India's global Haldiram's! From Bikaneri bhujiya to Blackstone's billions!

You might have heard about Bikaneri bhujiya, aloo bhujiya, sev, moong dal, chatpata matar and many other namkeens. The first brand that strikes to mind is always Haldiram's. The 87-year-old Haldiram's, India’s largest snack and convenience foods company is led by Delhi and Nagpur factions of the Agarwal family.

As per the latest ET report, a consortium led by private equity fund Blackstone, along with Abu Dhabi Investment Authority (ADIA) and GIC of Singapore, submitted a non-binding bid late last week to acquire a controlling stake in Haldiram Snacks Food Pvt Ltd (HSFPL). Blackstone and its partners are keen to buy 74-76% of the company, valuing the business at $8-8.5 billion (Rs 66,400-70,500 crore).

Haldiram's History:

Haldiram's which is a trusted and famous brand not only among Indians but also among the NRIs started witha small shop situated in Bikaner back in 1937. Ganga Bhishen Agarwal got this recipe from his aunt who used to make Bikaneri bhujia's thick and soft version.

When Ganga Bhishen called Haldiram by his mother joined his family’s snack stall at Bhujia Bazar in Bikaner, he employed a clever strategy borrowed from his aunt. According to Pavitra Kumar’s book ‘Bhujia Barons,’ Agarwal revolutionized bhujia by incorporating moth flour (made from a type of lentil) into the traditional chickpea flour-based snack. He also adjusted the texture, making it thinner using a finer mesh. Agarwal’s branding skills were on point—he named his new product ‘Dungar sev’ after the popular Maharaja of Bikaner, Dungar Singh. This move led him to part ways with his grandfather’s business. The market responded positively, and within a decade, he was selling up to 200 kilos of bhujia per week, with prices increasing from 2 paise per kilo to 25 paise.

Haldiram's journey from a small shop to a mega business is a tale of determination and innovation. It all began when Haldiram, inspired by a wedding in Kolkata, decided to open a shop there, branching out from the Bikaner bhujia business. While the second generation didn't expand, grandsons Manoharlal and Shiv Kishan took the business to Nagpur and Delhi. The Delhi shop in Chandni Chowk became immensely popular, leading to the establishment of manufacturing plants in both Delhi and Nagpur, along with restaurants across India and abroad.

Today, Haldiram's stands as a leader in the snack food industry, offering a diverse range of over 500 products including snacks, sweets, ready-to-eat meals, beverages, and pasta. With operations in 100 countries, including the UK, US, and Japan, Haldiram's has expanded its reach globally through franchisees. The brand has also diversified into sub-brands like Minute Khana and Cup Shup, and ventured into chocolates under the Cocobay brand. Acquisitions of smaller brands like Babaji Namkeen and Akash Namkeen further bolster its market presence. With its expansion into retail supermarkets and quick-commerce platforms, Haldiram's is poised to compete with established players in the industry.

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