Haldiram Snacks Foods has secured fresh investments from Alpha Wave Global and International Holding Company (IHC), backed by UAE’s Sheikh Tahnoon bin Zayed. The strategic funding aims to accelerate Haldiram’s global expansion, particularly in the US and the Middle East.
While the exact investment details remain undisclosed, reports suggest Alpha Wave is acquiring a 6% stake for ₹5,160 crore ($600 million), valuing Haldiram at ₹86,000 crore ($10 billion). The new investor group, including Singapore’s Temasek, will own 15% of Haldiram, while the founding Agarwal family retains 85% ownership. This marks India’s largest private equity investment in the snack food sector.
Haldiram is a market leader in India’s ₹47,000 crore snack food industry. It competes with global giants like PepsiCo and Indian firms such as ITC, Bikaji Foods, and Bikanervala. The company reported a revenue of ₹12,800 crore in FY24, with an EBITDA of ₹2,580 crore and a net profit of ₹1,400 crore. Its portfolio includes fresh and frozen snacks, sweets, ready-to-eat meals, and beverages, exported to over 50 countries.
IHC, a UAE-based conglomerate with a $250 billion market cap, has diversified investments across agriculture, food, technology, and financial services. Syed Basar Shueb, CEO of IHC, emphasized that the move aligns with IHC’s strategy to support globally impactful companies.
Alpha Wave Global, formerly Falcon Edge Capital, is backed by Chimera Capital, a key entity in Sheikh Tahnoon’s $1.5 trillion business empire. Rick Gerson, Co-founder of Alpha Wave, expressed confidence in supporting Haldiram’s next growth phase while maintaining its century-old brand legacy.
The funding comes amid a merger between Haldiram’s Delhi and Nagpur factions, finalized in April 2024. With growing investor interest, Haldiram may consider an IPO within the next 12-24 months, potentially valuing the company at ₹93,500 crore ($11 billion).
The investment marks a new era for Haldiram’s, strengthening its position in the global packaged food market while ensuring a deeper penetration in key international markets.