Haldiram Bhujiawala, a Kolkata-based snack brand has raised ₹235 crore in its private placement round from private equity investor Bharat Value Fund (BVF), managed by financial services firm Pantomath Capital Management, in exchange for a minority stake.
The company will use the funds to expand its manufacturing and markets outside of Eastern and North-Eastern Indian markets.
Haldiram Bhujiawala Limited Managing Director Manish Agarwal said, “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.”
Speaking about its investments in Haldiram Bhujiawala Limited, Madhu Lunawat, CIO of Bharat Value Fund said, “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.”
Haldiram Bhujiawala retails its products under the brand name of “Prabhuji” offering a broad product portfolio with 100+ SKUs, which enjoys strong brand recognition, especially in Eastern and North-Eastern Indian markets besides running the quick service restaurants in West Bengal and North-Eastern States. The modern brand, ‘Prabhuji’ has become the buzzword, which is backed by the Company’s new-age marketing strategy. The brand ambassadors are Bollywood legendary actors, Shahrukh Khan and Rashmika Mandanna.
Haldiram Bhujiawala has a distribution network of approximately 2000 distributors servicing more than 200,000 retailers across the country. The company operates 19 retail outlets and 60 franchise stores establishing its direct consumer reach. Currently, the Company’s markets include West Bengal, Bihar, Jharkhand, and the North-Eastern regions. Haldiram Bhujiawala operates three manufacturing units with a combined capacity of 6,035 Metric Tonnes Per Annum (MTPA).
BVF, one of the prominent fund houses in the mid-market sector, focuses on investing in profitable, growth-stage companies to foster long-term success. The investment in Haldiram marks the BVF’s 6th overall investment and 3rd investment in consumer space within the last 3 months. Earlier last month, BVF invested in a personal hygiene brand, BumTum (Millennium Babycare Limited), and a consumer durables company, Aniket Metals, amongst others.
