MS Dhoni-Endorsed Incense Brand Zed Black Is Now a Case Study at Harvard Business School

The Wire

17-07-2025

From a Garage in Indore to Harvard: MDPH's Fragrant Journey Goes Global Mr Ankit Agrawal Director Zed Black and Mr Anshul Agrawal Director Zed Black Indore July 16, 2025: In a proud moment for Indian enterprise, Zed Black, the incense brand endorsed by cricket legend MS Dhoni, is now featured as a case study at Harvard Business School. Its parent company, Mysore Deep Perfumery House (MDPH), is on its way to transform from a modest garage setup in Indore into a ₹1,000 crore fragrance powerhouse by 2027, making it one of the first from Indore and the Indian agarbatti sector to gain such recognition.
Authored by Prof. Tulsi Jayakumar of SP Jain Institute of Management & Research, the case is being taught in global institutions, including the Fashion Institute of Technology (FIT), New York. It showcases how a traditional, family-run incense business achieved purpose-led growth, innovation, and international reach.
Founded in the early 1990s by Shri Prakash Agarwal, MDPH now operates across 9.4 lakh sq. ft. of manufacturing space, producing 3.5 crore incense sticks and selling 15 lakh Zed Black packs daily. With exports to over 45 countries, the company employs more than 4,000 people—80% of whom are women. Its flagship brands include Zed Black Agarbatti, Manthan Dhoop, Samarpan (prayer essentials), and Orva (lifestyle & aromatherapy).
In a market where India is the largest producer and consumer of incense, Zed Black has redefined tradition by introducing charcoal-free bamboo-less agarbattis, premium dhoop sticks, and luxury perfumery through its D2C platform Orva. Its offerings now include essential oils, reed diffusers, and Eau de Parfum—blending spirituality with personal wellness.
Celebrity-led branding has played a key role in the brand's journey. The eight-year partnership with MS Dhoni continues to bring trust and consistency, while Hrithik Roshan, the face of Manthan Dhoop, has helped organize and energize the dhoop category for a younger audience.
'This Harvard case is more than a milestone—it's a celebration of Indian entrepreneurship rooted in values and powered by vision,' said Ankit Agrawal, Director, MDPH. 'From bamboo-less innovation to luxury perfumery, we are not just a product brand—we're a ritual partner. Our diverse fragrance portfolio is helping global audiences—from the Middle East to Latin America—discover the emotion behind every Indian scent.' MDPH's business approach has evolved alongside its traditions. The company has implemented automation, packaging innovations like resealable zipper packs, and strategic diversification into lifestyle categories. Its digital infrastructure ensures scalability across geographies and categories as it aims for ₹1,000 crore turnover by FY27.
'What's kept us going isn't just incense—it's the intention behind every stick,' said Anshul Agrawal, Director – Operations & HR, MDPH. 'From a garage in Indore to homes around the world, and over 3,000 women empowered along the way, this journey proves that when Indian values meet global ambition, the result is significance.' Prof. Tulsi Jayakumar, a globally recognised case pedagogy expert whose works are used across 50 Ivy League schools and author of this case study added, 'The MDPH case is a powerful example of how a traditional family-run business can evolve strategically while staying grounded in its core values. It allows students to explore market dynamics, competitive advantages, and the unique interplay of family and business decision-making.' From local homes to global classrooms, MDPH's story stands as a powerful example of how innovation, purpose, and tradition can converge to create not just a successful business—but one with enduring global relevance.
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