Latest news with #AnkitAgrawal
The Wire
17-07-2025
- Business
- The Wire
MS Dhoni-Endorsed Incense Brand Zed Black Is Now a Case Study at Harvard Business School
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. (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.).
Business Standard
11-07-2025
- Business
- Business Standard
RMC Switchgears hits the roof on reporting 165% YoY jump in Q1 business update
RMC Switchgears hit an upper circuit of 5% at Rs 771.75 after the company posted consolidated revenue of Rs 86.14 crore in the June quarter of FY26, recording over 165% YoY growth compared to Rs 34.04 crore in the same period last year. According to an exchange filing, the company stated that this robust performance marks a solid start to the fiscal year and reaffirms its commitment to an ambitious growth vision. With an exceptional first-quarter performance laying a strong foundation, the company is optimistic about sustaining this growth trajectory and aims to achieve even greater milestones in the remaining quarters of FY 202526. Given the nature of RMC's businessparticularly in EPC and turnkey projectsrevenue recognition typically accelerates in the second half of the financial year. Historically, the companys H2 performance has nearly doubled that of H1, driven by milestone-based billings, faster execution cycles, and back-ended order conversions. The company expects a similar trend this fiscal year, supported by a robust order book exceeding Rs 86.14 crore and a strong execution pipeline across its key verticals, solar EPC, electrical infrastructure and smart metering solutions. Ankit Agrawal, CEO & whole-time director, said, achieving over 165% growth in Q1 is a strong testament to RMCs execution excellence and strategic focus, while also highlighting the vast opportunities emerging from Indias dynamic business environment propelled by infrastructure expansion, progressive policy reforms, and a rapidly growing renewable energy sector. With a healthy order book of over Rs 86.14 crore across solar EPC, electrical infrastructure and smart metering, and with deeper backward integration underway, we are exceptionally well-positioned to convert this momentum into record full-year revenues and profits. RMC Switchgears is primarily engaged in the business of switchgear engineering and ECI contracts for the power distribution/transmission sector. For FY25, RMC Switchgears has registered a consolidated net profit of Rs 31.45 crore (up 111.2% YoY) and net sales of Rs 318.16 crore (up 84.3% YoY).
Entrepreneur
09-07-2025
- Business
- Entrepreneur
From Equity to Debt: Understanding the Shift from Venture Capital to Venture Debt in India's Startup Ecosystem
As capital access tightens amid rising interest rates, this financing shift serves as both protection and a catalyst for India's entrepreneurial landscape Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. In India's evolving startup ecosystem, a significant paradigm shift is reshaping how entrepreneurs fuel their growth ambitions. Fol lowing the unprecedented 2021 funding frenzy that minted 44 unicorns, the eco system now pivots from tradi tional equity financing toward venture debt. This transition, gaining momentum through 2023-24, represents more than a temporary response to the ongoing "funding winter"; it signals a fundamental matu ration in how Indian startups approach capital structure. While Bengaluru, Delhi, and Mumbai lead in funding activities, this equity-to-debt evolution offers founders across regions the ability to extend runways and fund expansions without diluting ownership stakes. As capital access tightens amid rising interest rates, this financing shift serves as both protection and a catalyst for India's entrepreneurial landscape. Ankit Agrawal Executive Director of Asset Management, Venture Debt at Lighthouse Canton Venture Debt Venture debt is a special ized financing instrument for early-stage, high-growth startups with venture capital backing. Unlike traditional loans requiring tangible collateral, venture debt is typically secured against all current and fixed assets of the company, both present and future, including receivables, intellectual property, brand value, etc. This hybrid financ ing bridges conventional debt and equity funding, helping startups extend their runway without diluting ownership. Risk assessment focuses on growth trajectory and ability to secure future capital rather than current cash flows. The strategic advantages of venture debt over conventional equity financing present a three-fold value proposition for the modern entrepreneur. First, its non-dilutive nature preserves ownership integ rity and governance control, enabling founders to maintain decision-making autonomy without board interference or loss of equity value. Second, the financial benefits are substantial - founders gain access to capital with more economical long-term costs compared to equity, faster processing timelines, and the opportunity to establish valu able credit history for future financing options. Third, venture debt offers unparal leled operational flexibility, allowing companies to strate gically deploy capital across various business needs, from funding critical expansions to extending runway between equity rounds, thereby avoid ing potential down-rounds during market volatility. This preservation of equity is particularly crucial for mid to-growth-stage companies aiming to maximize share holder value, while its quick turnaround, often secured within 30 days compared to equity's three-month process, enables nimbler cash flow planning. Additionally, select venture debt funds in India provide the flexibility to allocate capital in USD, simplifying international ex pansion and enhancing global competitiveness. This sophis ticated financing approach is rapidly becoming an essential component in strategic toolkit of India's most forward-think ing founders. Market Analysis India's venture debt mar ket soared to USD1.2 billion in 2023, reflecting a 50 per cent year-over-year increase that underscores its shift from a niche financing instrument to mainstream capital source. By December 2024, overall venture debt funding in India had climbed to USD1.48 bil lion, a 10 per cent rise from 2023, marking the second consecutive year it surpassed the billion-dollar threshold as demand for non-dilutive financing gained widespread traction. This exceptional performance positions India's venture debt ecosystem for continued expansion, with projections suggesting market volume could reach USD1.8-2 bil lion by 2026. While the global venture debt market stands at approximately USD 20–25 billion, India is on a strong growth trajectory, with projections suggesting it could surpass USD 30 billion in 2024. Fintech leads sector adoption with USD 671 million in venture debt during 2023, reflecting mature business models and reliable revenue streams underscored by a 25 fold increase in digital lending volume over the past decade, reaching INR 2.9 trillion. Con sumer startups follow with increasing adoption rates, while electric vehicle compa nies, with 67 per cent relying on venture debt for over half their debt capital, represent a rapidly growing segment. While Delhi NCR leads in transaction volume, Banga lore's FinTech innovation and Chennai's EV manufacturing hubs are also key contribu tors, reflecting venture debt's widespread adoption across India's diverse startup ecosys tems. Venture debt has proven particularly valuable during market downturns, serving as a strategic financing buffer when equity capital becomes scarce. Key Drivers of the Shift The migration from equity to venture debt represents a re sponse to converging macro economic and strategic forces. While traditionally viewed as supplementary, venture debt has gained prominence as founders recognize its poten tial to optimize capital struc ture while navigating complex funding environments. Economic Environment - The persistent "funding win ter" has created equity access challenges forcing founders to explore alternatives beyond traditional venture capital. Current market conditions have generated valuation misalignments, with startups facing unfavorable terms or postponed growth initiatives. Venture debt emerges as a strategic lifeline, enabling companies to extend the runway without accepting valuation cuts. Market Maturity Factors - India's startup landscape exhibits increasing sophis tication, with venture debt benefiting from ecosystem maturation. Founder aware ness regarding optimized cap ital structures has grown, with experienced entrepreneurs recognizing the strategic advantages of incorporating debt components. Investor confidence in venture debt continues to strengthen, evi denced by specialized funds and increasing institutional allocation. Strategic Considerations - Founders' emphasis on own ership preservation represents a compelling driver behind venture debt adoption. By maintaining equity positions, entrepreneurs retain gover nance control and potential upside in future liquidity events. Venture debt offers accommodating repayment terms aligned to companies' growth trajectories rather than rigid schedules. Future Outlook The venture debt landscape in India stands poised for significant expansion reflect ing broader global trends. Industry evolution suggests a continued shift toward hybrid funding approaches that stra tegically combine equity and debt components to achieve optimal capital structures. Market participants can anticipate increased adoption across diverse sectors beyond traditional strongholds, with particular momentum in fintech, consumer startups, and sustainable technology ventures. The flexibility of select venture debt funds to offer capital in USD positions startups to seamlessly expand into international markets, amplifying their global com petitiveness.
Yahoo
07-03-2025
- Business
- Yahoo
Indian insurtech start-up InsuranceDekho lands $70m investment
Indian insurtech start-up InsuranceDekho has secured $70m (Rs6.09bn) in a funding round to steer expansion. The capital injection will be used to bolster the company's technology-driven services, expand its market reach and solidify its position in the insurance sector. The funding round was jointly led by Japanese conglomerate Mitsubishi UFJ Financial Group (MUFG), insurer BNP Paribas Cardif and Beams Fintech Fund, a private equity fund, the Economic Times reported. All three of the investors were part of the company's Series B round in October 2023, which raised $60m. InsuranceDekho's founder and CEO Ankit Agrawal told the news publication that the company is currently in talks to raise an additional $15–20m, and anticipates the participation of a new external investor in this round. Agrawal added: 'The fact that in this market, we have been able to raise around Rs6bn, backed by existing investors at a slight premium to the last round, shows the validation people have in our business.' Since its inception in 2017, InsuranceDekho has utilised AI technology and an agent-led model to make insurance more accessible. In January 2023, the company garnered $150m in a mix of equity and debt from a financing round led by Goldman Sachs Asset Management and TVS Capital Funds. InsuranceDekho employs a point-of-sale person model, with a network of 220,000 partners offering more than 720 insurance products spanning motor, health, life, and corporate sectors. With a licence from the Insurance Regulatory and Development Authority of India to function as a direct insurance broker, InsuranceDekho has forged partnerships with 49 insurance providers. Looking ahead, Agrawal has set his sights on taking InsuranceDekho public within 15–18 months. Commenting on the investment, Beams Fintech Fund founder and partner Sagar Agarvwal said: 'We have been strong believers of InsuranceDekho's vision since our initial investment. Their phenomenal growth, robust distribution network and relentless focus on technology-driven accessibility make them a clear industry force.' In October last year, reports surfaced that InsuranceDekho is planning to acquire its competitor RenewBuy. "Indian insurtech start-up InsuranceDekho lands $70m investment" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
