water intrusion in roofs or a leaking tap, this home service provider is just a click away.

IndiaMART wins the best Business App Award at GMASA 2017

The app has close to 50 lakh downloads and offers a mobile platform for buyers and sellers to connect with each other.

IndiaMART, India’s largest online marketplace has been awarded as the best app in business category at the Global Mobile App Summit Awards, 2017 held at Bangalore. The app connects buyers with relevant suppliers and allows them to do business on the go. The App has been awarded for its features, customised solutions and user experience.

With a rating of 4.4 on Play Store, IndiaMART’s app stands as the top rated app in the ecommerce and online marketplace category. IndiaMART has acquired a 5 star rating by 67% of the users.

“I feel really excited about winning this award. At IndiaMART, we believe in building products with a customer first approach. In 2013 as mobile started to become a dominant platform, we realised the need of having an app that could cater to the needs of our buyers and sellers. In the past 4 years we have looked at each and every feedback from our app users and invested resources to build an unparalleled experience. I’d like to dedicate this award to our users who have rated us and gave us suggestions to improve the product,” said Dinesh Agarwal, Founder & CEO of IndiaMART.

The app is available on Android, iOS and Windows and has close to 50 Lakh downloads.

Read More: MyMobile | BGR | DataQuest

I am high on IndiaMART

I became independent very early in life. I have 4 sisters and they had to be married. I knew if I had to study I will have to manage it on my own. So, while I was pursuing my B.Sc., I started to work as a sales guy for HP Laptops. That was my first sale. I am Shashank Singh, AM Client Acquisition and the funniest guy at the Sector 63 branch of IndiaMART.

It’s an addiction, you can’t have just one!

My previous office was located in the same building as IndiaMART. One day somebody told me about IndiaMART at the Chai Point outside the building. I just walked in and asked if there was an opening. I gave the interview and got selected.  And since then, I have never looked back. I joined on Jan 25, 2016 and did my first sale on the last day of my OJT. It was a Sunday morning; I had gone to purchase a belt. It might sound crazy but I ended up telling the shopkeeper about IndiaMART and why he should list himself on the platform. To my surprise, he got convinced and handed over a cheque of Rs 5000. I called up my then manager and got to know that we didn’t accept the bank. After 25 min, I had a cheque of Rs 25,000 in my hand. That was my first sale at IndiaMART. I have done almost 90 sales since then and the feeling is still amazing. Every sale inspires me to do more sales. It’s an addiction, you can’t have just one!

Cold is the new hot!

I believe in cold calling more than hot leads. There is a charm in converting a tough client. Whenever I visit a client for a meeting, I just walk-in to the nearby offices also. Many times I get kicked out, sometimes people offer to listen but I wait for that one person who falls for my bait. And when that happens, you can’t imagine the feeling.

My dreams are riding in the 5th Gear

I have just purchased my first car, Amaze. It’s a gift for my father. The lucrative incentive scheme at IndiaMART has allowed me to take this step towards my dreams.  Next I want to have a home of my own.  I am sure it will happen in the next year. There is a long way to go and my next destination is Goa. Yes! I am the winner of the Go Goa contest.

 I am IndiaMART

I feel I belong to the IndiaMART family. And why not, IndiaMART has been there whenever I needed a family. My father had a heart attack 5 months after I joined IndiaMART. Ideally, I wasn’t eligible for a loan. I spoke to Vikas Aggarwal directly. He sanctioned the loan within 20 minutes and the required amount was transferred to my account next morning. The transparency and the freedom to speak to anyone at any point of time are amazing.

Miles to go…

I have seen everything here – success, failure, appreciation, disappointment but what keeps me going is that next sale. Whenever I feel that my performance is going down, I just set a target for myself and write it on the board beside my desk. This motivates me. Unlike most people in my field, I don’t smoke to keep myself awake, I am always high on IndiaMART.

 

 

Yoga boosts active wear clothing business

Times of India

CHENNAI: Introduction of an International Yoga Day and fitness wave among millennials have made active wear more mainstream. With running, cycling and yoga becoming part of individual lifestyles and corporates pushing fitness, active wear is fast replacing the casual attire.

According to fashion e-tailers, active wear has become a new segment of casual or even professional wear, which is slowly eating into the share of regular T-shirts. “For every four T-shirts bought, the third or fourth is a sporty or a yoga Tshirt. In the bottom wear, yoga pants are eating into the share of formal trousers, khakis or denims. In fact, denim players are coming with yoga-pants like variations in denims,” said Sujayat Ali, CEO, Voonik.He said while active wear is at a 30% premium compared to their casual counterparts, the category is witnessing a compounded annual growth rate (CAGR) of 25%.

While top global brands such as Fila and Puma are witnessing heady growth, homegrown brands like Urban Yoga, Forever Yoga and Bhusattva are also witnessing high sales. “Most of the apparel we have is made of cotton, which makes it easy to stretch. We also have a yoga-on-the-go category, where people can wear yoga dresses even while they are not exercising. This lifestyle-based adoption of active wear has also contributed to the 30% growth we see,” said Aditi Mirani, brand head, Urban Yoga.
E-commerce players who have made active wear as a separate category are seeing between 20% and 70% growth in the segment. Amazon India, which has set up a dedicated active wear store, has collaborated with global and Indian brands selling active wear. Yoga wear is now among the top three categories within active wear itself, especially among women,” said Arun Sirdeshmukh, head, Amazon Fashion.

Market Research firm Euromonitor said the active wear segment is poised to grow at a CAGR of 17.1%. In 2015-16, the category grew by 22%, beating the global growth of 7%.
And it is not just individuals who purchase them. With bulk orders, B2B players also see a spike in demand for Yoga apparel and accessories closer to Yoga day. “We have seen a 2X growth in demand of Yoga accessories in June due to the International Yoga Day. Some of the popular products are yoga mats, yoga pants, yoga ropes, yoga straps and yoga balls,” said Sumit Bedi, VP (marketing), India mart.

बेचो सामान खुद की शर्तो पर

E-Commerce is changing the way business in being done and is opening new opportunities and channels. But for succeeding in online business one needs to understand the challenges and best practices. Hindustan,page,11 (2)

Drones: Clipped Wings

Business World

Remember May 2014, when a pizza chain got into trouble with the Mumbai police for using a drone for pizza delivery without permission? That was a marketing gimmick gone wrong. Following all the media attention, the Mumbai police started grilling the pizza chain about using drones without prior permission.

Less than five months later, in October 2014, the DGCA (Director General of Civil Aviation) banned civilian/non-governmental use of unmanned aerial vehicle (UAV) and unmanned aircraft systems (UAS) without permission from a set of security authorities including the Ministry of Home Affairs (MHA). The drone market is still infantile so investors weren’t anyway rushing to fund it. Then this directive came along and made life more miserable for those unfortunate enough to fall in love with drones.

ideaForge has been doing pioneering work on drones since 2007 and has raised $10 million from Infosys, Walden Riverwood Ventures and IndusAge Partners so far. “It was difficult trying to get funds for this. We started when drones weren’t a buzzword,” says Ankit Mehta who is cofounder and CEO of ideaForge.

Life After The Drone Ban
Lt Commander (retired) John Livingstone is the CEO of Noida-based Johnnette Technologies. When the drone ban kicked in, Livingstone and a consortium of drone industrialists put together and submitted to DGCA 29 pages of guidelines for using drones. This was in February 2015. That draft may well have been the harbinger to the draft law the DGCA proposed in April 2016 for civil usage of UAVs — a 9-page air transport circular detailing particulars like weight categories, what weather and where to fly these unmanned pieces of technology.

The draft raised some hopes of finalising drone laws. But not for long. “The draft has been in trap mode,” says ideaForge’s Mehta, who was part of the Ficci committee set up by ex-home secretary G.K. Pillai, a month after the draft law was formed. The committee’s purpose was to get industry recommendations and feedback on the drone bill. “The bottleneck is not with the DGCA but with the MHA. They are too weary of doing anything that might come back to bite them,” says Mehta.

According to Karan Kamdar, founder and president of the Indian Drone Racing League (IDRL), and CEO of 1 Martian Way Corp, the ban is being lifted only in bits and pieces. The likes of Kamdar and Gaurav Mehta, founder of Quidich, provider of drone services for aerial cinematography, say, to make sure there are no run-ins with the law, they get approvals from the police and regulators, and try to adhere to the draft as much as possible.

“However, this is tough for smaller drone startups and their clients,” points out Quidich’s Mehta. For instance, R2 Robotronics was a startup that even piloted some of their drone technology for the defence ministry. Nothing came out of it. Aman Singh, co-founder of R2 Robotronics says they are now working with the New Zealand government. Singh says he is unsure about the way the Indian government has dealt with this sector. “We do not know by when the industry will actually open up,” says Singh.

Indian Drone Market Snapshot
The drone market in India is growing, and can grow faster if proper regulations are put in place. T.V. Mohandas Pai’s family fund, 3One4 Capital, has backed SwarmX, a drone startup. “The market for manufacturing civil drones in India is under $100 million, growing at a CAGR of around 21 per cent today compared to the US where it is over $1.5 billion, which means that there is huge growth potential in India,” says Pai. While the demand for drones is continually rising, more clarity on the laws and implications will help this growth by a great margin, he adds.

Most of the drones used in India are from China (DJI is arguably, the global market leader). Israel is another leading manufacturer; Livingstone says that many Indian companies will make the parts for the drone, which are then assembled in Israel and sold across the world.

Surprisingly enough, India has over 35 Indian drone startups either manufacturing drones, developing software related to drones or companies providing some sort of drone service. Prices of drones vary with its capabilities from toy drones at Rs 5,000 to very sophisticated ones crossing Rs 20 lakh.

“Drones and UAVs have seen huge growth in the past one year. We have more than 300 suppliers for this category and have seen a 15x jump since last year,” says Sumit Bedi, VP, marketing at IndiaMART.

Imagine how much faster the market would grow if it had clear regulations. Anirudh Rastogi, managing partner at law firm, TRA, who consults drone companies, says “The drone activity we currently see in India is just a fraction of what is possible given an enabling regulatory environment. Currently even test flights for research and development are not easily doable, and some of our clients prefer other jurisdictions to carry out these activities.”

How Long Will It Take?
Rastogi says, “There are serious concerns holding up the drone regulations — national security and safety of the airspace for aviation. However, while other jurisdictions have since introduced regulations, India continues to struggle to address these concerns.”

That’s especially ironic because drone laws in a smaller country like Sri Lanka were ratified in October 2016. And Sri Lankan UAV companies like the one headed by Tilak Dissanayake are ready to make the most of it.

Dissanayake says, “We will initially license the drone for manufacture in Sri Lanka, and will certainly manufacture under license in other countries as well since our plan is to build and sell 2-4 million units worldwide.”

Which means companies from smaller markets have a clearer path to success than those in a larger market like India. While running a diverse country like India may call for weary tiptoeing around laws that affect socioeconomic sensibilities poles apart, too much weariness means the innovators will only lose hope and faith.

A news wire had reported earlier this month on reasons behind the hold up. “The issue of tracking drones is a very major technological challenge. How does one track whether a particular drone is bonafide or rogue. We are working on solving that technical aspect,” the news report quoted Civil Aviation Secretary R.N. Choubey.

“Other countries have figured this out, they are just making up excuses,” says an industry insider. Livingstone has a more practical approach to end this wait. “The PM’s Office must move things along. They are the only ones who can at this point.”

Inside IndiaMART Board Room: Detox & De-stress

‘Eliminate what doesn’t help you evolve’ – at IndiaMART, we have always followed this at work. But this time we thought to take this a step ahead and follow this for our body. So the IndiaMART management team decided to change the dynamics of the board room by detoxifying their bodies through InnerChef’s Pure+. As Rajesh Sawhney calls it ‘This happens to be the first detox board meeting!’ and then he filled our cafeteria with all the healthy stuff. 😉

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“It was Rajesh’s idea and we thought it can’t get better than this. So all of us decided to follow InnerChef’s detox plan for a day. After all, our busy corporate life doesn’t allow us to do much for our health,” said Dinesh Agarwal, Founder & CEO IndiaMART while sipping his Cleanse+ Watermelon & Mint Juice.
Rajesh Sawhney, a board member with IndiaMART and the co-founder of InnerChef said, “The detox plan is carefully crafted by our team and helps to reboot and revive an over-worked body. We are all so busy that we often forget to think about our body. A Pure+ meal helps in doing just that. I plan to take this to other organisations also.”
A board meeting is generally thought to be monotonous but today our management tried to reinvent it by revisiting their daily routine and changing it for something healthy.
We caught our Co-founder & Director, Brijesh munching a bar and when we reminded him about the resolution he had taken in the morning, he just laughed and said “Oh! I am on my cheat diet. I thought it’s going to be a tough day ahead but now I feel we all should do it more often. The best part is that they have taken care of my cravings too. So, while I might not be able to have sweets, I have this healthy granula bar. It’s a good feeling and I think everyone should press the reset button once in a while to revive their body system.”
At the end of the day, it looked like with the detox diet our board members had a de-stressed meeting today as everybody walked out with happy and healthy faces.

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