In 1937, a modest shop began its journey in Bikaner, Rajasthan, specializing in namkeen and mithai. Fast forward to today, and Haldiram’s has transformed into a global snacking powerhouse, captivating investors and snack lovers alike. The brand’s meteoric rise is a collective effort of the Agarwal family, who are deeply involved in every aspect of the business, reflecting their commitment to quality and tradition.
The Rise of Haldiram’s: A Family Legacy
Valued at over $10 billion (approximately ₹85,000 crore) following its recent fundraising, Haldiram’s is currently steered by the enigmatic Agarwal brothers, Shiv Kishan and Manohar Lal. They are the grandsons of Ganga Bhishen Agarwal, affectionately known as Haldiram by his mother. The recipe for the beloved Bikaneri bhujia has been passed down through generations, with Shiv Kishan learning it from his aunt, who perfected the dish’s original form.
A Snack Empire with Global Reach
Haldiram’s products are now a staple in stores across India and internationally. Their soan papdi has even become synonymous with Diwali gifting. Despite their success, securing an interview with the Agarwal brothers proves to be a challenge, much like capturing the elusive spirit of animation.
Marketing Strategy: Less is More
What sets Haldiram’s apart is its strategic approach to marketing. The brand has rarely invested heavily in high-profile advertising or celebrity endorsements, a stark contrast to many family-owned businesses. Yet, their impact on standardizing Indian snacks and sweets is undeniable. The namkeen and mithai market, often unregulated, poses challenges even for international brands, but Haldiram’s has thrived.
From Kolkata to National Recognition
Shiv Kishan began his journey in the family business in 1968, after gaining experience at his grandfather’s bhujia shop in Kolkata. He collaborated with a brother-in-law to establish a store in Nagpur. By 1973, Manohar Lal launched Haldiram’s first Delhi outlet, Bikaner Bhujia, in Chandni Chowk. Fast forward to 2023, the Delhi and Nagpur branches united to form Haldiram Snacks Food and welcomed investments from Temasek, IHC, and Alpha Wave.
Premiumization Without Alienation
Experts emphasize that Haldiram’s has successfully elevated the snack category without losing its mass appeal. Ambika Sharma, founder of Pulp Strategy, notes, “You can buy a bhujia packet for under ₹10 or enjoy a lavish thali at a cafe. This flexibility is key to their resilience.” The brand’s strength lies in delivering premium products while ensuring they remain accessible.
Innovations in Packaging and Production
A cornerstone of Haldiram’s success has been its focus on modern packaging. The Agarwal brothers invested in manufacturing and product development long before it became a trend. In 2001, they were honored as EY Entrepreneur of the Year for transforming the Indian snacks sector and establishing contemporary packaging standards. Their innovations include zip pouches and flexible packaging, allowing retailers to stock larger packs of namkeen.
A Global Snack Sensation
Under the Agarwal brothers’ leadership, Haldiram’s embraced 100% process automation in traditional snack production. They also pioneered a quick-service restaurant format that showcases beloved street foods. From that small shop in Bikaner, Haldiram’s has evolved into a global sensation, offering a diverse range of snacks and sweets, with franchises in over 100 countries, including the USA, UK, and Japan.
Cultural Connection: The Heart of Haldiram’s
The Agarwal family’s understanding of cultural nostalgia has been instrumental in Haldiram’s success. They didn’t attempt to reinvent the wheel but instead scaled what worked—tapping into taste memories and local favorites. According to a statement from Haldiram’s, their revenue for the fiscal year 2013-2014 was ₹3,500 crore, surpassing the combined revenues of fast-food giants like Domino’s and McDonald’s in India that year.
A Legacy of Deliciousness
In a rare 2020 interview, Shiv Kishan attributed the brand’s innovative spirit and product development to his family’s unwavering focus on creating delectable snacks that appeal to everyone, even those who typically prefer meat. Through their endeavors, the Agarwal family has crafted what may well be India’s—and perhaps the world’s—most cherished bhujia brand.
