Kolkata-based snack brand Haldiram Bhujiawala has raised Rs 235 crore from private equity investor Bharat Value Fund (BVF) in exchange for a minority stake. The investment, managed by Pantomath Capital Management, will support the brand’s plans to expand manufacturing capabilities and venture into new markets beyond its established strongholds in eastern and northeastern India.
BVF, categorized as a Category II alternative investment fund, is managed by Pantomath’s co-founder and Chief Investment Officer, Madhu Lunawat. This recent capital infusion was made through BVF’s second fund, which has a corpus of Rs 1,650 crore. Highlighting BVF’s confidence in Haldiram Bhujiawala, Lunawat noted, “Family-run businesses bring significant business acumen, having navigated numerous business cycles and iterations over decades, which positions them well for growth opportunities.”
Haldiram Bhujiawala expects to reach revenue exceeding Rs 600 crore by the end of FY2025 and is currently profitable, according to Lunawat. BVF, which has recently launched its third fund with a corpus of Rs 2,500 crore, focuses on supporting profitable, growth-stage companies. This investment marks BVF’s sixth overall investment, furthering its commitment to fueling the growth of established, family-run businesses.
