Money & Me: ‘My travel business sank during Covid but I managed to rebuild it’

Abhishek Dadlani, founder of luxury travel firm Lushescapes, reinvests most of his income in the company

Abhishek Dadlani, founder of boutique travel firm Lushescapes, wants to scale up his company to at least $20 million in the next two years. Antonie Robertson / The National

In 2009, Abhishek Dadlani pivoted from being a banker to founding a boutique luxury travel company, as he wanted to follow his passion.

The Indian, 43, established Lushescapes 16 years ago to deliver bespoke travel experiences to ultra-high-net-worth individuals, drawing on his own love of exploring. Over the years, the company has curated “unique” travel experiences across 96 destinations and catered to the top end of the demographics in the Gulf. They have had a presence in Dubai for nearly 13 years.

“Everything that we offer is driven by experiences, which is mapped to the special interests of the discerning traveller. It could be wildlife, photography, culture, art, emotion or adventure,” Mr Dadlani says.

“For example, we take our guests to see the curvature of the Earth, go stargazing in the Kalahari Desert in Botswana, go dune-bashing along the Atlantic Ocean in Namibia, make them see the Aurora Borealis with a National Geographic astrophysics expert, take them diving along with the flora and fauna in the Galapagos Islands in Ecuador or fly them to Antarctica and then on to the South Pole.”

His list of favourite travel experiences includes driving a Harley-Davidson along the Garden Route in South Africa as well as deep diving with sharks in the continent, doing the Alpine route in New Zealand, driving along the Nordic Western seafront during the summer and polar bear-spotting on Canada’s Vancouver Island.

The company also recently organised a genealogical quest for a European family spanning three continents and 15 cities. Along the way, they stayed in private lodges, on exclusive islands and in opulent palaces.

Mr Dadlani lives in The Meadows, Dubai. He has a bachelor’s degree in finance from the Kelley School of Business at Indiana University in the US. He also has a double major in international business and finance and an MBA from the Indian Institute of Foreign Trade in New Delhi, India.

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

I had a very humble start. Both my parents were working, and we were a typical middle-class family in India. Then, my dad started a manufacturing business and single-handedly brought it up. I got a scholarship to go to the US because my family could not afford the degree then.

When I came back, I worked as a banker, and then, I took the plunge and followed my passion. I did not have the social network or the know-how of how to deal with UHNWIs and did not inherit anything. I started from my apartment 16 years ago. Everything that we have done is on our own. We've not borrowed a single penny. Lushescapes is a cash-positive company and we are in our scale-up phase now.

How did you first earn? What did your first job pay?

My first job as an intern at a bank paid me a salary of 12,000 Indian rupees ($140) per month, in 2004. My first full-time job was as a banker on a starting salary of $600. I grew up the ladder and resigned at the assistant vice president level in three years.

Any early financial jolts?

Because I did not have any business partners, I did everything on my own. The first seven to eight years were quite challenging because it was a bootstrapped entity. Along the way, we tried to scale up and once we had set up a foundation, Covid hit. We lost everything in terms of our revenue and margins, but we stood the ground. We did not fire anybody and had zero attrition. We kept our head high, borrowed some money for six months, and from that time onwards, there has been no looking back.

Abhishek Dadlani says his first seven to eight years as an entrepreneur were challenging because his company was bootstrapped. Antonie Robertson / The National

How do you increase your wealth?

I invest in property in the Indian cities of Hyderabad and Mumbai, a few UAE start-ups and some fixed income assets. It's a diversified portfolio. Most of the income that we generate is ploughed back into the business as we are still growing it. Because we have chosen consciously not to take the venture capital route or have a strategic partnership, it's still my money that's going back into the business to grow it.

Are you a spender or a saver?

A spender. I spend primarily on my ecosystem, by which, I mean, my family and my team. My second biggest expense would be my own travel. That's part of business because if I don't scout these experiences, then I'm not bringing that value proposition to a client. Even though the advent of technology is going to disrupt travel in some form, I think, luxury travel is here to stay because the personal element cannot be replicated by a tech-driven platform.

What has been your best investment?

If you were to look at the intrinsic value of the investment, that has been in realty projects, but if you look at the emotional value it would be ploughing money back into my business.

Any cherished purchases?

I just built my house in The Meadows last year and I am very proud of it. I am also a watch collector. But majority of my income goes into my travel, so I am more into experiences than material possessions.

Any financial advice for your younger self?

Be more resilient. Not every day is the same and there are going to be rainy days, but you need to ride the rocky waves with patience. There have been certain times in my life, especially during the Covid era, where I have taken hasty decisions to circumvent certain challenges. But in hindsight, if I were given a second chance, I would probably be more patient and think through my options before making a decision.

Any major financial milestones?

Business-wise, we wanted to touch the $10 million revenue mark, and we achieved it.

Personally, I don't look at how much cash I have in the bank. As long as I'm able to live a comfortable life and provide for the 10 to 12 families that are attached to me, that motivates me and gives me peace of mind.

What luxuries are important to you?

My biggest luxury spend is on travel experiences. What I preach to my clients, I indulge in all of them.

What are your financial goals?

It is to scale up the company to at least $20 million in the next two years and open distribution centres in Saudi Arabia, Singapore, Russia and Qatar.