Arttimez, Noverber 2024 : 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.
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.
Regarding this, the Managing Director of Haltram Bhujiawala Limited Mr. Manish Aggarwal says “Over the past 60 plus years, we have built a loyal customer base by serving delicious snacks and desserts. Our company has been a pioneer in revolutionizing food habits and tastes in India. By leveraging our industry insights along with the support of BVF, we are strategically positioned to enhance shareholder value and drive growth. This partnership lays a solid foundation for creating long-term economic benefits that will ensure a prosperous future for all stakeholders”.
Commenting on investments in Haldram Bhujiawala Ltd., Bharat Value Fund’s Chief Investment Officer, Ms. Madhulunawat said, “We are delighted to be associated with Haldram Bhujiawala Ltd., which has been in the market for over six decades since its establishment as a sole proprietorship in 1958. With Insights the company has a deep understanding of consumer behavior and market trends. Especially noticeable is the new generation’s sharp focus on this modern brand ‘Prabhuji’. We are very confident in the food, FMCG and consumer goods sectors and Haldram is well positioned to achieve significant growth in the coming years.”
