Haldiram Bhujiawala Limited has announced the closure of its private placement round, with Pantomath’s Bharat Value Fund (BVF) investing ₹235 crore in the company for a minority stake.
Kolkata-based Haldiram Bhujiawala retails its products under the brand, Prabhuji. 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), as per an official communique.
Manish Agarwal, Managing Director, Haldiram Bhujiawala Limited said, “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.’‘
According to a joint statement, the snacks market, one of the fastest-growing sectors in India, is estimated to be worth ₹ 42,600 crore in FY24, which is expected to reach around ₹95,500 crore by FY32, registering a CAGR of 11%. Organised players in this market, who currently enjoy a substantial market share, are expected to be the key contributors to this growth.
‘’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,’‘ commented Ms. Madhu Lunawat, CIO of Bharat Value Fund, adding the fund house focused on mid-sector was highly optimistic about the food, FMCG, and consumer goods sectors in the country.
Published – November 08, 2024 10:13 pm IST
