DBT Bureau
Bengaluru, 8 November 2024
Kolkata-based Haldiram Bhujiawala Limited has said it has raised Rs 235 crore through a private placement round from Pantomath’s Bharat Value Fund (BVF). In a release, the company said as part of the infusion, the fund hose now owns a minority stake.
Haldiram Bhujiawala Limited retails its products under the brand “Prabhuji“. The company has a legacy of 60 years in in snacks and savoury industry.
The Company retails its products under the brand name of “Prabhuji” offering a broad product portfolio with more than 100 items, especially in Eastern and North-Eastern Indian markets. 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, the company added.
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. Haldiram Bhujiawala Limited operates three manufacturing units with a combined capacity of 6,035 Metric Tonnes Per Annum (MTPA).
“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,” Manish Agarwal, Managing Director, Haldiram Bhujiawala said.
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 the last three months. Earlier in last month, BVF invested in a personal hygiene brand, BumTum (Millennium Babycare Limited), and consumer durables company, Aniket Metals Pvt Ltd., among others.
