The Haldiram’s brothers, Shiv Kishan Agrawal, Manohar Lal Agarwal, and Madhusudan Agarwal, have returned to the list of India’s richest individuals after a four-year gap. This comes after the sale of a 10% stake in their family business, Haldiram Snacks Food, to Singapore’s state-owned investor Temasek, valuing the company at $10 billion. The company was formed two years ago when the brothers merged their separate businesses, Haldiram Food International and Haldiram Foods, to create a single entity.
The merger and subsequent funding round, which also saw investments from Alpha Wave Global and IHC, have positioned Haldiram’s for significant growth in the Indian snacks market. The market is projected to more than double to $12 billion by 2033, from $5.6 billion in 2024, according to market research firm Imarc Group. Haldiram’s has a strong presence in India, with over 1,000 distributors, and a global market that spans Asia-Pacific, North America, and Europe.
The company is known for its popular snacks, such as bhujia and sweet cashew cakes, and has sales of $1.5 billion in 2024. The brothers plan to expand their business further in the U.S. and Middle East, which have large Indian expat populations. The company’s history dates back nearly 90 years, when the brothers’ grandfather, Gangabishan Agarwal, started selling snacks from a small shop in Rajasthan. The business was later divided among the brothers, with another brother, Shiv Ratan Agarwal, running a separate listed snack-food company, Bikaji Foods International.
The return of the Haldiram’s brothers to the list of India’s richest individuals is a testament to the success of their business and the growing demand for Indian snacks globally. With their plans for expansion and the growing market, Haldiram’s is well-positioned for continued growth and success. The company’s valuation of $10 billion and sales of $1.5 billion in 2024 demonstrate the significant scale and reach of the business, and the brothers’ ability to adapt and evolve their business to meet changing market demands.