Cycle Agarbathies aims for 30% market share

NR Group’s Cycle Pure Agarbathies says it is aiming for a 30% market share in the next three years and also plans to expand its markets to Sri Lanka, Bangladesh and Nepal where local manufacturing is possible, says Arjun Mr. Ranga, Director, N. Ranga Rao & Sons Pvt. ltd.

“India remains our largest market and over the next three years we expect to double our domestic market share. Also, as we are among the biggest exporters, exports are a big opportunity for us,” Ranga said. At present, Cycle Agarbathi claims to hold around 15-18% market share in India and export to 75 countries with total exports amounting to ₹1000 crore, according to the latest figure shared by the company.

Decline in growth due to Covid-19

“Before Covid, we were expecting growth from Rajasthan, MP, Punjab and Haryana where our market share is significantly lower. However, the pandemic has actually slowed our growth in these markets,” Ranga said.

It manufactures approximately 1.5 billion bats each year and has half a million square feet of manufacturing space at 16 locations. “The only way we have taken price increases is to reduce the volume of sticks. Therefore, the increase in capacity was not significant. If we plan to double our market share in three years, we will have to increase production and the increase will mainly come from other states,” he added.

TMS Aware

Apart from Agarbathies in 2020, Rangsons, part of NR Group, also launched TMS Mindful, a depression treatment clinic. It has six centers in the United States and four in India, including two in Gurgaon and two in Bangalore.

“In the next five years, we want to have centers in the top 30 cities in the country, and in the international market, we want to go to the Middle East and Italy because those places use TMS,” Ranga said. Activity area.

Published on

September 04, 2022

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