Shiv Ratan Agarwal, the visionary founder and promoter of Bikaji Foods International, passed away on Thursday at the age of 75.
A central figure in the ethnic snacks and sweets industry, Agarwal served as the primary guiding force for the company since its beginning, establishing the now-global 'Bikaji' brand.
Agarwal served as the Chairman and Whole-Time Director of the company and was instrumental in shaping Bikaji into one of India's leading brands in the traditional snacks and sweets category.
Under his leadership, the brand steadily expanded its footprint across India and also strengthened its presence in international markets.
About Shiv Ratan Agarwal and legacy of Bikaji
Shiv Ratan Agarwal, the late founder and chairman of Bikaji Foods International, originally established the enterprise as Shivdeep Products in 1986 - a name honouring both himself and his son, Deepak.
The iconic Bikaji brand was officially introduced in 1993, drawing its name from Bika Rao, the historical founder of Bikaner, Rajasthan. This entrepreneurial spirit ran in the family; Agarwal's grandfather, Gangabishan Agarwal, was the creator of the legendary Haldiram snack empire.
Under his leadership, the company achieved significant milestones. Bikaji Foods debuted on the stock market in November 2022, opening at an 8% premium over its IPO price.
At the time of his passing, Forbes estimated Shiv Ratan Agarwal's net worth at $1.4 billion.
In a regulatory filing, the company credited Shiv Ratan Agarwal's strategic acumen and unique ability to navigate complex market challenges as the drivers behind its long-term operational sustainability.
"He has been pivotal in steering the company towards success and growth, who transformed the traditional Bikaneri snacks business into the internationally recognised Bikaji brand by combining authentic taste with modern business practices," it added.
Distinct identity in ethnic snacks space
Founded in the late 1980s, Bikaji emerged from Agarwal's vision to build a distinct identity in the ethnic snacks space.
The brand went on to become widely recognised for products such as bhujia, namkeen, sweets and other packaged snacks.
"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 organisation," the filing said.
Bikaji Foods invests ₹40 crore in retail expansion
Last month, Bikaji Foods International announced a ₹40 crore investment into its step-down subsidiary, Bikaji Foods Retail Ltd (BFRL).
This capital injection supports BFRL as it targets strategic growth and explores fresh business landscapes.
Specifically, the subsidiary is focusing on the hospitality and dining sectors, including: quick service restaurants (QSRs) and casual cafes, full-scale restaurants and traditional taverns, and catering solutions for general events and specialised ice cream services.
The investment covers all primary operations along with relevant ancillary activities as the company diversifies its market presence.
"The company has made an additional subscription of 10,52,630 equity shares in its wholly-owned subsidiary," the company said, adding that the said subscription of shares maintains Bikaji Foods' 100 per cent ownership of BFRL.