Book review: Bhujia Barons The Untold Story of How Haldiram Built a 5000 Crore Empire by Pavitra Kumar

Haldiram has fascinated me ever since I married Yash Roongta, CFA, FRM, and his love for Bhujias being a Madu.

A few facts about Haldiram before we begin: As per a recent article in Economic Times - in the year ended March 2023, Haldiram's snacks sales hit ?9,215 crore ($1.1 billion), in comparison, PepsiCo's snack sales were ?6,430 crore ($773 million) while Gujarat-based Balaji Wafers took in ?5,296 crore ($637 million).

It was an intriguing glimpse into the Bhujia business operated by a Marwari family. The narrative not only delves into the business itself but also sheds light on the family dynamics, their expansion, and internal conflicts.

The book titled "Bhujia Barons" receives a rating of 3 out of 5 - it lacks in-depth exploration, detailed research, and curiosity. Nevertheless, it offers a decent overview of how Haldiram evolved into a renowned Indian household brand.

Key insights and lessons:-

• In 1937, Ganga Bhishen Agrawal, also known as Haldiram, laid the foundation of the Haldiram empire. Originating as a modest venture in Bhujia Bazaar of Bikaner, the product was initially sold in newspaper cones. The process, devised by Haldiram himself and inspired by his aunt, involved a meticulous blend of besan and moth dal sieved through handmade holes on a thin steel sheet. Distribution primarily relied on shopfloor sales, with publicity predominantly driven by word-of-mouth.
• Every morning, Haldiram and his wife were up long before sunrise, at 2 a.m. Both husband and wife would be at the shop; Champa Devi mixed the batter and kneaded the dough, while their master bhujia maker blended in the spices and prepared the actual bhujia himself. = Diligence and hard work remain unmatched.
• The first two generations were content with running small operations but not so with their grandson - Manoharlal and Shiva Kishan. They expanded it out of Bikaner to Nagpur, Kolkata, and New Delhi.
• Only 15% of family businesses make it past the third generation.= Commencing a venture is challenging; sustaining it is exponentially more difficult.
• According to the owners, the shift from newspaper cones to constant innovation in packaging and in improving shelf life contributed a lot to their success.
• Continuous innovation for enhancement and business to strive for a longer run: From Namkeen snacks, they diversified into Indian sweets, western snacks, papads and pickles, ready-to-eat formats, restaurant ventures, etc. They also tapped into international markets.
• You have to be courageous and risk-taking to build a huge business as portrayed by Manoharlal who jumps on to buy the shop in Chandni Chowk even though he had no idea where he'd get the money to pay for it.
• The bittersweet relationship between sons and fathers and among the brothers led to divisions in Haldriam brands as we know them today