Bikaji Foods International IPO

Bikaji Foods International has a history and lineage tracing back to Gangabishan Agarwal, founder of the Haldiram brand. Bikaji is currently the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, along with being the second fastest growing company in the Indian organised snacks market (Source: F&S Report). In Fiscal 2022, the company was the largest manufacturer of Bikaneri bhujia with an annual production of 29,380 tonnes, and was also the second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in Fiscal 2022 (Source: F&S Report). Furthermore, the company is also the third largest player in the organised sweets market with annual capacity of 24,000 tonnes for packaged rasgulla, 23,040 tonnes for soan papdi and 12,000 tonnes for gulab jamun.

The company has established market leadership in the ethnic snacks market in the core states of Rajasthan, Assam and Bihar and has gradually expanded its footprint across India, with operations across 23 states and four union territories as of June 30, 2022. In the three months ended June 30, 2022, the company has exported products to 21 international countries, including countries in North America, Europe, Middle East, Africa, and Asia Pacific, representing 3.20% of the sales of food products in such a period.

With an extensive product mix, Bikaji has become the preferred home consumption snacking brand for families. Over the years, the company has consistently invested in developing strong brand recall and consumer preference. They have engaged Amitabh Bachchan, a well-known celebrity in India, as their brand ambassador and is amongst the few Indian ethnic snacks companies to have a celebrity brand ambassador of such stature. (Source: F&S Report).