From a Garage in Indore to Harvard: MS Dhoni-endorsed incense brand becomes Harvard case study
Mysore Deep Perfumery House (MDPH), has been recognized for transforming a traditional, family-run incense business into a Rs 1,000 crore fragrance giant.
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Zed Black, the incense brand endorsed by cricket legend MS Dhoni, has been spotlighted as a case study at Harvard Business School. Its parent company, Mysore Deep Perfumery House (MDPH), has been recognized for transforming a traditional, family-run incense business into a Rs 1,000 crore fragrance giant.
Founded in a garage in Indore in the early 1990s by Prakash Agarwal, MDPH has grown into one of the world’s top incense exporters. Operating across 9.4 lakh sq. ft. of manufacturing space, it produces 3.5 crore incense sticks and sells around 15 lakh packs of Zed Black Incense Sticks daily and employs over 4,000 people, 80% of whom are women. With exports to over 45 countries, MDPH’s flagship brands include Zed Black Agarbatti, Manthan Dhoop, Orva (lifestyle & aromatherapy) and Samarpan (prayer essentials).
The brand has a longstanding association with cricketer MS Dhoni, now in its eighth year. Additionally, Hrithik Roshan is the face of Manthan Dhoop.
“This Harvard case is more than a milestone-it’s a celebration of Indian entrepreneurship rooted in values and powered by vision. Our journey from incense sticks to essential oils, from bamboo-less innovation to luxury perfumery, reflects a mindset shift. From the Middle East to Latin America, Zed Black is helping the world discover the emotion behind every Indian scent,” shared Ankit Agrawal, Director, MDPH & Zed Black.
The recognition on the Harvard platform is believed to be one of the first from both Indore and the Indian agarbatti sector, with the case already included in the curriculum at institutions like the Fashion Institute of Technology (FIT), New York.
“What’s kept us going for over three decades isn’t just the business of incense—it’s the intention behind every stick we roll. From a garage in Indore to households across the globe and over 3,000 women empowered along the way, this journey proves that when Indian values meet global ambition, the outcome is not just success, it’s significance. Our digital backbone ensures we remain agile as we expand across geographies and product categories. As we aim for Rs 1,000 crore turnover by FY27, our focus is on building a future-ready, tech-driven FMCG powerhouse,” shared Anshul Agrawal, Director – Operations & HR, MDPH.
While India remains the world’s largest incense consumer, MDPH has gone beyond traditional formats, tapping into modern wellness rituals with offerings like essential oils, reed diffusers, and Eau de Parfum. With their premium D2C offerings under Orva, including La Riva Eau de Parfum, the brand has entered the lifestyle and personal fragrance category that sees fragrance as both spiritual and personal.
"The MDPH case is a powerful example of how a traditional, family-run business in India can evolve strategically while staying grounded in its core values. It presents rich opportunities for students to analyze market structures, identify competitive moats, and evaluate growth choices. More importantly, it highlights the often-overlooked intersection of family dynamics and business decision-making,” shared Prof. Tulsi Jayakumar, Executive Director, Centre for Family Business & Entrepreneurship, SPJIMR.
