Haldiram Bhujiawala raises ₹235 cr from Pantomath’s Bharat Value Fund
The company plans to use the proceeds to expand its manufacturing units and markets outside of eastern and northeastern Indian markets.
Bengaluru: Pantomath’s Bharat Value Fund (BVF) has invested ₹235 crore in Kolkata-based snack brand Haldiram Bhujiawala for a minority stake, the companies said in a statement on Friday.
Haldiram, which retails its products under the brand “Prabhuji”, plans to use the proceeds to expand its manufacturing units and markets outside of eastern and northeastern India.
The company currently operates in markets, including West Bengal, Bihar, Jharkhand, and the northeastern regions, and has three manufacturing units with a combined capacity of 6,035 metric tonnes per annum.
Haldiram, which was founded more than six decades ago, offers a broad product portfolio with more than 100 SKUs in eastern and north-eastern Indian markets, besides running quick service restaurants in West Bengal and north-eastern states.
Manush Agarwal currently serves as the managing director of the snacks and savory brand which has a blend of retail and distribution business. Haldiram’s distribution network comprises about 2,000 distributors servicing more than 200,000 retailers across the country. The company operates 19 retail outlets and 60 franchise stores to establish direct access to its consumers.
The snacking market is estimated to be worth ₹42,600 crore in FY24 and is expected to reach about ₹95,500 crore over the next eight years at a CAGR of 11%. The organized players are expected to be key contributors through their focus on product diversification, quality and convenience that will further boost their expansion.
Meanwhile, BVF is one of the prominent funds in the mid-market sector that focuses on profitable growth-stage companies. The latest transaction in Haldiram marks its sixth overall investment in the company and its third in the consumer space in a span of three months.
“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,” Madhu Lunawat, CIO of BVF, said in the statement. “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.”
BVF’s other investments include personal hygiene brand BumTum and consumer durables company Aniket Metals Pvt Ltd among others. Backed by Pantomath Capital Management through its India Inflection Opportunity Trust, BVF was introduced in April 2024. The fund’s investment strategy centers on businesses that embody the “Made in India” ethos, with a focus on import substitution, export support, and rural consumption.
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First Published:8 Nov 2024, 12:28 PM IST
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