The business of Sai Silks (Kalamandir) Limited was started as a Partnership Firm under the name of 'Sai Silks' on August 10, 2005 with Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi as its Partners. Subsequently, name of the Firm was changed to 'Sai Silks (Kalamandir)' on March 4, 2008 and the status of the Firm further converted into a Private Limited Company vide Certificate of Incorporation dated July 3, 2008 under the name and style of Sai Silks (Kalamandir) Private Limited' from the Registrar of Companies, Andhra Pradesh at Hyderabad. The Company became a Public Limited Company on May 21, 2009 and the name of the Company was changed to Sai Silks (Kalamandir) Limited'.
Through its four store formats, Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall, the Company offer products to various market segments including premium ethnic fashion, ethnic fashion for middle income and value-fashion.
The business was founded by Nagakanaka Durga Prasad Chalavadi a first generation entrepreneur. The Company established its first retail store outlet in Ameerpet, Hyderabad in 2005 and merely operated to 46 stores in Southern India States of Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. In 2011, it introduced 'Varamahalakshmi' retail store in Chickpet, Bengaluru and further, opened a retail store 'Mandir' in Banjara Hills, Hyderabad. In 2012, Company opened the first store in Kanchipuram.
On August 18, 2016, the High Court of Hyderabad sanctioned the amalgamation of I-ONE Investments Private Limited with the Company and made it effective from October 1, 2015. Accordingly, the entire business undertaking of I-ONE Investments Private Limited, got transferred to and vested into the Company as a going concern.
The Company had entered into a Supplier's Agreement with Sai Retail India Limited (SRIL) dated April 1, 2017 for the purchase of apparel products from Sai Retail India Limited. It expanded the brand 'KLM Fashion Mall' to 18 stores with the first store launched in 2017. As a result of discontinuation in business, the Company acquired the business assets of Sai Retail India Limited with effect from April 1, 2022.
In 2022, Company launched the Kalamandir Royale' store and thereafter, launched Valli Silks', a combination of KLM Fashion Mall and VaraMahalakshmi Silks store formats.
The Company made an Initial Public Offer by issuing 5,40,99,027 equity shares aggregating to Rs 1201 Crore comprising a Fresh Issue of 27,027,027 Equity Shares aggregating to Rs 600 Crore and 27,072,000 Equity Shares Offer for Sale aggregating to Rs 600 Crore in September, 2023.
In 2023-24, Company opened 6 new VaraMahalakshmi outlets in Tamil Nadu. With its first store in Kanchipuram, Tamil Nadu, the outlets
later expanded to Bangalore, Hyderabad, Chennai, Vijayawada and Nellore.