Who is the founder of Phool?
Ankit Agarwal is the owner and CEO of Phool. He earned a Bachelor of Science in Computer Engineering from PICT in Pune before pursuing a master’s degree in Innovation Management at Symbiosis International University in Pune. Ankit began his career at Symantec as a project intern before moving up to the position of Automation Engineer. About 17 research papers and a patent have been published by him. He is a 2016 Asia 21 Young Leader and a member of the Asia Society.
In recent years, he has also won numerous awards, including the coveted United Nations Young Leader for Sustainable Development Goals Award, the Takeda Young Global Entrepreneur Award, the Unilever Young Entrepreneur Awards, and The GSG Millennial Honor.
Story of Phool
While visiting his hometown’s ghats with a childhood friend, Ankit came across a business idea. When many devotees came to perform rituals along the river, they were astounded to see the amount of trash that had accumulated. Ankit had the epiphany that if he wanted to improve marine life, he should collect and recycle waste flowers. It was difficult at first because none of the temple management was willing to give up their flowery waste.
This did not deter Ankit, who continued to pitch his recycling idea to various stakeholders and deliver the concept of temple waste management in the country. After extensive research and waiting for the right opportunity, the company produced its first flower-cycled incense.
What are the challenges faced by Phool?
Phool’s biggest challenge is collecting thousands of flower waste from rivers. It is estimated that more than 800 million metric tons of flowers are dumped into the Ganges each year. These flowers rot and pollute the water with chemical insecticides. The company is primarily involved in the manufacture of incense sticks, for which they require fresh flowers. If the flowers are left in the water bodies for an extended period, their significance diminishes.
Who has invested in Phool?
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- Phool has received $9.4M in funding total across 4 rounds. The Bollywood star Alia Bhatt is one of the company’s investors, the company has previously revealed.
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- Alia Bhatt’s commented regarding her investment: “Phool incense stands out for its fine natural fragrances and amazing packaging. I admire the founder’s vision of making incense and bio-leather from recycled flowers that contribute to keeping our rivers clean, creating a humane alternative to leather, and providing employment to women in India’s heartland.”
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- The Indian Institute of Technology, Kanpur, is another supporter of Phool. Since the beginning, the institute has assisted the company’s expansion.
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- As other finance partners, Phool lists firms like TATA TRUSTS and Balmer Lawrie & Co. Ltd.
What are the products of Phool?
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- Incense sticks (B2C) – These include DIY incense sticks, incense cones, and flower grow kits.
- Fashion Industry & Packaging Materials for Products (B2B) – Vegan leather products manufactured from flowers; packaging material named “Floral foam.”
What is the Business Model of Phool?
Phool’s business strategy is based on the circular economy. Both B2B and B2C business models are included. The company’s line of work is gathering flowers and transforming them into a variety of commodities, including organic vermicompost, incense sticks, soap, vegan leather goods, and other biodegradable packaging materials.
Their main strength is the R&D division in Phool. Technical entrepreneurs find satisfaction in creating new products and resolving problems. Instead of worrying about how to market their items, their major concern is how to make a product.
Women from underprivileged areas who go to the temples to collect flowers also make the goods at Phool, giving them a way to support themselves while dealing with indiscriminate dumping.
To create compostable packaging, some of the Phool offerings are also made with Tulsi, or holy basil, seeds that are impregnated in seed paper and ink imitated from vegetable colors.
After using the incense or flowers, the user merely needs to unfold the paper, bury it in a pot with dirt, water it frequently, and watch the seeds develop into a Tulsi plant.
By scanning a QR code on the packaging, which takes them to a microsite, customers who purchase these compostable packages can share photos of their plants and get discounts on their purchases.
Vermicompost manufactured from “Mitti,” or mud, is one of Phool’s other main product categories. This Mitti is a mineral injection that is rich in nutrients and enzymes and energizes the soil. The entire process of making “Mitti” is carried out biologically, leaves no carbon footprint, and contains no chemicals or carcinogens.
What is the revenue model of Phool?
Incense sticks are sold by Phool through its online store, “Phool.co,” which is how the company makes money. Customers can choose from a large selection of things on their website based on the items they like.
Additionally, the business engages in business-to-business marketplaces like the fashion industry and provides packaging materials, which is how they make money.
As of now, the company’s revenue is thought to be around $15 million. For Phool, which has expanded its activities, the preceding two years have experienced a 130 percent YoY growth.
Women’s employment initiatives by Phool
Phool has given employment to women from the surrounding villages who were previously employed as manual scavengers. Before joining Phool, these women made a living by removing human waste from dry latrines and sewers, loading it into cane baskets, and transporting it outside the village to be disposed of. Today, these women are proud to be a part of Phool, where they have secure bank accounts, safe and healthy drinking water, and toilets, and earn more than Rs 7,000 per month.
Future Plans of Phool.co Despite India’s modest growth in the flower recycling sector, Phool intends to increase its business. Currently, the business is active in four locations in Uttar Pradesh, and it is in discussions to expand to nations like Bangladesh and Nepal. To boost its growth throughout India, Phool is negotiating with the Indian government. To improve production, the business also intends to employ new women.
