😱 Should Haldiram's Be Scared of Bikaji?

Bikaji parted ways with Haldirams decades ago. Was the decision worth it?

Marwadis and bhujia is a love-love relationship. 

While Haldiram's has been the go-to bhujia brand for ages, Bikaji is now rapidly capturing hearts and market share. 

It is the first listed ethnic snacks brand in India, with a 9% market share. 

It is the largest manufacturer of Bikaneri Bhujia and 2nd largest manufacturer of handmade papad. 

How did it grow to success? Read on.

History First 

Bikaji has its roots in Haldiram’s. 

Back in the 1980s, Haldiram Ji divided the business between his three sons. 

One of his sons, Moolchand Agarwal, further split the business region-wise between his four sons: 

Eldest son - Nagpur (Western India)

Third and fourth sons - Delhi (North India)

Second son (Ratan Agarwal) - Bikaner (Rajasthan) 

Now, Ratan Agarwal was not happy with this deal. 

Why, you ask? 

For starters, handling the Bikaner business meant he could not sell his products outside Bikaner. 

He was not happy with this geographical restriction. He wanted to build a national brand. 

Second, Bikaner was a relatively smaller city than the other divisions of the business. 

The Delhi arm, fueled by a booming consumer class, was already a Rs. 200 Cr business.

Ratan Agarwal's arm? Just Rs. 60 Cr! 

So, he made a bold decision. 

He parted ways with Haldiram's business and set up Bikaji. 

Now, by this time, Haldiram's was already a big name in the bhujia market in India. 

Agarwal knew he couldn't compete with just taste. 

So, he innovated.

He travelled around to find and co-invent the right technology for producing bhujia. 

Soon after, he set up India's first bhujia factory!

Once he had cracked this code, bhujia production at scale was not a challenge. 

Bikaji also chose a very simple yet powerful name, derived from Bika Rao (founder of Bikaner) and Ji, used as a mark of respect in India. 

In 2019, in a masterstroke, it signed Amitabh Bachchan as brand ambassador with the tagline ‘Amitji loves Bikaji’. 

Result? Bikaji is now synonymous with Bikaner Bhujia. 

But Bikaji does not want to put all its eggs in one basket. 

It has diversified its product portfolio to include namkeen, papad, western snacks, and packaged sweets. 

Image source: Bikaji Annual Report FY 2022-23 

They are also looking to expand into the Frozen Food category.

Why just categorically, Bikaji is also expanding region-wise. 

While 70% of its business comes from Rajasthan, Bihar and Assam, it also exports to 25+ countries and is looking to explore the untapped potential of UP, Punjab, Haryana, Delhi, Karnataka, and Telangana.

Bikaji has become comparable to Haldiram's today. So much so that users don't mind using either brand. 

But, the numbers paint a different picture: 

Haldiram's FY23 Revenue: Rs. 9,215 Crore

Bikaji FY23 Revenue: Rs. 1,966 Crore

Bikaji still has a long way to go before it can become the ‘Bhujia King’ of India. 

Are you team Haldiram’s or team Bikaji?

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