The Story of Bikaji & Haldiram: How One Family Created Two Snack Giants

Two of India’s biggest snack brands have been founded by the same family – Haldiram’s and Bikaji. The “Haldiram and Bikaji” story began when the son of a shopkeeper from Bikaner, Ganga Bishan Agarwal, created a thinner, more flavorful version of the traditional bhujia in 1919.  After three generations, differences in the family led to the formation of two distinct companies in Delhi, Nagpur, Kolkata, and Bikaner. Today, Haldiram and Bikaji make up for a combined net worth of thousands of crores.

Noticeable Insights

• Ganga Bishan Agarwal (also known as Haldiram Ji) founded the company in Bikaner in 1919.
• His moth flour bhujia was an immediate regional hit.
• His sons and grandsons then divided the firm into different regional divisions.
•  The Kolkata division lost its rights to use the “Haldiram’s” name in 2013.
• His grandson Shiv Ratan Agarwal split from the family business to start Bikaji in the late 1980s.
• Bikaji got listed on the Indian stock markets in November 2022.
• Haldiram’s Delhi and Nagpur units came together to unite as Haldiram Snacks Food in 2023.
• Temasek, IHC, and Alpha Wave Global collectively acquired 15% of Haldiram’s in 2025.
• Haldiram’s is now considering an IPO worth $10-$12 billion.
• The founder of Bikaji, Shiv Ratan Agarwal, died in April 2026 at the age of 75.
• His son Deepak Agarwal is currently the Managing Director of Bikaji.

The Bikaner Beginning 

It was when he was just 12 years old that Ganga Bishan Agarwal started working in his father’s bhujia store. Bhujias were popular in Bikaner and were made of chickpea flour. However, the young man had some other plans. He created a special thin bhujia made of moth flour.

It was in 1919 that this new delicacy became an immediate hit in the region. The uniqueness of its flavor and texture made it popular with everyone who tasted it. This small enterprise formed the basis of two giant snack houses of the future. Soon, Agarwal came to be affectionately called “Haldiram Ji” by the locals. 

Agarwal had three sons whose names were Moolchand, Satyanarayan, and Rameshwarlal. He had one daughter named Saraswati Devi. However, it was the lineage of Moolchand that became the driving force behind the expansion of the company.

The Move to Kolkata 

Ganga Bishan visited Kolkata in the 1950s along with two sons – Satyanarayan and Rameshwarlal. They started the brand called “Haldiram Bhujiawala” in Kolkata. His eldest grandson Shiv Kishan also became a part of this Kolkata venture. The business soon expanded beyond the mere selling of bhujia. While his other younger sons managed their Bikaner shop back home. 

Bikaji and Haldiram Family Dispute: The Big Split

During the period from the 1960s to the 1990s, the company grew very rapidly. However, growing disagreement arose among different branches of the family at the same time. Eventually, Ganga Bishan came back to Bikaner and handed control to his sons. 

Rameshwarlal decided to walk away from his brother Moolchand’s family entirely. It resulted in the segregation of the business in Kolkata from the business in Bikaner. Later on, the business in Kolkata was handled by Rameshwarlal’s son Prabhu Shankar.

The four sons of Moolchand further split the business according to regions. Manoharlal and Madhusudan Agarwal handled Delhi. Shiv Kishan Agarwal handled business from Nagpur. Shiv Ratan Agarwal was given the smaller unit of Bikaner.

Such regional demarcations limited their business to being run within the region only. An individual in Bikaner could not deal in Delhi officially. Such a limitation led to one of the grandsons making an audacious move.

Haldiram’s Versus Prabhuji: The Legal Battle 

Kolkata outlet under Prabhu Shankar suffered a big blow when the Indian courts ruled out a verdict against him in 2013. Prabhu Shankar and his outlet were denied the right to use the “Haldiram’s” brand name outside Kolkata.

The two brothers, Prabhu Shankar and his cousin Ashok, reacted immediately to the problem and changed their product’s brand name to “Prabhuji: From the house of Haldiram’s.” This was an effective solution to the branding problem.

This is an example of how the family was protecting the name of Haldiram’s. The ownership of the brand meant a lot to them in terms of finance and emotions.

The Birth of Bikaji

The Bikaji history starts with Shiv Ratan Agarwal’s dissatisfaction with his small share of the Bikaner unit. Unlike other brothers who were based in big cities, Agarwal found himself stuck. He had an ambition to develop something on a national scale.

Thus, by the end of the 1980s, he decided to establish a company named “Shivdeep Food Products.” The name referred to his son, Deepak Agarwal. In 1993, his business was renamed and rebranded as Bikaji.

“Bikaji” is a combination of “Bika Rao,” the founder of Bikaner, and “Ji,” a respectful title. After that, Agarwal went abroad in search of the technology for making bhujias. Finally, he established India’s first bhujia factory. 

This enabled Bikaji to operate at an unmatched production scale. In 2019, Bikaji signed up with Amitabh Bachchan as the face of its brand. The slogan, “Amitji Loves Bikaji,” was immediately popular all over the country.

Later, in November 2022, Bikaji went public by listing on Indian stock exchanges. It became the first listed ethnic snack company in India. Currently, Bikaji exports to more than 25 countries globally. 

Haldiram’s Modern Transformation 

Haldiram’s Delhi and Nagpur entities had been operating as two different companies for many years. In 2023, the regulatory authorities gave approval for the consolidation of these two companies. This led to the formation of a new company by the name of Haldiram Snacks Food Private Limited.

Kumar Chutani was appointed as the CEO of the new merged organisation. Previously, he had been the CEO of the international operations of Dabur for more than twenty years. His appointment marked the first time that a non-family CEO joined the group.

In 2025, Singapore’s Temasek invested about $1 billion for 10%. The valuation of Haldiram’s Snacks Food reached almost $10 billion. Right after this, IHC and Alpha Wave Global invested too.

Together, these investors acquired a 15% stake in Haldiram. The company is expected to launch an IPO soon, with possible valuations of $10 to $12 billion. Previously, in 2023, there were reports that Tata Consumer had been looking into acquiring a significant stake in it. However, Tata Consumer denied being in formal talks then.

Bikaji After Its Founder

Shiv Ratan Agarwal died unexpectedly in Chennai on 23rd April 2026 at the age of 75. He died of a heart attack. He had travelled there for his wife’s medical treatment.

Deepak Agarwal, his son, had been working as the Managing Director since 2021. Deepak was managing the company daily before that. This ensured a seamless transfer of leadership to the shareholders.

His demise was officially announced by Bikaji through an announcement made at the stock exchange. They referred to him as “the guiding force behind the company since its inception.” Under his guidance, Bikaji became a globally known Indian brand.

Haldiram and Bikaji: A Quick Comparison 

Conclusion 

The tale of one bhujia recipe belonging to one shopkeeper became the tale of two of India’s biggest snack brands. The Bikaji and Haldiram family dispute led to their emergence as rival empires. Haldiram’s company is on the verge of unifying all of its business units and launching an equally big IPO. On the other hand, Bikaji marks a new beginning following the death of its founder, Shiv Ratan Agarwal.

FAQs

1. Are Haldiram’s and Prabhuji separated? 

Yes. In accordance with a court verdict made in 2013, the Kolkata division led by Prabhu Shankar and Ashok Agarwal was prohibited from using the brand name “Haldiram.” Therefore, they changed the name of their division to “Prabhuji: From the House of Haldiram.”

2. Who is the grandson of Haldiram? 

Ganga Bishan Agarwal had many grandsons heading different branches, such as Shiv Kishan (Nagpur) and Prabhu Shankar (Kolkata). The most famous grandson is Shiv Ratan Agarwal, who broke away from the family rivalry and established Bikaji at the end of the 1980s.

3. Who is bigger, Bikaji or Haldiram’s?

Haldiram’s operates on a bigger scale. The revenue of Haldiram’s stood at around Rs 12,800 crores for the fiscal year 2024, whereas Bikaji’s revenue was nearly Rs 2,330 crores. Additionally, Haldiram’s commands a larger market share in India’s total packaged snacks market.

4. Who is the CEO of Bikaji? 

The Managing Director at Bikaji is Deepak Agarwal, who joined in September 2021. He is the son of the company founder Shiv Ratan Agarwal and has been managing its operations ever since the demise of his father in April 2026.

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