Nikhil Kamath Sees Potential In Makhanas, Says Room To Build A Large Brand That Serves The World

In his latest Instagram post dated 17 January 2025, Zerodha's co-founder and entrepreneur Nikhil Kamath released a detailed analysis on how the Indian snack of Makhana is gaining prominence.

Kamath’s post highlighted the makhana as a “superfood” for the world. 

Using sources of Imarc, ICAR-RCER, and PMFME-MOFPI, the carousel post had a special slide dedicated to the snack’s nutritional value. 

The makhana (fox nut) is renowned in India for its low calorie and high-protein content. It is also loaded with essential minerals.

Terming it a healthy snack, Nikhil wrote that the Makhana is used for weight control, diabetes, heart health, and even skin care.

One of the slides also explained how the healthy snack had made it to various experiments on the Indian plate. For instance, dishes like Makhana Penne Pasta and Makhana Kheer have become popular.

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FROM BIHAR TO THE WORLD

In a separate slide explaining the demand for makhana, Nikhil Kamath stated certain very important figures:

1. The current size of the Indian makhana industry is Rs 3000 crore.

2. In the next 2-3 years, this size is expected to zoom to Rs 6,000 crore.

3. The Indian Flavoured Makhana Snack market alone commands a size of Rs 150 crore. There's also a 30% growth in this segment.

4. With a 25% increase in annual exports, the makhana industry is slated to grow 9.7% (2024 to 2032).

5. There's rising demand for Fox Nuts from China, Korea, Europe, Thailand, and the United States of America.

Producing over 90% of the world's makhana, all of this above demand is met by the Indian state of Bihar. 

Compared to rice cultivation, makhana crops bring farmers an income rise of 3X.

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THE RISE OF THE MAKHANA

In a stunning statistic, Kamath also revealed that the price of fox nuts has increased significantly.

In 1998, fox nuts would sell for about Rs 80-90 per kilogram. 

Fast forward to today, and the makhana sells for Rs 550-900 per kilogram. On a global level, this price can even surge to Rs 13,000 per kilogram.

Quoting a Makhana entrepreneur, Kamath also stated that in the last 20 years, profit margins for the snack have increased by a whopping 30%.

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INDIAN STARTUPS DEALING IN MAKHANA

The post gave a special mention to three Indian startups that sell makhanas — Mr. Makhana, Farmley, and Shakti Sudha Makhana. 

In the post caption, Kamath wrote that there might be room to build a really large Indian brand of Makhanas that sells to the world. 

In his words, “Personally, I am hooked on Makhana.”

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