Biscuit maker Anmol Industries puts fundraising back on the table, hires PwC
It was stated that the company appointed PwC to assist in discoveries for investors.
“The promoters will try to dilute around 20-25% stake in the company. The deal will value the total assets at around $900 million to $1 billion and the founders plan to take the company public in three to five years,” said one of the people cited above.
In the past, the company has made various attempts to raise funds and even attempted an IPO in 2018, for which it received regulatory approval.
The new fundraise will give Anmol the necessary boost to double its existing geographies and expand beyond northern and eastern India, a second person said on condition of anonymity.
If the talks continue, this will be the first round of corporate financing, sources said, adding that many private equity companies will be approached as part of the process.
PwC did not respond mint While seeking comment, Anmol is yet to comment on the queries sent to them.
Anmol’s fundraising efforts come at a time when many family businesses are looking to leverage private markets to catalyze the next leg of growth and enable smoother succession planning in a professionally managed setup.
peer agreements
This year has seen similar moves at companies like Haldiram, Theobroma and VIP Industries. Others like Balaji Wafers, Iscon Balaji, HyFun Foods and Ratnadeep Retail are in various stages of fundraising.
Founded by the Choudhary family in the mid-1990s, Anmol Industries merged its bakery and biscuit businesses in 2016. The company produces biscuits, cakes, cookies and rusks under the Anmol brand, which are mostly sold in eastern and northern India.
Anmol has eight manufacturing facilities across northern and eastern states of India and sells its products through its network of around 3,000 super stockists, distributors and sub-distributors.
The company’s total production capacity stands at 3,66,092 metric tonnes per annum (MTPA), with the addition of 60,600 MTPA capacity after the commissioning of its new plant in Bihar last year.
The company announced operating income ₹1,524.9 crore in FY24 compared to ₹1,699.5 crore a year ago. Their profits also fell ₹From 122.1 crore ₹126.6 crore in FY23. AIL made the following statement in the first half of FY25: ₹with a profit of 805.7 crore ₹38.5 crore, according to Icra’s March report.
The company aims for annual recurring revenue ₹2,000 crore in FY26, according to one of the people cited above.
Icra added that increasing urbanization and changing lifestyles will likely keep the demand outlook for biscuits positive in the country, given that per capita consumption is currently low.
This will support revenue growth for biscuit manufacturers with an established brand presence like Anmol. The company currently has market presence in around 25 Indian states and sells its products in overseas markets such as West Asian countries and North America, among others.
However, the company’s main market remains the eastern states of India, which accounted for 67-69% of its revenues in the last three years, Icra’s report said, implying that Anmol is exposed to geographical concentration risks, adding that the company has plans to expand its presence in Western India.
Anmol also has a strong footprint in Uttar Pradesh, which contributed 11% to the company’s sales in FY24, while FY25 sales saw an increase of around 12% due to its new factory in North Bihar.
The credit rating agency said Anmol faces stiff price-based competition from other established and regional players and its profitability remains sensitive to fluctuations in raw materials.
Its main competitors in the biscuits and bakery products market include Britannia Industries, ITC Ltd and Parle Products Pvt. Ltd, according to various reports. Other competitors are Haldiram Foods International Ltd, Bisk Farm (Saj Food Products) and Cremica.
According to a report by the India Brand Equity Foundation, a foundation affiliated with the ministry of commerce, India’s biscuit market is expected to generate approximately $13.58 billion in revenue in 2025. The biscuits, cookies and crackers market is estimated to reach approximately $18.87 billion over the next five years, registering a compound annual growth rate of 6.80%.
The think tank added that major players such as Britannia and Parle continue to gain an edge over their rivals. Britannia has an estimated 38% market share, driven by its premium, innovative product lines (for example, Good Day and NutriChoice), while Parle’s flagship Parle-G biscuits have a roughly 32% market share, even as nimble startups and regional brands are gaining traction by targeting niche segments and driving product innovation.
