Two prominent brands, Haldiram Bhujiawala and Boldfit, have raised significant funds to boost their growth in traditional snacks and fitness products.
Haldiram Bhujiawala Limited, known for its Prabhuji brand of snacks, raised Rs 2,350 million through Bharat Value Fund (BVF). This investment will help the Kolkata-based company expand its manufacturing capabilities and grow its reach beyond the Eastern and North-Eastern regions of India.
Haldiram Bhujiawala, with a 60+ year legacy, offers over 100 product SKUs. Known for its Indian snacks, the company has a strong retail and distribution network, with 2000 distributors and 19 retail stores across India. The brand has Bollywood icons Shahrukh Khan and Rashmika Mandanna as ambassadors, boosting its modern appeal.
The company plans to use the funds to build on its network and expand operations beyond its strongholds in West Bengal, Bihar, Jharkhand, and the North-Eastern states. Haldiram Bhujiawala currently operates three manufacturing units with a capacity of 6,035 metric tonnes per year.
Boldfit, a direct-to-consumer fitness brand backed by KL Rahul, raised $13 million in a funding round led by Bessemer Venture Partners. Founded in 2018 by Pallav Bihani and Aasshna Guptaa, Boldfit offers a range of sports and fitness products like apparel, equipment, supplements, and accessories. This funding will drive product innovation and brand expansion.
Boldfit caters to a variety of sports, such as basketball, cricket, and football, offering over 400 products. The company has partnerships with IPL teams like Mumbai Indians and Royal Challengers Bangalore and has served 10 million customers. Boldfit also plans to open offline stores within 12 to 18 months and expand into the Middle East.
According to Boldfit, India’s fitness market, valued at $20 billion in 2023, is expected to grow to $32 billion by 2028, increasing at a rate of 27% annually.