MARKETING ANALYSIS OF

PATANJALI ALOE-VERA GEL

Marketing Management Project
Prepared for:
Prof. Dhananjay Singh

Prepared by:
Anurag Sarkar (15A1HP095)
Shantanu Srivastava (15A2HP412)
Aayushi Pathak (15A3HP642)
Baharat Khosla (15A1HP068)
Mahender Konda (15A1HP042)

Contents
A Brief Overview of Patanjali Brand and Products ................................................................................ 2
Product: Patanjali Aloe Vera Gel ............................................................................................................ 4
STP Analysis........................................................................................................................................... 6
Segmentation........................................................................................................................................... 6
Positioning .............................................................................................................................................. 6
Competitive Strategy .............................................................................................................................. 7
Product strategy ...................................................................................................................................... 8
Product mix: ............................................................................................................................................ 8
Product map: ........................................................................................................................................... 9
Pricing Strategy..................................................................................................................................... 11
Distribution Strategy ............................................................................................................................. 13
Promotion-Mix...................................................................................................................................... 15

A Brief Overview of Patanjali Brand and Products

Patanjali Ayurveda Limited (PAL) was founded as a small pharmacy has emerged as leader in
FMCG (fast moving consumable goods) sector in India.
After surpassing Himalaya Drugs Company and other Ayurveda and herbal based
manufacturers, Patanjali is set to pose a stiff competition for various FMCG giants like
Hindustan Unilever, P&G and others with already surpassed Emami and Jyothi Laboratories
Ltd.
Its biggest rival DABUR INDIA LIMITED, which is also in the same business segment
(Ayurvedic products), also faces stiff competition from it.
Patanjali targets Everyone who wants to live healthy and Anyone suffering from any
disease. This helps them bypass any segmentation requirement because these are universal
needs that is beyond geography, socio-economic classifications, psychological traits and
behavioural orientations.
Patanjali Ayurveda Limited has employed penetration strategy by keeping the cost of goods
very less. Patanjali is a brand hosting health, food and self-care products. From medicines to
cosmetics to food products like biscuits, noodles, cornflakes etc., Patanjali presents an
alternative to all the established players in the market. All this, at a comparatively lower price.
The brand has over 15,000 outlets across India and its 2013-14 revenue was Rs. 1200 crore.
Patanjali claims to have raised the bar to Rs. 2000 crore in 2015.
Patanjali Yogpeeth, the yoga services branch of Patanjali is fully utilizing the historical Indian
roots i.e. spirituality and Ayurveda to their competitive advantage, created by Baba Ramdev,
to sell its own products in the market through PAL. It has trained the Indian customer to shun
western medical practices and divert their resources to Indian Ayurveda which has been found
to be more beneficial and has higher rate of success as compared to other alternatives in
medicine.
If we take a closer look at both Patanjali and Baba Ramdev, we get to know that there has been
a rigorous yet concealed preparation in setting up a target market and propagating to
them the values that Patanjali would eventually deliver.
Success of Patanjali Ayurveda goes back decades when Baba Ramdev started his campaign
of Yoga / Bharat Swabhiman / Swadeshi Abhiyan. During his campaign, a latent
message was seeded deeply in the subconscious mind of the consumers over the years by
making them aware of a healthy life with swadeshi products.
Hence, a subliminal perception was implanted in the minds of the consumers years
before the actual products came out in the market which helped converting these latent
cues into active triggers to accept Patanjali.
Starting initially as an Ayurvedic pharmacy, PAL now operates in three broad business
segments - foods (foods, supplements, digestives, dairy, juices, etc), FMCG (cosmeticsshampoo, soaps, facewash; home care- detergent cakes, powder, liquid, etc) and Ayurvedic
products (healthcare products for blood pressure, skin diseases, joint pain, etc).
It is the most diversified consumer goods firm in India.
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It has given rise to many new categories (amla juice, aloevera juice etc) and has emerged as
one of Indias more successful brands, especially in the otherwise less penetrated rural markets
(something which all the FMCG giants have been eyeing for so long).
Many Indian manufacturers like Zandu Pharmaceuticals, Baidyanath, Dabur India Limited,
Hamdard etc. have been supplying various Ayurvedic and herbal based products in the
consumer market for over a century but none of them have got such penetration in Indian
consumer market as Patanjali.
According to 'Wish you were listed: Patanjali Ayurveda' a report by multinational brokerage
CLSA Patanjali is bigger than Emami and Jyothy Labs and is "perhaps the fastest growing
fast moving consumer company in India with revenues in excess of Rs 2,500 crore for 201415.
Patanjali's revenues have more than quadrupled in the past three years. Despite selling at a
lower rate than its competitors, PAL's operating margin is around 20% higher than many of
its peers which advertise aggressively.
At a time when most FMCG companies are still sceptical about a pick-up in consumption
resulting in improvement in revenues and profitability, PAL is eyeing 250% revenue growth
in 2016 (Source: Edelweiss Research report co-authored by Abneesh Roy, Pooja Lath and
Tanmay Sharma).
The companys products are not just limited in the Indian market. They are present in many
markets across the world too both offline and online (UAE, Europe, US).
Recent tie-ups with Future group has enabled them to increase presence in the modern retail
channel and with the Defence Research and Development Organisation to manufacture and
market herbal supplements and food products in India and abroad are evidences of the rise of
Patanjali.
And all this success at almost negligible expenditure on Advertising & Promotions versus other
consumer companies that have A&P expenditures ranging from 10-15%, as a percentage of
revenues.

Product: Patanjali Aloe Vera Gel

We have chosen Patanjalis Aloe Vera Gel as our product to analyse and evaluate as it is one
of the products that not a lot of other companies produce. The others who produce it are either
not as popular or have not penetrated the market like PAL.
Products like Aloe Vera is traditionally used more as an Ayurvedic cure for skin and other
diseases and has not really been exploited as a mainstream product.
Company Description of the product:
Patanjali Aloe Vera Gel contains a cooling effect which relaxes your skin. It is extremely
useful in nourishing, rejuvenating, beautifying and glorifying skin. It assists in retaining healthy
skin. It also assists to remove pigmented spots.
Applied externally for:

Healing small cuts, insect stings, grazes and wounds.

Healing and repairing skin tissue after burns, including sunburn.

Healing skin conditions such as eczema, psoriasis, acne, general itching.

Cosmetic uses such as moisturising and improving the elasticity of the skin.
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Ingested as a gel:

Digestive conditions such as IBS, peptic ulcers, acid reflux, candida etc.

Musculo-skeletal conditions such as arthritis, rheumatism, etc.

Immune-related conditions such as asthma, hay fever.

Overall protection (as an antioxidant) against free radicals.

On hair:
It is beneficial for hair grooming and smoothening.
Our take on the product:
Pros:

It is a natural product.

It comes in a tube. More hygienic and easy to use compared to open mouth containers.

It works on acne, reduces inflammation and helps with burns.

Works on hair.

Multiple utilities, higher than any other product in the same category.

It has Vitamin E added.

It is cheap.

Works as a toner.

Cons:

It has added colours and fragrance- Unnecessary additions in contrast to their claims to
be totally natural.

Availability might be an issue; Patanjali products are known to have irregular supply
and most of the times it is out of stock.

STP Analysis
Segmentation
Full market coverage Strategy (Kotler 2015)
PAL has attempted to serve all customer groups through all the products they need. As
discussed above health is a universal requirement and PAL has ignored segment differences
and has gone after the whole market with one offer.
It has designed a marketing program for Aloe Vera gel with a superior image that can be sold
to the broadest number of buyers via mass distribution and mass communications as all
customers have roughly the same preferences.
Baba Ramdev has always been propagating two major concepts: Swadeshi and Ayurveda.
From the very beginning, Baba Ramdev has always advocated to the audience at his yoga
shivirs and otherwise to resort to Ayurveda and herbal products not only for the treatment of
diseases but also as a medium to stay healthy.
Hence by applying this strategy of creating a latent need for a product like Aloe Vera, he has
brought the otherwise Ayurvedic medicine with low demand into the mainstream market
without trying to force it on to the consumers.
Patanjali has successfully targeted the entire market to sell its Aloe Vera gel playing on the
common sentiments of patriotism and health which cuts through any traditional segmentation
of the market.

Positioning
Very intelligently, Baba Ramdev communicated Patanjali as a Swadeshi brand, a brand that
belonged to the Indian people.
Hence Patanjali was able to leverage the feeling of nationalism fostered by Ramdev as people
experienced emotional satisfaction and a feeling of pride on purchasing Patanjalis products
(i.e. we are using our own product / we are using natural product / we are contributing for our
country /cultivate your culture by not purchasing MNCs Products), thereby, positioning itself
as the only Swadeshi product in the mind of the consumers.
He has brought the Swadeshi sentiments into the minds of Indian consumers in terms of buying
preferences- advocating people to shun the products made by international companies and use
the products made by Indian industries- to help the countrys economy grow.
So, Baba Ramdev is the first in instilling these sentiments in the minds of the Indian consumers
and then strategically launched the Patanjali brand to fill the void- advance Psychological
blocking of Consumer mind to inhibit purchase of existing brands and indirectly
pursuing consumers to follow his brand.
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Competitive Strategy
Competition:
Main competitors in Aloe Vera products:

Dabur India Ltd.:

Do not produce Aloe Vera Gel, they produce Aloe Vera bleach which does not cater to
the same need of consumers as Aloe Vera gel.
Shri Baidyanath:
Do not produce Aloe Vera Gel, they produce Aloe Vera Juice which does not cater to
the same need of consumers as Aloe Vera gel.
Zandu Pharmaceutical Works:
Do not produce Aloe Vera Gel. They do not produce any related product as well.
The Himalaya Drug Company:
Do not produce Aloe Vera Gel, they produce Aloe Vera gel face wash which caters to
some of needs of consumers as Aloe Vera gel.
Aloe Veda:
Produce Aloe Vera Gel but are not as popular as compared to Patanjali Aloe Vera Gel
as the awareness of the product is very less- not a mainstream product
Oriflame:
Produce Aloe Vera Gel but are not as popular as compared to Patanjali Aloe Vera Gel
as the awareness of the product is very less, however, more than Aloe Veda.

Patanjali seems to follow a market challenger strategy.

It seems to be trying to gain ground or even overtake the leader in this segment, Dabur India
Ltd. It seems to be trying to attack the market leader clearly defining the strategic objective.
Attack Strategies:
Encirclement Attack (Kotler 2015)
Patnajali has launched a grand offensive on several fronts against its competitors. Patnajali
commands superior resources in terms of raw materials. Patanjali presents an alternative to all
the established players in the market in terms of higher utilities and higher effectiveness than
the existing products. It has the features of all the related products of existing brands All this,
at a comparatively lower price.
The brand has over 15,000 outlets across India and its 2013-14 revenue was Rs.1200 crore.
Patanjali claims to have raised the bar to Rs.2000 crore in 2015. Patanjali has successfully
targeted the entire market to sell its Aloe Vera gel playing on a common sentiment of patriotism
and health which cuts through any traditional segmentation of the market which other brands
have failed to exploit.
By applying the strategy of creating a latent need for a product like Aloe Vera, he has brought
the otherwise Ayurvedic medicine with low demand into the mainstream market without trying

to force it on to the consumers, which existing brands have not successfully been able to till
now.
After surpassing Himalaya Drugs Company and other Ayurveda and herbal based
manufacturers, Patanjali is set to pose a stiff competition for various FMCG giants like
Hindustan Unilever, P&G and others, already surpassing Emami and Jyothi Laboratories Ltd.

Product strategy
Aloe Vera gel is a non-durable consumer-good. Ideally it can be categorised as a staple good
which people buy on a regular basis (Kotler 2015).
But, due to the low demand before the arrival of Patanjali, the other brands could not capitalise
on the product being sold as a staple.
The main differentiation strategy followed by PAL in Aloe Vera gel is in features (Kotler
2015). It has combined the utilities of all other related products by other brands and has made
it into one product that caters to the needs of all consumers who were more diversified in
product selection from different brands.

Product mix:

Fig. 1. Patanjali Product mix

Width:
Patanjali carries 7 different product lines which is comparatively diversified with respect to
other FMCG companies.
Length:
There are 36 items in the mix.
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Depth:
For Aloe Vera gel, it has only one product in the personal care line.
Consistency:
The various products in the product line are closely related in terms of health and healthy
lifestyle solutions but the books and media product line is unrelated in terms of consumer
durables.
Expansion Opportunities:
From niche to mainstream
Starting initially as an Ayurvedic pharmacy, PAL now operates in three broad business
segments - foods (foods, supplements, digestives, dairy, juices, etc), FMCG (cosmeticsshampoo, soaps, facewash; home care- detergent cakes, powder, liquid, etc) and Ayurvedic
products (healthcare products for blood pressure, skin diseases, joint pain, etc).
It is the most diversified consumer goods firm in India and it is expanding in leaps and bounds
trying to enter very consumer goods market with the recent launch of Patanjali noodles.
It has given rise to many new categories (amla juice, aloevera juice etc) and has emerged as
one of Indias more successful brands, especially in the otherwise less penetrated rural
markets (something which all the FMCG giants have been eyeing for a very long time).
Many Indian manufacturers like Zandu Pharmaceuticals, Baidyanath, Dabur India Limited,
Hamdard etc. have been supplying various Ayurvedic and herbal based products in the
consumer market for over a century but none of them have got such penetration in Indian
consumer market as Patanjali.

Product map:
Company Name

Product Name

Dabur India Ltd.

Dabur Oxy Life Aloe Vera

Gel Bleach
Aloe Vera face wash gel
Aloe Vera gel

Emami Ltd.
Patanjali Ayurved
Ltd.
The Himalaya
Drug Company
Aloe Veda
Oriflame

Total Company
Sales(Size of
Bubble)**
55144.8

Price

Perceived
utilities

350

20739.9
20000.2

85
70

2
8

Aloe Vera face wash gel

1000*

80

Aloe Vera gel

Aloe Vera gel

1000*
1000*

120
130

4
3

*Data not available. The sales figures are assumptions based on various news items.
**Data taken from prowess and moneycontrol.com

Product map
450
400

350

price

300
250
200
150
100
50
0
-1

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Perceived utilities
Dabur India Ltd.

Emami Ltd.

Patanjali Ayurved Ltd.

The Himalaya Drug Company

Aloe Veda

Oriflame

It can clearly be seen that the main differentiating factor that PAL has implemented is in
features along with low pricing, in-fact significantly lower than every other brand with respect
to the utilities provided.
However, since Patanjali has only one product in this segment (it also has aloe Vera juice as
one of its products, however, for our project we are not considering it in this segment), it might
seem like PAL can foray into the other segments and not only in the high utility and low price
segment.
But, Patanjalis product is an amalgamation of all the utilities of every other product. Therefore,
it is most ideally placed in the product map.
However, they can lengthen its product line by adding more items to plug in holes to keep out
competitors. It has some of the other products such as Aloe Vera face wash gel so it is catering
in the other segments already.

Packaging
Criteria
Identification
Information

Transportation and
protection
Storage

The brand can be easily

identified
The description and
persuasive information is
not adequate.
good container for
transportation
Good container to facilitate
home-storage

Recommendations
Should consider putting
more information on the
container.
-

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The container is a tube

which is more hygienic and
easier to use
Can be lot better

Consumption

Aesthetic appeal

Should consider redesigning

the container for better
aesthetic appeal

Pricing Strategy
Pricing objective (Kotler 2015)
Maximum Market share:
Patanjali is practicing the market penetration pricing. It has kept the prices of Aloe Vera gel
very low, maybe thinking the market is price sensitive.

Costs
Advertising:
The main area where the company enjoys advantage over others is its negligible expenditure
in advertising. Even though, recently it has come out with a few low cost advertisements it is
very low compared to other companies which spends heavily on advertisements.
Recommendation: From a zero-advertising strategy, Patanjali has now taken a U-turn,
emerging as the third biggest television advertiser in the country (Chitra Narayanan, The monk
who wants a billion-dollar company: The Indian Business line (2015)). It will be critical to
manage costs. It should try to identify its low cost centres in its value chain and exploit it
accordingly.
Raw Materials:
Sourcing of raw materials is less costly for the company due to long term relations with
herbal and Ayurvedic farmers.
Recommendations: The push for high growth comes with challenges. Sourcing of raw
material, for instance, will be critical to cope with the volumes. Patanjali has already faced
that with gooseberries. To reach online consumers faster (Grofers and Big Basket now stock
Patanjali products), it must have manufacturing units and warehouses across the country
(Chitra Narayanan, The monk who wants a billion-dollar company: The Indian Business line
(2015)).

Competitors Prices
Company
Dabur India Ltd.
Emami Ltd.
Patanjali Ayurved Ltd.
The Himalaya Drug Company
Aloe Veda

Price
Rs.350
Rs.85
Rs.70
Rs.80
Rs.120
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Oriflame

Rs.130

Pricing method
Value pricing (Kotler 2015):
PAL is trying to win loyal customers by charging a fairly low price for a high-quality offering.
It has simply not set low prices but has emerged as a low-cost producer without sacrificing
quality to attract a large number of value conscious customers.

Final pricing
It is mostly dependent on other marketing activities like advertising and promotions which
allows them to reduce the overall price of the Aloe Vera gel.
While most of the FMCG companies opt for traditional mediums of communication (TV ads,
newspaper etc), Baba Ramdev opted for direct interaction with consumers during his yoga
shivirs in different parts of the country.
From the stage backdrop to the entry gates, there are banners of Patanjali everywhere. Ramdev
promotes Patanjali products during his yoga sessions and discourses (which are aired on Aastha
channel- a spiritual channel in India and this is how Baba Ramdev developed a massive fan
following), weaving it cleverly into his narrative and ensuring his followers also become users
of his products.
Direct communication is far more effective to put it convincing impressions in consumers mind
because an emotional feeling can be transferred and felt by communicator and consumer both
resulting in higher chances of consumer tending to act on the communicated message.
This way of communication is so effective that all his followers tend to turn into future potential
consumers. This is the reason that when Patanjali products were launched, a huge number of
potential consumers were already available.

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Distribution Strategy
Patanjali follows a unique distribution strategy and is maintained very smoothly. Patanjali
products are distributed through various ways. The three main components of a good
distribution strategy are a steady product flow, liquid cash flow and unrestricted information
all throughout the supply chain. Patanjali scores fairly on all three parameters.

The main avenue of their distribution is through the granting of franchises to carefully
scrutinized people, who not only act as store keepers but also consult the customers,
guiding them regarding the best product fit for their need.
Each centre sends demand to the central office at Haridwar, from where they route the
products directly through the production facility situated in close vicinity of the main
office.
A case in point is the transportation of goods from the factories to the outlets. Patanjali
maintains its own fleet of transportation services which goes by the name of Patanjali
transport.
Patanjali has no intermediaries in between the distribution network and the product
reaches directly to the consumer from the producer.

Besides the franchisee model the distribution also happens through electronic mode.
The company maintains a dedicated website which has all the 300 plus products listed
on it. The website provides an online payment option also besides having cash on
delivery.

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The company has its self-run Patanjali Chikitsalayas and Patanjali Arogya Kendra
which are OPDs operated by well-trained ayurvedic doctors. Products are also
available through these outlets as per the doctors prescription.
One strategy that Patanjali has adopted is its tie up with Post offices across the country
which gives it unparalleled reach across the country in the smallest of towns and
villages. This strategy besides being very fruitful potentially, is a perfect fit for Patanjali
as it gives it a strong foothold in the thousands of villages across the country where
Ayurveda is still the most sought after remedy for all kinds of ailments.
As noted earlier, Patanjalis biggest face is Baba Ramdev and this is the reason why it
didnt have to rope in any celebrity or high profile person to market its products.
Patanjali is synonymous with Baba Ramdev. Baba though has no stake in the company
and is only an outside promoter. This face of Baba has been leveraged very well by the
company not only for marketing but for distribution as well. Whenever a Yoga camp is
held across the country, which is covered by the biggest media houses and showcased
all around the world, Patanjali establishes a temporary shop in the vicinity for all the
camp participants to shop from. During the camp Baba extensively talks about Patanjali
products and their various uses and which can immediately be purchased.
Of lately the company has also tied up with big retail houses such as Reliance fresh and
Future groups Big Bazaar where it now competes directly with other FMCG companies
for a piece of the consumers mind. Evidently, Patanjali has been a killer at the Big
Bazaar outlets going by a statement given by Kishore Biyani, CMD Future group, in
which he sees Patanjali doing business of upwards of 1000 crores only through their
outlets. At Reliance fresh also its products command the most affluent shelf spaces, and
having a section of their own in one part of the store.
Due to the rocketing demand for its products, a lot of times the products stock out due
to supply side constraints. The company has been doing extensive efforts to keep up
with the demand but given the nature of the business and the supply chain model which
they follow, wherein the company routes its raw material directly from rural
households, which are not established suppliers and may even default of their supply
schedules, they face extensive shortages and varying quality of RM.
To counter this problem the company has also opened the Patanjali Mega Food Park
(PMFP) which aims at creating infrastructure for food processing and a comprehensive
farm to plate supply chain model.

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Promotion-Mix

Patanjali follows a strategy of content marketing to promote its products. Content marketing
involves educating the consumer through personal or impersonal ways regarding the various
uses of the product. Baba Ramdev, the face of the company has since the past decade, been
hammering MNC blaming them for providing products to the consumer at the cost of pumping
money out of the country, corrupting politicians, exploiting farmers etc.
This has created a class of consumers/ followers who are ardent followers of Baba and now
consider foreign products lethal and derogatory to the country. In the wake of all this Patanjali
has created its niche by appealing to these consumers who were looking for anything Indian,
to which they can associate themselves. The company has influenced the core beliefs of the
consumer by identifying what they actually value as a product in the market.
Aloe Vera jell sold by the company has created a similar thread which leads to the consumer
as a product superior than its cosmetic competitors, having Indian roots, contributing to the
country and actually working and fulfilling the need at the end. It has replaced the erstwhile
P&G and HUL products off the shelf and become a product having multiple uses.
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Some prominent features of Patanjalis promotion mix are Patanjali piggybanks on the propagation of make in India and indenisation of products
initiatives which are doing rounds since the coming of the current BJP government.
It prides itself as being an Indian FMCG company with roots stemming from the
ancient Ayurveda.
Besides this, the strategy which it adopted at the beginning was a unique mix of
Ayurveda and Yoga, a practice highly advocated and propagated by Baba Ramdev.
Due to the well-known face of Baba, the company has not felt any need to rope in any
other face for the brand.
This pitch has found widespread acceptance among the masses and elites equally.
During his world famous Yoga sessions, Baba advocates the use of Patanjali products,
which are claimed to be one hundred percent natural made from potent herbs available
in the Himalayas.
Along with them Baba recommends the practice of pranayama and claims that the
combination of Ayurveda and Yoga are the complete ancient Indian therapy. He claims
that the medicines are capable of curing diseases from a simple cold to cancer.
In the FMCG business, which the Aloe Vera jell falls under, Patanjali has followed a
market penetration strategy, which is quite different from strategies followed by other
FMCG players in the country, which have product mix which caters to consumers both
up and down the market stretch.
Besides the Yoga-Ayurveda pitch, done mostly through Yoga campaigns by Baba
Ramdev and Patanjali trust, the company heavily advertises in business journals and
newspapers in India and abroad.
The company has felt no need to come up with visual advertisements due to the ready
platform it has in the form of Yoga session conducted by Baba, televised all throughout
the world.
Besides the company advertises through a website which can ensure a global presence.
The group is in constant interaction with industry and business associations, and has
recently come in an agreement with DRDO to provide its employees Patanjalis product
at their workplace itself.
One way the company can add to its promotion and reach can be through attracting and
pitching to the youth, which at the moment form a minor pie of the total consumers of their
products. In the FMCG arena, the MNCs have an upper hand at the moment when it comes
to cream based and gel based body conditioners due to the strong brand equity and global
recognition that they have, a characteristic which appeals to the youth more than the other
consumer groups.

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References
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India: Pearson Education Inc.
The Economic Times. 2016. How Baba Ramdev has built a Rs 2,000 crore ayurvedic FMCG
empire & plans to take on multinational giants: The Economic Times. [ONLINE] Available
at: http://economictimes.indiatimes.com/industry/cons-products/fmcg/how-baba-ramdev-hasbuilt-a-rs-2000-crore-ayurvedic-fmcg-empire-plans-to-take-on-multinationalgiants/articleshow/47657636.cms. [Accessed 21 January 2016].
Wadhwa P. 2015. Patanjali Ayurved targets 250% revenue growth in FY16: Edelweiss.
[ONLINE] Available at: http://smartinvestor.business-standard.com/market/story-340706storydetpatanjali_Ayurved_targets_250_revenue_growth_in_FY16_Edelweiss.htm#.VqDkmyp97tQ.
[Accessed 14 January 16].
Narayanan C. 2015. The monk who wants a billion-dollar company: The Hindu Business
Line. [ONLINE] Available at: http://www.thehindubusinessline.com/specials/the-monk-whowants-abilliondollar-company/article7958593.ece. [Accessed 16 January 16].
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[Accessed 16 January 16].

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