The untold story of Haldiram’s: A Bikaner woman whose kitchen inspired a $10 billion bhujia empire
From a Family Snack Shop to a $10 Billion Powerhouse: How Haldiram Is Shaping Its Global Destiny
When global giant PepsiCo approached Haldiram in the early 1990s, most people expected the family-run brand to jump at the offer. After all, India had just opened its economy, multinational companies were entering fast, and foreign investment felt like the golden ticket to growth.
But Haldiram chose a different path.
Even though PepsiCo’s proposal made perfect business sense on paper, the one condition the company refused to accept was letting go of its brand name. For Manoharlal Agarwal—who headed the Delhi branch—Haldiram wasn’t just a business. It was legacy, identity, and a dream. So he said no.
That decision became the turning point.
PepsiCo launched its own snack brand, Lehar, but never came close to Haldiram’s dominance. Meanwhile, Haldiram quietly grew into one of India’s biggest and most trusted food companies—without giving up its roots or control.
And today, with Singapore’s state-backed investment firm Temasek buying a 9% stake in the company, Haldiram is gearing up for its most ambitious global leap yet.
A Trusted Giant in India’s Snack Market
Despite being unlisted and famously media-shy, Haldiram commands an incredible level of trust in India. The brand controls around 40% of the organized traditional snacks market, according to Frost & Sullivan India.
That’s a massive achievement in a country where snacks are deeply regional, often homemade, and fiercely competitive.
What sets Haldiram apart?
- A huge variety of products
- A strong understanding of Indian taste preferences
- Consistent innovation
- Reliable quality
- A brand people have grown up with
As one industry expert says, “Almost every Indian likes something from Haldiram’s portfolio.”
The Delhi Pivot That Changed Everything
Haldiram began in 1937 as a small sweet shop in Bikaner. But growth was slow until the 1980s, when the third generation—led by Manoharlal Agarwal—expanded into Delhi.
This move wasn’t smooth. The older generation didn’t approve of his ideas—especially his push for in-house ingredient production and high-quality branded packaging. They felt it was too expensive. But Manoharlal persisted.
The result?
- Better hygiene
- Stronger brand identity
- More trust from customers
The Delhi unit soon outpaced the Kolkata branch and survived tough moments like the 1984 riots and fierce competition after liberalization.
While multinational brands spent huge on advertising, Haldiram focused on something more powerful: innovation and consistency. From zip pouches to longer shelf life, they were always one step ahead.
A $10 Billion Brand With Global Ambition
Today, Haldiram is valued at around ₹88,000 crore ($10 billion)—putting it alongside FMCG heavyweights like Dabur and Tata Consumer Products.
Between 2020–21 and 2022–23:
- Revenue jumped from ₹7,151 crore to ₹10,479 crore
- Profits crossed ₹1,000 crore
For comparison, PepsiCo India earned ₹9,096 crore in 2024.
Temasek’s investment now brings:
- Global expertise
- Stronger governance
- Professional management
- Better supply-chain capabilities
- Expanded international pathways
Other investors like Alpha Wave Global and International Holding Company are also helping Haldiram grow in the US, West Asia, and Southeast Asia.
But global expansion comes with challenges. While Haldiram products are sold in over 100 countries, most of its international sales come from Indians abroad. Winning over non-Indian consumers means adapting products to different tastes.
Industry experts believe Temasek’s involvement will give Haldiram the confidence to experiment more.
The Real Battle Is Still in India
Exports contribute only about 10% of Haldiram’s business. The bigger competition is at home.
Brands like Balaji Wafers and Bikaji Foods are expanding aggressively, building factories, improving distribution, and shaping powerful regional loyalty. Bikaji is now entering Haldiram’s stronghold—Delhi, Haryana, Punjab, and Uttar Pradesh.
As India’s unorganized food sector becomes more formal and packaged snacks grow, both opportunity and competition are rising.
Customer preferences are also changing—especially with rising concerns around obesity and processed food. Haldiram has healthier options but doesn’t promote them enough, experts say.
Can Tradition and Global Ambition Coexist?
Haldiram has always been a family-run business—one that has faced internal disagreements and territorial divisions in the past. The Delhi and Nagpur branches still operate separately but will eventually integrate more closely after the merger.
This will require:
- Strong governance
- Transparent decision-making
- A modern organizational structure
- Smooth integration of systems and processes
Private equity investors like Temasek typically push for professionalism, accountability, and growth-focused strategies. The real test will be balancing that with the family’s traditional style of working.
If both sides succeed, Haldiram could become one of the world’s most influential snack brands—not just an Indian favorite.
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