ICFAI conducts interactive webinar session on “ Innovation led Globalization and Diversification: The Journey of Cycle Pure Agarbathies“
“Ethical Business Practices will take you miles and we are committed to run our family business with professionalism” quoted Mr. Arjun Ranga, CEO, N Ranga Rao & Sons Pvt. Ltd. He delivered a talk on the topic “Innovation led globalization and diversification: the journey of Cycle Pure Agarbathies” at the 19th WiseViews Interactive Webinar Series conducted on August 27, 2021 by ICFAI for the benefit of students and working professionals.
Mr. Arjun Ranga gave a brief of how his grandfather Sri N Ranga Rao who hailed from a small village from Madurai went on to scripted a stupendous success story of Cycle brand of Agarbathies. Mr. Arjun explained how his grandfather quickly got hold of nuances of the agarbathie business. When he began his business, Mr. Ranga Rao noticed that the agarbathies were packed in a steel container and which led to a higher price. He used small carton boxes to pack the agarbathies and sold to the consumers at an affordable price. He developed different fragrances which creates a soothing atmosphere in each house. Mr. Ranga Rao drafted a 19 pages SOP for the sales people which is still followed by the current generation of Ranga family. He also coined the name Cycle which is common to all classes of the society irrespective of their financial status) and conceptualized the branding of the same.
Mr. Arjun Ranga explained the core values of the company are commitment to relationship with all the stakeholders, ethical and collaborative growth, transparency in all operations and social responsibility. “Business is all about maintaining relationships and not about commerce”, opined Mr. Arjun. He also said that all the Cycle brand products are customized according to the needs and utility of the consumers across the world.
Mr. Arjun summarized the Cycle journey so far in numbers i.e., 12 billion agarbathies sold each year, 15 lakh retail joints across the world, 30,000 work force and exports to 70 plus countries across the world and counting. Answering to a query in the Q & A session, Mr. Arjun said that 85% of the agarbathies are manufactured by women and it still continues even after the operations are fully automated in the year 2008. He signed off by stating “People make the organizations and not the other way”
The webinar was moderated by Prof. R Prasad, Director – Academic Wing, ICFAI Group and Prof. Sudhakar Rao, Director – Branding, ICFAI Group.
About 250 participants including entrepreneurs, Research Scholars, prospective students from various parts of the country registered for this event which was also steamed live on the facebook.
About the Speaker: Mr. Arjun Ranga is CEO of N. Ranga Rao & Sons Pvt Ltd. and a flagship company of NR Group the manufacturer of Cycle Pure Agarbathies which is India’s largest brand of Agarbathies. The NR Group was established as a cottage industry in 1948. Mr. Arjun has an engineering degree from SJCE, Mysuru, an MBA from Thunderbird, USA. N. Ranga Rao & Sons is currently the only Agarbathi manufacturing establishment to have Carbon Neutral certification and their Agarbathies are exported to over 65 countries.
Under Mr. Arjun’s able leadership, the Group has recently ventured into the online space with ‘Soulveda’, a portal that aims to encourage people to engage with their inner spirituality to spread happiness and well-being. Another initiative, PurePrayer, an App that helps to connect devotees to divine and one more App PurePuja that supports and imparts guidance on our puja traditions.
Women empowerment and education for the betterment of society at large is an important activity of NR Group’s philanthropic arm, the NR Foundation. Ranga Rao Memorial Residential School for visually impaired girls in Mysuru, is managed entirely by NR Foundation under the guidance and support of the Ranga family.
About ICFAI Foundation for Higher Education: The ICFAI Foundation for Higher Education is Deemed-to-be University under section 3 of the UGC Act 1956. ICFAI Business School (IBS) is a constituent of ICFAI Foundation for Higher Education. About 5,800 students are pursuing various programs in the Faculty of Management (ICFAI Business School), Faculty of Science & Technology (IcfaiTech), Faculty of Law (ICFAI Law School) and ICFAI School of Architecture, NAAC, an autonomous institute of University Grants Commission has also accredited The University with ‘A+’ Grade with an impressive score (institutional CGPA) of 3.43 out of 4.