Pakistani banking conglomerate JS Group founder shares humble beginnings

In an interview with Nuktafounder and CEO Kamran Khan, JS Group founder Jahangir Siddiqui revealed the entrepreneurial journey that transformed a small-scale beverage distribution operation into one of Pakistan's leading financial conglomerates.

The business mogul shared a pivotal moment when, after his father refused to provide startup capital, he sold his father's car to a scrap dealer for 1,800 PKR without permission. "My father was away on a trip, and I had to figure out how to get money for the business," Siddiqui recalled. The bold move ultimately earned his father's support, resulting in a total startup capital of PKR 6,000.

Within a year, Siddiqui's beverage distribution business flourished through strategic pricing. "We were selling Coca-Cola crates wholesale for nine rupees which cost six rupees," he explained, describing weekly trips to Karachi with empty bottles to maintain the operation.

The success led to diversification, with Siddiqui securing an ice cream distributorship and launching a transport company operating three buses in Karachi. BCCI's 40,000-rupee financing marked his first significant interaction with the banking sector he would later dominate.

Siddiqui's entry into the stock market came through his position at Ganga Dand Company, though he admitted to initial naiveté about market operations. "I didn't know how shares were transferred," he said, describing his grateful reaction to learning about free transfer deeds - a far cry from his future role as a financial services pioneer.

The candid revelations provide insight into the modest beginnings of JS Group, which has grown into a diversified conglomerate including JS Bank and various financial services companies, highlighting the role of entrepreneurial spirit in Pakistan's business landscape.