Her name was Bikhi Bai. And without her, there would be no Haldiram’s.
In the narrow lanes of Bikaner, Rajasthan, where food was both sustenance and tradition, Bikhi Bai prepared bhujia not as a business venture, but as a simple homemade treat for her family’s children.
She was the aunt (bua) of Ganga Bhishen Agarwal—better known as Haldiram—but never imagined that her humble snack would lay the foundation for a billion-dollar empire. As Pavitra Kumar recounts in her book Bhujia Barons, Bikhi Bai wasn’t a businesswoman, nor did she sell bhujia at a shop; she simply made bhujia at home, unaware of the lasting impact it would have.
“It so happened that Bikhi Bua’s mother-in-law made a rugged, fat and firm form of bhujia as a snack at home, which Bikhi Bua prepared for Haldiram and his brothers during her visits. Everybody at home loved that spicy, tasty snack!” Kumar writes.
The instant popularity of Bikhi Bua’s bhujia among the children compelled Bhikharam, Haldiram’s grandfather, and his wife to learn how to make it themselves—just to keep the kids happy when she wasn’t around.As Bhujia Barons puts it: “Bua, in introducing the family to the snack, had unwittingly set wheels in motion that forever changed the fates of this family and the history of Bikaner itself. An invisible player, she never received the credit she deserved for sowing the first seeds of bhujia in the Haldiram family, but her loyalty helped the family through one of its toughest phases, giving them the initial tools that later made them the magnates that they are today.”Bikhi Bai’s story, however, was not an exception. As Kumar writes in Bhujia Barons, women in Marwari culture were rarely acknowledged within family businesses. Their contributions remained in the background, even when they played crucial roles.
“The same was the plight of Bikhi Bua, the inadvertent pioneer of the family’s venture into bhujia and snacks. It seems to be a lamp post of the Marwari culture for women to have little or no significance within the family business. They were meant to be nurturers, constantly available to provide care and nourishment to the men and children. The Agarwals’ lives, memories and history revolved around the men and have continued to do so well into the twenty-first century,” Kumar writes.
From humble newspaper cones to a $10 billion snack giant
Between 1908 and 1918, Bhikharam saw the snack’s potential and began selling a “fat bhujia” in his shop at Bhujia Bazaar for just a few paise per kilo. The bhujia was served in small newspaper cones—an unassuming start for what would later become a global brand.
When Bikhi Bua visited again, Haldiram was no longer a child but a determined young man. “At age twelve, he sat with her, intent on mastering the art of making bhujia and be the best at it. Making bhujia in those days was a task seeped in backbreaking, dangerous work,” Bhujia Barons describes.
Haldiram, with an eye for innovation, refined the recipe. Instead of using gram flour, he introduced a crispier, finer version made from “moth dal”. The new bhujia became a sensation, drawing traders from as far as Kolkata and Assam.
By 1937, Haldiram had set up his first shop in Bikaner, laying the foundation for a brand that would one day dominate the snack industry. Today, Haldiram’s holds a near 13% share of India’s $6.2 billion savoury snacks market, according to Euromonitor International. Its products, including its famous bhujia, are now sold in over 80 countries.
Global investors eye a snack legacy
The brand’s meteoric rise has also drawn the attention of global investors. Singapore’s state investment firm, Temasek, has struck a deal to acquire nearly 10% of Haldiram’s snacks business for $1 billion, valuing the company at a staggering $10 billion. This comes after months of negotiations, with firms like Blackstone, Alpha Wave Global, and Bain Capital competing for a stake.
With annual revenues exceeding Rs 12,500 crore in FY24, the Agarwal family, which controls Haldiram Snacks Food, is now considering bringing in another investor or even taking the IPO route in 2025. The family had initially considered selling a larger stake but has now opted to offload only a minority share.
The business today operates as a merged entity of two once-separate factions—the Delhi and Nagpur arms of the Haldiram family.
For Temasek, this deal marks another major India investment, following its stakes in Manipal Hospitals and Devyani International, which operates KFC and Pizza Hut in India. The funds from the Temasek investment are expected to fuel Haldiram’s expansion both domestically and internationally.
Despite its global reach and billion-dollar valuation, Haldiram’s essence remains deeply rooted in a simple, unassuming moment—a woman making bhujia, not for profit, but for family.
Also read | Temasek signs agreement to buy 10% in Haldiram Snacks Food
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