[Funding Alert] Haldiram Bhujiawala Gets Rs 2350 Mn Funding from Bharat Value Fund for India Growth

Kolkata-based Haldiram Bhujiawala Limited, operating under the "Prabhuji" brand, has announced the successful conclusion of its private placement, with Bharat Value Fund (BVF), managed by Pantomath, investing Rs 2350 million for a minority stake. As India’s retail snacks market continues to grow, this sector was valued at Rs 426 billion for FY24 and is projected to reach approximately Rs 955 billion by FY32, growing at a CAGR of 11 percent. Organized players like Haldiram Bhujiawala, with their diverse product offerings and quality standards, are expected to be key contributors to this expansion.

With over 60 years in the snacks and savory industry, Haldiram Bhujiawala has built strong brand recognition across Eastern and North-Eastern India, particularly with its "Prabhuji" products and quick-service restaurant chains in these regions. The brand’s recognition is supported by the endorsement of Bollywood actors Shahrukh Khan and Rashmika Mandanna, along with a modern marketing approach targeting new-age consumers.

The company operates both retail and distribution networks, reaching over 200,000 retailers nationwide through 2,000 distributors. It currently has 19 company-owned retail outlets and 60 franchise stores, and it plans to leverage the new investment to expand manufacturing and market reach beyond Eastern India. With a combined manufacturing capacity of 6,035 Metric Tonnes Per Annum (MTPA) across three facilities, Haldiram Bhujiawala is poised to increase its production and presence in new regions.

Manish Agarwal, MD of Haldiram Bhujiawala stated, “In the last 60+ years, we have cultivated a loyal customer base by offering delectable snacks and sweets. Our company has been a trendsetter, revolutionizing food habits and tastes of India. Leveraging our industry insights alongside BVF’s support, we are strategically positioned to enhance shareholder value and drive growth. This partnership lays a solid foundation for generating long-term economic benefits, ensuring a prosperous future for all stakeholders.”

Madhu Lunawat, CIO of Bharat Value Fund shared, “We are pleased to partner with Haldiram Bhujiawala Limited. 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.”

Bharat Value Fund, known for supporting profitable, growth-stage companies, has made six investments overall, with three in the consumer sector within the past three months. Recent investments include brands such as the personal hygiene company BumTum (Millennium Babycare Limited) and consumer durables company Aniket Metals Pvt Ltd. BVF’s recent partnership with Haldiram Bhujiawala underscores its commitment to fostering long-term growth in India’s retail and consumer goods markets.