Kolkata-based snack giant Haldiram Bhujiawala has raised Rs. 235 crore from Bharat Value Fund (BVF), a private equity investor managed by Pantomath Capital Management, in return for a minority stake. The funds will be directed towards expanding the company’s manufacturing capabilities and expanding its market reach beyond its core presence in eastern and northeastern India.
BVF, which recently launched a third fund with a Rs. 2,500 crore corpus, is focused on profitable, growth-stage businesses. This investment in Haldiram Bhujiawala marks BVF’s sixth overall investment, highlighting its commitment to supporting family-owned enterprises with robust market experience. “Family-run businesses bring a wealth of business acumen,” said Madhu Lunawat, BVF’s Chief Investment Officer. “They don’t need guidance on running a business—they’ve navigated numerous cycles and can seize opportunities effectively.”
Haldiram Bhujiawala, managed by Manish Agarwal, descends from the legacy of Ganga Bhishen Agarwal, the original founder of the Haldiram brand, which has since diversified among different family branches. This branch of Haldiram, retailing under the ‘Prabhuji’ brand, offers over 100 stock-keeping units and operates quick-service restaurants across West Bengal and other north-eastern states. The company boasts a network of 2,000 distributors serving over 200,000 retailers nationwide, with 19 retail outlets and 60 franchise stores across the region.
In 2019, Haldiram Bhujiawala acquired the Indian franchise of US-based Coffee Bean & Tea Leaf from Everstone Capital. By the close of fiscal 2025, the company expects to reach revenue exceeding Rs. 600 crores.
Expressing optimism about the investment, Agarwal said, “With BVF’s support, we’re positioned to drive growth and deliver long-term value for our stakeholders.”