NEW DELHI: Shiv Ratan Agarwal, who transformed a modest family-run namkeen business into one of India's most iconic packaged snack brands, Bikaji, passed away on Thursday. He was 75. Agarwal took the bold flavors of Bikaner from local bylanes to supermarket shelves across India and the world.
The veteran entrepreneur complained of uneasiness and was rushed to a private hospital in Chennai, where he breathed his last, according to family sources. He was in Chennai after his wife recently underwent heart bypass surgery there.
From humble beginnings to a snack empire
Born into the famous Haldiram family, Agarwal studied only until class 8 but went on to build a bhujia empire that spanned continents. His entrepreneurial journey began in 1986 with Shivdeep Foods, a name combining his own name and that of his son Deepak. In 1993, he launched the Bikaji brand, derived from Bika Rao, the founder of Bikaner, and 'Ji,' a mark of respect in India.
Under Agarwal's leadership, Bikaji Foods International was listed on stock exchanges in 2022 at an 8 percent premium to its IPO price. The company now boasts a market capitalization of Rs 17,297.71 crore, nearly USD 2 billion. He also featured on the Forbes World's Billionaires list of 2024, with an estimated wealth of USD 1.4 billion.
Pioneering packaged snacks in India
Agarwal's rise tracked India's consumption boom. He moved decisively from loose, unbranded snacks to packaged products, betting early on branding, scale, and distribution at a time when much of the sector remained fragmented. His playbook—standardize, package, scale—helped turn a traditional business into an institutional one.
He was the grandson of Ganga Bhishen Agarwal (1908-1985), also known as Haldiram Ji. Under his grandfather's guidance, Agarwal mastered the art of bhujia-making. However, his aspirations soon outgrew his inherited enterprise. He traveled abroad to learn about snack manufacturing technologies and imported advanced machinery to set up his factory in Bikaner. The introduction of mechanized bhujia production was a game-changer, enabling consistency in quality and scalability.
Global expansion and brand recognition
Bikaji expanded aggressively beyond its Rajasthan base, investing in factories, supply chains, and exports while fiercely protecting the taste profiles that made its bhujia and sweets household staples. Agarwal started exporting bhujia and namkeen to the UAE in 1994 and to Australia in 1998. He opened his first restaurant in Mumbai in 2008.
Today, Bikaji is present in 40 countries across North America, Europe, the Middle East, Africa, and the Asia Pacific. The brand has been promoted by Bollywood icon Amitabh Bachchan since 2019. The company operates six large manufacturing facilities across India, with an annualized production capacity of 57,600 metric tonnes (MT) of bhujia, 92,520 MT of namkeen, and 60,480 MT of sweets.
Legacy and industry impact
Earlier in the day, Bikaji Foods International, in a regulatory filing, highlighted his achievements: "He has been pivotal in steering the company towards success and growth, who transformed the traditional Bikaneri snacks business into the internationally recognized Bikaji brand by combining authentic taste with modern business practices."
The filing added: "Agarwal's strategic acumen and ability to adeptly handle complex challenges have significantly bolstered our operational sustainability. The company remains committed to building upon the strong foundation laid by him. Guided by his legacy, the company will strive to sustain its growth trajectory and continue to lead a profitable and responsible business. Shri Shiv Ratan Agarwal's unexpected demise will be an irreparable loss to the organization."
Agarwal navigated intense competition from entrenched regional players and larger rivals, carving out a space in the fast-growing savory snacks market. Known as a hands-on entrepreneur with a sharp instinct for both margins and mass appeal, his death marks the end of an era for the Indian snack industry.
