Bikaji Aslee Bikaneri: The Journey from Family Legacy to ₹18,000 Crore Empire

In 1986, when producing bhujia on a large scale was considered impossible, a school dropout from Bikaner decided to carve his own path. Shiv Ratan Agarwal left his family's legendary Haldiram business to build something new. Today, Bikaji Foods International commands an ₹18,798 crore market cap, produces 35,588 tonnes of Bikaneri bhujia annually, and exports to 35 countries. This is the story of how determination, tradition, and innovation transformed regional snacks into a global brand.

The Haldiram Legacy: A Grandson's Different Dream

Shivratan Agarwal is the grandson of Gangabhisan 'Haldiram' Bhujiawala, who founded Haldiram in Bikaner. His father Moolchand was also in the bhujia-making business, managing operations alongside his four sons: Shivkishan, Manoharlal, Madhu, and Shiv Ratan. While three brothers continued expanding Haldiram, Shiv Ratan decided to take a different path.

His journey was unconventional. He left school after the 8th grade to join the family business of making bhujia. Armed with hands-on experience rather than formal education, he gained intimate knowledge of the bhujia business—from sourcing ingredients to traditional manufacturing techniques.

But Shiv Ratan knew that division by region would become a barrier to growth for Haldiram. The legendary family business was splitting into territorial factions. He envisioned something bigger, something that wouldn't be limited by geographical boundaries.

The Foundation: Shivdeep Industries (1986)

In 1986, Shiv Ratan started his own company, Shivdeep Products, naming it after his son, Deepak. This wasn't just another bhujia manufacturer—it was founded at a time when technology to produce bhujia on a large scale was unthought of.

Armed with determination and his family's legacy of bhujia-making, Shiv Ratan successfully laid the foundation of his dream venture. He ventured across the world to find and co-invent the right technology for producing bhujia at scale. This was revolutionary—most bhujia production in the 1980s remained cottage-scale, labor-intensive, and inconsistent.

Birth of Bikaji: The Brand Name That Stuck (1987-1993)

In 1987, Shri Shivratan Agarwal founded the company Bikaji with a vision to reach every consumer in the world to give a taste of real India. The original company name was Shivdeep Industries Ltd, but Shiv Ratan needed a brand name that would resonate.

He found inspiration in history. The name Bikaji is derived from Bika Rao—the founder of Bikaner and Ji, used as a mark of respect in India. Bika Rao, a Rathore prince, founded the city Bikaner, which is known for treating people with great hospitality. The city's rich culture and cuisine flavours added a glorious touch to this city's charm.

The brand name officially came into effect in 1993. Shiv Ratan thought of giving an easy name so that people can remember the brand name for generations to come. The strategy worked—Bikaji became instantly memorable and deeply connected to Bikaner's cultural heritage.

Early Expansion: Going International (1994-1996)

Success came quickly. In 1994, Shivratan decided to export his products to the UAE, commencing the first international export of Bikaji. This was just eight years after founding the company—remarkably fast for a regional snack manufacturer.

In 1995, the company became a public limited company, an important step in the way of corporate growth. The next year, in 1996, Bikaji spread out its exports to Australia, further cementing its presence in the global space.

The international expansion wasn't just about business—it was about bringing authentic Indian taste to expatriates craving home flavors.

Manufacturing Excellence: Quality Without Compromise

Bikaji uses all those raw materials which are carefully selected and procured from the best category and market. These materials are processed in a very safe and hygienic environment, where there is no human allowed, and are packaged in an automated outlet.

This commitment to hygiene and automation was ahead of its time. While competitors relied on traditional methods with human contact throughout production, Bikaji invested in fully automated manufacturing with stringent quality controls.

The company imported processing, production, and packing machines from Germany, Australia, Netherlands, China, Taiwan, Italy, and the US. Fully equipped chemical and microbiology laboratories were established in the factories to ensure products met international standards.

Consolidation and Growth (2006)

In 2006, the company consolidated operations by merging four group companies—Bikaji Foods Private Limited, Shivdeep Food Products Private Limited, Bikaji Marketing Limited, and Dipu's Foods Private Limited. This consolidated their structure as well as operations, creating a unified entity ready for aggressive expansion.

Recognition and Restaurants (1992-2008)

The journey garnered recognition. In 1992, Bikaji Foods International Ltd. was conferred the National Award for Industrial Excellence—the first company to receive an honour in the category of food products. Other accolades followed: Industrial Excellence Award (1998), Bharat Udyog Award (2002), Bharat Jain Mahamandal Award (2004), and Rajasthan State Award for Export Excellence (2008, 2009, 2010).

The company was the first to introduce colour packaging in the ethnic snacks category. It recorded the highest production of Bikaneri Bhujia in India at 50 tonnes per day—a testament to their manufacturing prowess.

In 2008, the brand launched its first restaurant—Bikaji Food Junxon, Mumbai—the first-ever Indian ethnic snacks brand to venture into quick-service restaurants.

The Next Generation: Deepak Agarwal Takes Charge (2004)

In 2004, Agarwal's only son Deepak expanded the business to include fast food and a dozen other products. Deepak Agarwal did his post-graduation from S.P Jain Institute of Management & Research, Mumbai in Management. He is the Managing Director of Bikaji with 20 years of experience in the industry.

Apart from increasing sales, introducing new packaging and sub-brands, Deepak also began exporting frozen foods to international markets. He lured in new customers with extruded products, chips, and newer varieties of sweets, getting positive responses from the US and Canada markets for frozen Rabdi, Rasmalai, and Motichur Ladoos.

Shweta Agarwal, who graduated with Bachelor's in Arts and a master's degree in Arts (English) from Maharishi Dayanand Saraswati University, Ajmer, serves as the Whole-time Director of Bikaji.

Private Equity and Expansion (2014-2021)

Growth required capital. In April 2014, PE firm Lighthouse Funds picked up 12.5 percent (for Rs 90 crore, valuing the company at Rs 750 crore) in Bikaji Foods. The company was the first-ever Indian brand to have garnered Rs 900 million private equity from Lighthouse.

In 2016, Bikaji enhanced its manufacturing capabilities by launching a modern facility at the Karni Industrial Area of Bikaner, increasing production capacity significantly.

In 2018, additional funding came through private equity investments from IIFL through a combination of primary and secondary investment totaling Rs 251 crore, strengthening its financial position.

In 2021, Bikaji expanded its product range by acquiring Petunt Food Processors and received more private equity investment from Lighthouse India Fund III Limited, which helped strengthen its financial structure.

The Brand Ambassador: Amitabh Bachchan (2019)

In 2019, Amitabh Bachchan was appointed as the brand ambassador of Bikaji with the tagline, "Amitji loves Bikaji." The brand gained national recognition, leveraging India's biggest superstar to build trust and recall across demographics.

The campaign was brilliant—associating authentic Indian snacks with India's most authentic film icon created powerful brand equity.

The IPO: Going Public (November 2022)

Bikaji Foods International IPO launched in November 2022—a mainboard IPO of 2,93,73,984 equity shares aggregating up to ₹881 crore. The issue was priced at ₹300 per share with a lot size of 50 shares. The IPO opened on November 3, 2022, and closed on November 7, 2022.

The response was overwhelming—the IPO was subscribed 26.67 times. Bikaji made its debut on Dalal Street on November 16, 2022, opening at ₹321 or 7% premium. It became the only ethnic food company to be listed on the stock exchanges.

The IPO was an Offer-For-Sale, with selling shareholders including the promoters and private equity investors exiting partially.

Current Status: Market Leader (2024-2025)

Today, Bikaji commands impressive market positions. The company is the third largest ethnic snacks company in India, the largest manufacturer of Bikaneri Bhujia producing 35,588 tonnes annually, and the second largest manufacturer of handmade papad in India. The market leader in family pack segment, which represented approximately 59% of food products sale.

As of October 2025, Bikaji Foods International has a market capitalisation of ₹18,798 crore. The company achieved an 18.5% revenue increase in Q2 FY2025, boosted by high demand for traditional snacks and sweets.

The company has six operational manufacturing facilities—four in Bikaner (Rajasthan), one in Guwahati (Assam), one in Tumakuru (Karnataka) held through subsidiary Petunt Food Processors Private Limited. Additionally, there's one contract manufacturing unit in Kolkata and a small facility in Mumbai managing restaurant sales.

Product Portfolio: 300+ Varieties

Bikaji's product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks, and other snacks including gift packs (assortment), frozen food, mathri range, and cookies. The company sells more than 300 products under the Bikaji brand.

Revenue from Bikaneri Bhujia accounts for nearly one-third of total sales—making it the highest-selling product. However, this concentration presents risk, as the only factory in Bikaner produces bhujia.

Distribution and Global Reach

Bikaji has a pan-India distribution network covering 25 states and 4 Union Territories. The company's global operations expand across 25-35 countries (sources vary) encompassing the United States, Europe, Middle East, Asia Pacific, and Africa regions.

The company participates in the upliftment of rural women by manufacturing handmade papads, making it the second largest in this category. This social responsibility dimension adds depth to the business model.

The Formula for Success

Heritage with Innovation: Leveraging Bikaner's 500-year bhujia legacy while embracing modern manufacturing technology.

Quality Obsession: Automated, zero-human-contact production with international-standard quality controls.

Strategic Naming: "Bikaji" created instant brand recall connected to cultural heritage.

Family Business Professionalism: Bringing second-generation education and management expertise while maintaining founder's vision.

Early Internationalization: Exporting to UAE in 1994 and Australia in 1996 built global footprint early.

Market Leadership in Core States: Dominating Rajasthan (44.5%), Bihar (58.1%), and Assam (29.2%) market shares in organized ethnic snacks (Fiscal 2021).

Celebrity Endorsement: Amitabh Bachchan partnership elevated brand perception nationally.

Capital for Growth: Smart use of private equity funding for expansion without losing control.

The Legacy: Bikaji Aslee Bikaneri

The tagline "Bikaji Aslee Bikaneri" encapsulates everything—authentic Bikaner heritage in every packet. Shiv Ratan Agarwal's vision of giving the world a taste of Aslee Parampara (authentic tradition) has been realized beyond imagination.

From an 8th-grade dropout to chairman of an ₹18,000+ crore company, from cycling through Bikaner's streets learning bhujia-making to exporting to 35 countries, from breaking away from Haldiram to building an independent empire—Shiv Ratan's journey proves that with determination, quality focus, and strategic vision, even traditional products can achieve global success.

Every packet of Bikaji bhujia carries not just snacks, but a story—of royal Bikaner heritage, of a grandson honoring yet transcending family legacy, of traditional recipes meeting modern technology, of authentic Indian taste conquering global markets.

Because when it comes to Bikaneri bhujia, there's only one authentic choice: Bikaji Aslee Bikaneri.