Haldiram Bhujiawala raises Rs 235 cr from Pantomath’s Bharat Value Fund

Bengaluru: Pantomath’s Bharat Value Fund (BVF) has invested $The two companies said in a statement on Friday that they have acquired a minority stake in Kolkata-based snack brand Haldiram Bhujiawala for Rs 235 crore.

Haldiram, which retails its products under the ‘Prabhuji’ brand, plans to use the proceeds to expand its manufacturing units and markets outside eastern and northeastern India.

The company currently operates in markets such as West Bengal, Bihar, Jharkhand and the Northeast region and has three manufacturing plants with a combined annual production capacity of 6,035 tonnes.

Founded over 60 years ago, Haldiram offers a broad product portfolio of over 100 SKUs in the eastern and northeastern Indian markets, besides operating fast food restaurants in West Bengal and northeastern states.

Manush Agarwal currently serves as Managing Director of the snacks and savory brand, which has retail and distribution operations. Haldiram’s distribution network consists of approximately 2,000 distributors serving over 200,000 retailers across the country. The company operates 19 retail stores and 60 franchised stores to reach consumers directly.

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Snack market estimates $426 billion in FY24 and is expected to reach approx. $It will reach 955 billion rupees in the next eight years, growing at a CAGR of 11%. Organized players are expected to emerge as key contributors by focusing on product variety, quality, and convenience, which will further boost their expansion.

BVF, meanwhile, is one of the prominent funds in the mid-market space, focusing on profitable growth-stage companies. Haldiram’s latest deal marks the company’s sixth investment overall and its third in the consumer space in three months.

“The company has over 60 years of market insights and a deep understanding of consumer behavior and market trends since its inception as a sole proprietorship in 1958. The strong focus of the new generation on the contemporary brand ‘Prabhuji’ is particularly noteworthy,” BVF chief Information Officer Madhu Lunawat said in a statement. “We are highly optimistic about the food, FMCG and consumer packaged goods sectors and Haldiram is well-positioned to grow significantly in the coming years.”

BVF’s other investments include personal hygiene brand BumTum and consumer durables company Aniket Metals Pvt Ltd. Launched in April 2024, BVF is backed by Pantomath Capital Management through its India Inflection Opportunity Trust. The fund’s investment strategy is centered around companies that embody the ethos of ‘Make in India’, with a focus on import substitution, export support and rural consumption.