Volume 5 Special Issue November 2022

Phool: Journey from Waste to Wealth

Dr. Surinder Kaur, Associate Professor, Acharya Narendra Dev College (University of Delhi) 

Ms. Hanisha Bhagat, Assistant Professor, Acharya Narendra Dev College (University of Delhi)

Ms. Parminder Kaur, Associate Professor, SGTB Khalsa College  (University of Delhi)

Mr. Nishant, Student, B Com Hons. Acharya Narendra Dev College (University of Delhi)

DOI:

With  increasing  awareness  about  sustainable  living,  there  are  many  entrepreneurs  who  think  of innovative sustainable business models but are hesitant to take the initial steps as they are sceptical about the challenges that they may have to face in the journey and where to look for the solutions. Thus,there is a need to document the journey of successful green businesses right from the point when the idea clicked to its transformation in to successful business, their triumphs and low points and what kept them going. This will not only serve to give recognition to these  entrepreneurs for their work but will also guide upcoming entrepreneurs. The present work is in this direction. The present case study seeks to document the journey of Phool.co. The objective of the present case study is to examine unconventional business model adopted the company, identify the challenges faced by the company and explore strategies adopted by company to overcome these challenges, and its key success factors.All the data and information for the study has been collected from the company’s website, published interviews of its founders and key managerial personnel. The study revealed that company was able to  succeed  due  to  its  unique  packaging  and  marketing  model.  Its  ability  to innovate  new  green products such as florafoam, and fleather gave it recognition across the globe. The research findings about  the  way  the  founders  of  Phool  toiled  day  and  night  and  crossed  initial  hurdles  regarding procurement of raw material, technological innovation, and securing finances for the project will certainly  serve  as  a  guide  to  other  green  entrepreneurs  go  wholeheartedly  in  their  quest  for sustainable living. In future, the work can be extended to comparative study of some more such start-ups to get better understanding of challenges faced by such entrepreneurs and how to resolve these.

Keywords: 

Green Businesses, Sustainability, Zero waste solutions, Innovations in Business, Green Manufacturing Processes, Sustainable Business Models, Environment Protection, Eco-friendly Businesses

References:

Shalini Rath (2022, July 30). “Success Story of Phool.co: India’s Leading Biomaterial Startup”.

Startup Talky. https://startuptalky.com/phool-success-story/

IIT Kanpur (2021, Oct. 7). “Alia Bhatt invests in IIT Kanpur backed Direct-to-consumer (D2C) start-up Phool.co that makes natural incense and bio-leather”. IIT Kanpur Webmail https://www.iitk.ac.in/new/d2c-start-up-phool-co

ETech (2022, April 5) “Alia Bhatt-backed Phool raises $8 million in funding from Sixth Sense Ventures”. Economic Times. https://m.economictimes.com/tech/funding/alia-bhatt- backed-phool-co-raises-8-million-in-funding-from-sixth-sense- ventures/articleshow/90661414.cms

Team THC (2021, February 17). “Phool Breaks Brand and Design Stereotypes”. The Hard Copy. https://thehardcopy.co/phool-breaks-brand-and-design-stereotypes/

Naandika Tripathi (2022, April 5). “Exclusive – India’s first biomaterial startup Phool.co raises $8 million in Series A funding” Forbes India. https://www.forbesindia.com/article/startups/exclusive-indias-first-biomaterial-startup- phoolco-raises-8-million-in-series-a-funding/75005/1

Sudhir Chaudhary (2020, October 5). “Phool.co: Solving the temple waste problem”. Financial Express Tech Bytes. https://www.financialexpress.com/life/technology-phool-co-solving- the-temple-waste-problem-2097302/ 

Team ET (2022, March 17). “Phool.co brings green back to Holi; founder Ankit Agarwal tells why Alia Bhatt invested in the company”. Economic Times. https://economictimes.indiatimes.com/small-biz/sme-sector/phool-co-brings-green-back- to-holi-founder-ankit-agarwal-tells-why-alia-bhatt-invested-in-the- company/videoshow/90297279.cms?from=mdr

Abhishek Kumar Singh (2022, February 17). “Phool.co Voyage Story Of A Small Business Giving Life To The Ganges” Opportunity India. https://opportunityindia.franchiseindia.com/article/phoolco-voyage-story-of-a-small- business-giving-life-to-the-ganges-34532

Editorial (2022, August 30). “Phool. co – Recycling Flowers Wasted from our Temples”. Business Outreach. https://www.businessoutreach.in/phoolco/