Cycle Pure buys stake in Satvik to spark digital growth in India's $35 billion spiritual products market

Cycle Pure Agarbatti is sharpening its push into digital channels and associated product categories as it looks to evolve beyond its traditional incense business. As part of this strategy, the company has acquired a majority stake in Satvik Spirituals Pvt Ltd, a company that built its business of spiritual and lifestyle offerings through e-commerce."E-commerce is still relatively new for us and Satvik is a digital-first brand and understands consumer behaviour online,” Arjun Ranga, managing director of N.

Ranga Rao and Sons Pvt Ltd, the parent company of the incense stick brand, said in an interview with Mint.While the financial details were not disclosed, the move reflects Cycle Pure’s intent to build online capabilities, diversify its portfolio beyond core puja consumables and leverage new-age consumer trends around convenience, design and authenticity.The Mysuru-based company is looking to position itself as a broader spiritual lifestyle company, aiming to tap younger consumers and expand its presence in India’s fragmented, fast-growing market for faith-based products and digital services like online aartis, Ranga said.This market is massive and still largely untapped. India’s faith and religious products segment alone is already worth over $35 billion and remains ripe for digital disruption, according to a 2024 Redseer report.The company’s move reflects the broader trend of a slew of direct-to-consumer (D2C) acquisitions by some larger FMCG companies in recent years to enter online commerce and tap into the young demographic.