Haldiram Bhujiawala Secures INR 235 Cr from Bharat Value Fund to Fuel National Expansion The investment secures a minority stake in the company and aims to support Haldiram Bhujiawala's expansion into markets outside of Eastern and North-Eastern India.
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Kolkata-based snack brand Haldiram Bhujiawala, operating under the brand "Prabhuji," has successfully raised INR 235 crore from Bharat Value Fund (BVF), a private equity fund managed by Pantomath Capital Management.
The investment secures a minority stake in the company and aims to support Haldiram Bhujiawala's expansion into markets outside of Eastern and North-Eastern India.
Haldiram Bhujiawala Limited, a company owned by a branch of the Agarwal family descended from Ganga Bhishen Agarwal, the founder of the original Haldiram brand, is one of several independently operated businesses that share the iconic Haldiram lineage.
The brand's division among family members has led to varied ownerships and regional focuses. Under the leadership of Managing Director Manish Agarwal, Haldiram Bhujiawala has established a stronghold in Eastern India, particularly in Kolkata, where it enjoys significant brand recognition for its traditional and contemporary snack offerings.
With a legacy spanning over six decades, Haldiram Bhujiawala has built an extensive portfolio with over 100 stock-keeping units (SKUs), ranging from sweets and savory foods to popular snack foods.
The company claims to operate 19 retail outlets and 60 franchise stores across West Bengal, Bihar, Jharkhand, and the Northeast. Complementing its retail presence, the company has a robust distribution network with around 2,000 distributors, supplying products to over two lakh retailers across the country.
In recent years, Haldiram Bhujiawala has expanded its business footprint beyond snacks. In 2019, it acquired the India franchise rights for the US-based Coffee Bean and Tea Leaf chain, marking its entry into the coffee retail segment.
The brand's modern marketing strategy and high-profile brand ambassadors, Bollywood star Shahrukh Khan and Rashmika Mandanna, have helped it appeal to younger consumers and strengthen its identity as a contemporary Indian snack brand.
The infusion of funds from BVF will allow Haldiram Bhujiawala to enhance its manufacturing capabilities and enter new regions.
"In the last 60+ years, we have cultivated a loyal customer base by offering delectable snacks and sweets. Our company has been a trendsetter, revolutionising food habits and tastes in India," said Manish Agarwal, Managing Director, Haldiram Bhujiawala Limited.
BVF's CIO, Madhu Lunawat, expressed optimism about the partnership, praising Haldiram Bhujiawala's deep market insights and noting the growth potential in India's food, FMCG, and consumer goods sectors. This strategic alliance is expected to drive significant growth for Haldiram Bhujiawala and pave the way for the Prabhuji brand to capture a broader national audience.
Madhu Lunawat, CIO of Bharat Value Fund, added, "With over six decades of market insight since its founding as a proprietorship in 1958, the company has a deep understanding of consumer behavior and market trends. The new generation's sharp focus on the modern brand, 'Prabhuji,' is particularly noteworthy. We are highly optimistic about the food, FMCG, and consumer goods sectors, and Haldiram is well-positioned to achieve substantial growth in the years ahead."
