Mumbai, Aug 18: The Wealth Company’s Bharat Value Fund, a category II AIF private equity fund focused on identifying and scaling high potential Indian businesses, has announced that it has invested INR 300 crore in Dharwad based Dharwad Big Mishra Pedha Private Limited. The investment underscores Bharat Value Fund’s growing conviction in India’s branded regional foods opportunity, where established consumer trust, differentiated products and deep local distribution can provide the foundation for national scale. With Big Mishra, the Fund is backing a 93-year-old heritage brand at an inflection point in its evolution from a strong regional franchise to a broader, professionally scaled consumer platform.
Founded in 1933, Big Mishra is the custodian of the GI tagged Dharwad Pedha and today operates across sweets, namkeen, bread, bakery and restaurants. Its capital light franchise model has expanded the brand to 200+ exclusive outlets across North Karnataka, Goa and Southern Maharashtra, supported by two state-of-the-art manufacturing facilities and an in-house dairy.
Big Mishra has invested approximately INR 100 crore in manufacturing capacity over the past three years, creating significant headroom for growth without near term capacity led capex. Big Mishra currently serves an estimated 10 million customers annually and has expanded beyond its traditional franchise and distributor channels through modern trade partnerships, including Reliance Smart Bazaar, alongside a growing quick commerce presence.
Revenue has increased from approximately INR 142 crore in FY2022 to over INR 300 crore in FY2026, representing a 16% CAGR over five years, while maintaining an healthy EBITDA margin and robust return ratios . The company aims to add 100 outlets and enter more than 50 new cities over the next two years.
“India has many strong regional brands that have earned consumer trust over generations but have not yet had the opportunity to scale nationally. At Bharat Value Fund, we want to partner with such businesses not just with capital, but by working closely with promoters on professionalisation, distribution and the next phase of growth.
Big Mishra is a good example — a 93-year-old brand with deep consumer trust and a strong regional presence. We believe our role is to help such regional champions scale while retaining the heritage and entrepreneurial strengths that made them successful in the first place.”— Ms. Madhu Lunawat, Founder of The Wealth Company Asset Management Private Limited
“For over ninety years, our family has built Big Mishra one store and one customer relationship at a time. Bharat Value Fund’s investment brings the institutional capital, strategic expertise and governance framework required for our next phase of growth, while allowing us to preserve the heritage and quality that have defined Dharwad Pedha for generations. We look forward to taking this legacy to consumers across India.” Mr. Sanjay Ganesh Mishra, Promoter, Dharwad Big Mishra Pedha Private Limited
The investment reinforces Bharat Value Fund’s strategy of identifying businesses with established consumer franchises and supporting their transition into larger, more organized and scalable platforms.
