Petals to Ashes: The Meteoric Rise and Quiet Fall of Phool, India’s Eco-Incense Pioneer

Unknown Apr 02, 2026 9 Views

Phool, launched in 2017 by Ankit Agarwal and Prateek Kumar, began as a mission-driven startup transforming temple floral waste into luxury, charcoal-free incense and bio-leather. Its eco-friendly model won global acclaim, with backing from venture capital, Tata trusts, and endorsements from celeb...

The company’s innovative “flowercycling” technology not only addressed river pollution but also empowered marginalized women, employing over 200 people at its peak and earning international awards for sustainability and social impact.

From Global Darling to Industry Disruptor

• Phool’s products, including natural incense sticks and vegan “Fleather,” found favor with luxury brands and eco-conscious consumers worldwide. The startup boasted 130% year-on-year revenue growth, with sales surging from Rs 28.6 crore in FY23 to Rs 50 crore in FY24.

• Its model inspired similar ventures across India and drew investment from high-profile figures, including Bollywood actress Alia Bhatt and global funds. The company expanded to multiple cities and even survived pandemic disruptions by pivoting to direct farmer sourcing and digital-first sales.

Challenges and the Silent Slide

• Despite the buzz, Phool faced mounting challenges: scaling a labor-intensive model, increasing competition in the eco-products space, and the high cost of R&D for new biomaterials like Fleather.

• As the initial wave of funding slowed and operational costs rose, the company reportedly resorted to silent layoffs and restructuring, with insiders citing pressure to maintain rapid growth and profitability.

• Market saturation, shifting consumer preferences, and the challenge of translating global buzz into sustainable margins led to a cooling of investor enthusiasm. Industry watchers noted that while Phool’s impact was real, the business struggled to balance its social mission with the demands of scale and returns.

Legacy and Lessons

• Phool’s journey remains a case study in how purpose-driven startups can capture the world’s imagination but must continuously adapt to survive in a competitive, fast-evolving market.

• The brand’s story is a reminder that even the most celebrated eco-innovators face hard realities as they move from feel-good headlines to long-term sustainability.

Sources: Equentis, India Retailing, Financial Express,

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