Kolkata-based Anmol Industries Ltd (AIL), which makes biscuits, cakes, cookies and rusks, has restarted discussions to sell a minority stake to raise $150-200 million, according to multiple people familiar with the matter.
The company has appointed PwC to help scout for investors, they said.
“The promoters will look to dilute about 20-25% stake in the company. The deal will value the overall asset at about $900 million to $1 billion, and the founders are planning to list the company in three to five years,” one of the people cited above said.
In the past, the company made several attempts to raise funds and even attempted a public listing, for which it received regulatory approval in 2018.
The fresh fundraising will give Anmol the necessary boost to double down in its existing geographies and expand beyond northern and eastern India, a second person said, on the condition of anonymity.
If the talks go through, this will be the first round of institutional funding, the people said, adding that several private equity firms will be approached as a part of the process.
PwC did not respond to Mint’s requests for a comment, while Anmol declined to comment on the development.
Anmol’s fundraising efforts come at a time when several family-owned businesses are looking to tap the private markets to catalyze their next leg of growth and ensure a smoother succession planning in a professionally-run setup.
Peer deals
This year has seen similar moves in companies, including Haldiram, Theobroma and VIP Industries. Others such as Balaji Wafers, Iscon Balaji, HyFun Foods and Ratnadeep Retail are in various stages of their fundraising process.
“Traditionally family-run, many Indian biscuit manufacturers are now recognizing the value of bringing external investors onto their cap tables — not just to diversify their product range, but also to initiate a transition toward more professionally managed boards and leadership structures,” said Natasha Treasurywala, partner at Desai & Diwanji.
These companies are increasingly turning to external capital to fuel growth and scale operations. “There is a lot of scope to move into the health food segment by expanding their product offerings to healthier options for both adults and kids,” Treasurywala added.
Key Takeaways
- Anmol Industries has revived plans to raise $150–200 million by selling a 20–25% stake.
- The Choudhary family-led firm aims to list in 3–5 years after earlier IPO efforts in 2018 didn’t materialise.
- Anmol plans to expand beyond its stronghold in eastern India, which contributes nearly 70% of its revenue.
- The fundraise aligns with a broader wave of family-run consumer brands, such as Haldiram and Theobroma
Founded by the Choudhary family in the mid-1990s, Anmol Industries merged its bakery and biscuits business in 2016. The company manufactures biscuits, cakes, cookies, and rusk under the Anmol brand, which are mainly sold in eastern and northern India.
Anmol has eight manufacturing facilities located in northern and eastern states of India and sells its products through its network of about 3,000 super-stockists, distributors and sub-distributors.
The company’s combined production capacity stands at 3,66,092 metric tonnes per annum (MTPA) with the addition of a 60,600 MTPA capacity post commissioning of its new plant in Bihar last year.
The company posted an operating income of ₹1,524.9 crore in FY24 as compared to ₹1,699.5 crore, a year earlier. Its profits also dipped to ₹122.1 crore from ₹126.6 crore in FY23. In the first half of FY25, AIL posted ₹805.7 crore with a profit of ₹38.5 crore, according to a March report by Icra.
The company is targeting an annual recurring revenue of ₹2,000 crore in FY26, according to one of the people cited above.
Icra added that increasing urbanization and changing lifestyle will likely keep the demand outlook for biscuits favourable in the country, given the low per-capita consumption at present.
This will support the revenue growth for biscuit players like Anmol that have an established brand presence. The company currently has a market presence in about 25 Indian states and sells its products in overseas markets like West Asian nations and North America, among others.
However, the company’s major market remains the eastern states of India, which accounted for 67-69% of its revenues over the past three years, implying Anmol’s exposure to geographical concentration risks, Icra’s report said, adding that the company has plans to expand presence in western India.
Anmol also has a firm footprint in Uttar Pradesh, which contributed 11% to the company’s sales in FY24, while FY25 sales saw a boost of about 12% from its new plant in North Bihar.
The credit rating agency noted that Anmol faces stiff price-based competition from other established and regional players and its profitability also remains susceptible to volatility in raw materials.
Its main competitors in the biscuit and bakery market include Britannia Industries, ITC Ltd and Parle Products Pvt. Ltd, as per various reports. Other competitors are Haldiram Foods International Ltd, Bisk Farm (Saj Food Products) and Cremica.
India’s biscuit market is expected to clock about $13.58 billion in revenue in 2025, according to a report by India Brand Equity Foundation, a trust under the commerce ministry. The biscuit, cookies and crackers market is forecast to register a 6.80% compound annual growth rate, reaching about $18.87 billion over the next five years.
The think tank added that major players such as Britannia and Parle continue to dominate their peers. Britannia holds an estimated 38% market share, driven by its premium, innovative product lines (e.g., Good Day and NutriChoice), while Parle’s flagship Parle-G biscuits command roughly 32% share even as nimble startups and regional brands gain traction by targeting niche segments and driving product innovation.
