Pantomath’s Bharat Value Fund Invests INR 2350 Million for Minority Stake in Haldiram Bhujiawala
National: Kolkata-based Haldiram Bhujiawala Limited has announced the successful closure of its Private placement round, with Pantomath’s Bharat Value Fund (BVF) investing INR 2350 Mn in the Company for minority stake. Haldiram Bhujiawala Limited retails its products under the brand “Prabhuji”
The snacks market, one of the fastest-growing sectors in India, was estimated to be worth INR 426 billion in FY24, which is expected to reach ~ INR 955 billion by FY32, registering a CAGR of 11%. Organized players in this market, who enjoy a substantial market share, are expected to be the key contributors to this growth. Their persistent focus on product diversification, coupled with a strong commitment to quality, convenience, and safety standards, will position them for further expansion.
Haldiram Bhujiawala Limited has a strong legacy of more than 6 decades in snacks and savoury industry. The Company 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 buzz word, 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 Limited has a potent mix of its retail business as well as distribution business. The Company has distribution network of approximately 2000 distributors servicing more than 200,000 retailers across the country. Company operates 19 retail outlets and 60 franchise stores establishing its direct consumer reach. Currently, Company’s markets include West Bengal, Bihar, Jharkhand, and the North-Eastern regions. The Company will use the funds to expand its manufacturing and markets outside of Eastern and North-Eastern Indian markets. Haldiram Bhujiawala Limited operates three manufacturing units with a combined capacity of 6,035 Metric Tonnes Per Annum (MTPA).
Manish Agarwal, Managing Director, Haldiram Bhujiawala Limited, said on the occasion, “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” Mr. Manish Agarwal added.
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.”
BVF, one of the prominent fund houses in 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 last 3 months. Earlier in last month, BVF invested in a personal hygiene brand, BumTum (Millennium Babycare Limited), and consumer durables company, Aniket Metals Pvt Ltd., amongst others.
