Harvard Business School features MS Dhoni-endorsed Zed Black as a case study

12 July, Mumbai 2025

In a significant recognition of Indian enterprise, popular incense brand endorsed by cricket icon MS Dhoni, Zed Black has been featured as a case study at Harvard Business School. Its parent company, Mysore Deep Perfumery House (MDPH), is being celebrated for its remarkable transformation from a modest, family-run incense business, founded in an Indore garage in the early 1990s by Prakash Agarwal, into a Rs 1,000 crore fragrance powerhouse. MDPH's journey of purpose-led growth, innovation, and global expansion is now set to inspire students and entrepreneurs worldwide.

MDPH has evolved into one of the world's leading incense exporters. Operating from 9.4 lakh sq. ft. of manufacturing space, the company produces an astounding 3.5 crore incense sticks and sells approximately 15 lakh packs of Zed Black Incense Sticks daily. It also employs over 4,000 people, with a remarkable 80 per cent being women, highlighting its commitment to social empowerment. With exports reaching over 45 countries, MDPH's flagship brands include Zed Black Agarbatti, Manthan Dhoop, Orva (lifestyle & aromatherapy), and Samarpan (prayer essentials).

India stands as the world's largest producer and consumer of agarbatti, where fragrance holds deep cultural and religious significance. Zed Black has been instrumental in redefining tradition through innovation, introducing products like charcoal-free, bamboo-less agarbattis, premium dhoop sticks, and venturing into luxury perfumery via its Direct-to-Consumer (D2C) platform, Orva.

At the core of MDPH's success lies a unique blend of values, strategic vision, and impactful celebrity endorsements. The enduring eight-year association with MS Dhoni lends immense credibility, while actor Hrithik Roshan's endorsement of Manthan Dhoop has helped formalize and elevate the dhoop segment for a younger audience.

Ankit Agrawal, Director, MDPH & Zed Black, emphasizes, more than a milestone, this Harvard case study is a celebration of Indian entrepreneurship rooted in values and powered by vision. He noted the brand's evolution from incense sticks to essential oils and luxury perfumery, reflecting a shift to becoming a ritual partner and taking India's aromatic legacy to international shelves.

This recognition is believed to be one of the first for both Indore and the Indian agarbatti sector on the Harvard platform, with the case already integrated into the curriculum at institutions like the Fashion Institute of Technology (FIT), New York. As global business schools seek real-world examples of family-led, values-driven growth, MDPH's story is garnering significant academic attention.

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