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Pantomath’s Bharat Value Fund invests Rs 235 crore for minority stake in Haldiram Bhujiawala
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Monday, 11 November, 2024, 13 : 00 PM [IST]
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Our Bureau, Bengaluru
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Kolkata-based Haldiram Bhujiawala has announced the successful closure of its private placement round, with Pantomath’s Bharat Value Fund (BVF), investing Rs 235 crore 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 Rs 426 billion in FY24, which is expected to reach Rs 955 billion by FY32, registering a CAGR of 11%.
Organised 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.
The company has a strong legacy of more than 6 decades in snacks and savoury industry. Its products offer broad portfolio with 100+ SKUs (stock keeping units), has a 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 has become the buzz word, which is backed by the company’s new-age marketing strategy. The brand ambassadors are Bollywood actors, Shahrukh Khan and Rashmika Mandanna.
The company 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. It 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.
The company will use the funds to expand its manufacturing and markets outside of Eastern and North-Eastern Indian markets. It operates three manufacturing units with a combined capacity of 6,035 Metric Tonnes Per Annum (MTPA).
Manish Agarwal, managing director, Haldiram Bhujiawala Limited, 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.”
Madhu Lunawat, CIO, Bharat Value Fund, said, “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.”
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