IN PICS! Check out the success story of Goli Vadapav founder Venkatesh Iyer

When Venkatesh Iyer co-founded Goli Vada Pav with Shiv Menon in 2004, he saw a big opportunity in selling affordable, clean, ethnic fast food to lower-income customers in India.

Mr Venkatesh, now chief executive, saw a potential market of 500m mostly teenage and young adult Indians paying Rs10 (about 20 US cents) or more to eat a vada pav, a typical Mumbai street-food dish of a spicy vegetable patty in a bun.

He was also counting on big social changes under way in India, including longer commutes for lower-middle-class Indians, who he noted "don't have so much time for food."

Goli Vada Pav would occupy a potentially lucrative spot between traditional street-food vendors and global chains. The goal was to sell hygienically prepared food with an authentic touch.

The company opened its first outlet in 2004 in Kalyan, near Mumbai, but soon ran into problems. The handmade patties varied in quality and had a short shelf life, and some were pilfered. Also, steep rises in raw material costs put margins under pressure.

In November 2006 Mr Venkatesh's bank gave the company 10 days to stop the losses resulting from these problems or repay the bank's loan.

While Vadapav was drawing the crowd, Venkatesh did many experiments. He brought various dishes like Paneer Vadapav, Shejwan, Mix Veg, Paneer, Aloo Tikka. Currently, they are also in great demand.

Today Goli Vadapav has 350-plus stores across 100 cities and 20 states in India.

Venkatesh Iyer considers Infosys founder Narayan Murthy as his role model. Venkatesh also strives to educate needy and budding children.