Will market love BIKAJI?
Pre-IPO notes on BIKAJI FOODS. Know everything important before applying.
Launched in 1993, BIKAJI is one of India’s largest fast-moving consumer goods (“FMCG”) brands with an international footprint, selling Indian snacks and sweets, and are among the fastest-growing companies in the Indian organized snacks market. In Fiscal 2021, they were the largest manufacturer of Bikaneri bhujia with an annual production of 26,690 tonnes and were the second-largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in Fiscal 2021. They are also one of the largest manufacturers of packaged rasgulla with an annual capacity of 24,000 tonnes and one of the largest manufacturers of soan papdi and gulab jamun with an annual capacity of 23,040 tonnes and 12,000 tonnes respectively.
Mr. Gangabishan Agarwal, founder of Haldiram brand. His grandson, Mr. Shiv Ratan Agarwal, founder and one of their Promoters. With PAN INDIA presence they have exported their products to 35 international countries, including countries in North America, Europe, the Middle East, Africa, and the Asia Pacific, representing 4.60% of our sales of food products in such period
Products Overview and Distribution :
Their product range includes six principal categories: Bhujia, Namkeen, Packaged sweets, Papad, western snacks as well as other snacks which primarily include gift packs (assortment), frozen food, mathri range, and cookies. In the six months ended September 30, 2021, they sold more than 250 products under the Bikaji brand. For example, their namkeen products are available in packages as small as a pouch that is 14-25 grams for ₹ 5 to a one (1) kilogram pouch for ₹ 300. Amongst competitors, BIKAJI is the market leader in the family pack segment with a 63% share of business coming from SKUs other than ₹ 5 and ₹ 10 packs during Fiscal 2021.
Bhujia - Bhujia varieties include Bikaneri Bhujia, Tana Tan Aloo Bhujia, Ratlami Chatpata Sev Bhujia, Sidha Sadha Bhujia, Makhan Malai Bhujia, Dankoli, Special Marwari Sev, Boondi Bhujia, Bikaneri Bhujia No. 3 and Krorepati Khokha Mota Bhujia, amongst others. They have 13 different kinds of Bhujia to cater to various regional and international tastes.
Namkeen - We have an extremely diversified selection of namkeen, and several of our products like kuch kuch, moong dal, soya stick, nut cracker, sab kuch, panchratna, amongst others, are our best-selling products across India.
Sweets - Popular sweet brands are Gol-Matol (Rasgulla), Manbhavan (Soan Papdi), Sadabahar (Soan Papdi), Gol-M-Gol (Gulab Jamun), Rajbhog, amongst others.
Papad - They currently have eight different kinds of papad, and our papad varieties include Dil Khush Papad, Baat Cheet Papad, Premium Papad, Aas Paas Papad, Chana Papad, Super Papad, and Chote Chote Mini Papad.
As of September 30, 2021, Bikaji had five depots, 43 super stockists, 438 direct, and 1,644 indirect distributors that work with our super stockists, located across 22 states and three union territories in India.
DOMESTIC SALES by Region -
EXPORT SALES -
Shareholding Pattern & Promotors :
Bikaji has 210 shareholders.
The company plans to offload around 2.94 crore shares through the Offer For Sale (OFS) route.
Selling Shareholders -
Financials :
Comparison with listed players :
Their advertisement expenses represented 1.62%, 3.43%, 2.34%, and 1.06% of their sales of food products in Fiscal 2019, 2020, and 2021 and in the six months ended September 30, 2021, respectively.
Some of their key competitors include Haldiram Foods International Private Limited, Bikanerwala, Prataap Snacks Limited, Balaji Wafers Private Limited, ITC, Pepsico India 159 Holdings Private Limited, and DFM Foods Limited.
As of September 30, 2021, Bikaji (including subsidiary) had 3,203 staff based on their payrolls. The following table sets forth information on the number of staff in various departments on September 30, 2021, Company had 46 and our Subsidiary had 219 contract labours.
A complete sector overview -
Packaged food market, India.
Category-wise packaged food retail market, India.
Key Drivers of Packaged Food Industry
Estimated Market share in Pan India