Money & Me: ‘A self-funded French holiday is a cherished purchase’

Varsha Tharanath, co-founder of Mindful Meals and Village Hangout Cafe, saves 40 per cent of her income and says her businesses are her best investments

Varsha Tharanath aims to have a steady income with diversified investments by the time she reaches 45. Pawan Singh / The National

Varsha Tharanath built her career as a software architect in India before moving to Dubai and changing track.

Today, she is an entrepreneur with two businesses, one of which is a healthy meal delivery service, Mindful Meals, which she cofounded with her friend and menopause coach, Sharon James.

“I am responsible for the daily operations as well as the technology part of the business. I also drive the business strategies, decisions, investments, and expansions,” says Ms Tharanath, 36, who is from Bengaluru, India and has been in Dubai for four years.

Unlike many brands, Mindful Meals isn’t on a mission to retain customers indefinitely. It aims to demonstrate the positive impact of simple, nutritious dishes and educate people about how to build better habits.

She also owns another business, the Village Hangout Cafe in Jumeirah Village Circle, Dubai.

“I belong to an entrepreneurial family and always wanted to start something of my own even back in India, but never could channel my energies. When we moved to the UAE, I got some time to reflect on my career,” says Ms Tharanath, who lives in The Greens, Dubai, with her husband and daughter.

“While exploring different options, I could see great potential and opportunity in the healthy food business. I experimented with the science and philosophy behind being healthy and learnt what that means in practical terms when you have a busy life schedule. I could see a drastic change in myself both physically and mentally. It is then I decided to pursue this further to pass on the benefits to as many as I can.

“The business angle is just a by-product, but the real motto is to help spread awareness and keep the society healthy.”

Ms Tharanath has completed her bachelor of engineering in computer science.

Did wealth feature in your childhood? What did you learn from it?

Yes, it did. My family is into producing coffee and we have a large estate where coffee cultivation happens.

The biggest thing that I learnt was people management, how efficiently the operations were managed, and how conflicts were resolved. I was too small to understand the actual business part of it.

How did you first earn?

During one of the winter holidays, my grandfather asked me to help him with his scheduling. He made sure to pay me daily. This is how I earned my pocket money.

Varsha Tharanath has invested some wealth in properties and equities in India. Pawan Singh / The National

What did your first job pay?

After I finished my engineering, I got my first job. It paid handsomely, it was enough to manage myself well and save for the future.

My first salary per month was Dh3,500 (equivalent to 60,000 Indian rupees) back in 2010.

Any early financial jolts?

I don't remember any major ones, but there was a minor jolt. It was during an international business trip when I was travelling for the first time. I couldn't manage the expenses well and my credit card was also stolen.

I didn't ask for any loan from my family and repaid all the debts and bills. This resulted in me being broke for a few months. I eventually recovered from it.

How do you grow your wealth?

Back in India, I have invested some wealth in properties and equities. Now I have invested heavily in the two businesses. This would certainly help us in securing a comfortable life.

Are you a spender or a saver?

When I look at my early and mid-twenties, I was a bit more of a spender, but gradually I got the balance right.

Of late, I am a very balanced person where 40 per cent of my earnings go straight as savings and I spend from the remaining 60 per cent.

Have you been wise with money?

Barring a few episodes here and there, I was largely very wise with money.

What has been your best investment?

Me working on my healthy habits like eating right and doing enough physical exercise. In this busy modern life, we tend to forget the upkeep of ourselves and how that impacts our productivity and motivation. This sort of enlightenment has been my best investment.

On the monetary part, the two businesses have been my other best investments.

Money is hard to earn and it can be rewarding, but it should never be the primary goal

Varsha Tharanath,
co-founder, Mindful Meals and Village Hangout Café

Any cherished purchases?

I can’t claim any of my purchases as cherished purchases because I could never really cherish something I have bought, perhaps because I’m super minimalistic.

But spending a two-month-long holiday in France afforded from my earnings gave me immense joy, if that can be claimed as a purchase.

How do you feel about money?

Money is a very essential factor in life. It is hard to earn and it can be rewarding, but I still feel money should never be the primary goal.

The primary goal should be to address the right cause and solve problems, and if the passion and hard work continue, then eventually you will see the money.

Any financial advice for your younger self?

Many books and influential people tell you to follow your passion, but none of them talk about how to find your passion and the reason is there is no single template that fits all.

You need to have a lot of patience to find a way to earn money from doing what you are really passionate about. The other one I would say is to understand the power of compounding, so you not only save money but also invest it.

Any significant financial milestones?

Though profitability is our long-term objective for Mindful Meals, during this nascent stage of our business, the revenue generated is being reinvested to strengthen our brand's sustainability.

Our current focus is on enhancing core areas such as refrigeration infrastructure, expediting delivery services, building brand awareness, and investing in our workforce. By investing in these crucial aspects, we aim to establish a solid foundation for future growth.

What luxuries are important to you?

In Dubai, where magnificence surrounds, defining luxury can be complex. For me, luxury is having a cosy backyard sanctuary with pets, the freedom to take rejuvenating breaks whenever desired, and the opportunity to explore the world.

What are your financial goals?

To have a steady income with diversified investments by the time I reach 45, and to be able to expand my business multifold.