Global consumer-focused investment firm L Catterton has entered into a strategic partnership with India’s largest ethnic snacks maker, Haldiram’s, marking another significant vote of confidence in the homegrown brand’s growth ambitions.
Announcing the development on Thursday, L Catterton said the partnership includes an investment in Haldiram’s, although the size of the stake was not disclosed. The collaboration is aimed at strengthening Haldiram’s leadership in the domestic market while accelerating its international expansion.
Backed by former Hindustan Unilever chairman Sanjiv Mehta, L Catterton said the partnership will allow Haldiram’s to leverage the firm’s deep consumer-sector expertise, global industry network, local market knowledge and operating capabilities.
“The collaboration aims to fortify Haldiram’s market leadership in India and accelerate its international expansion, supported by its strong fundamentals, brand equity and long-term growth potential,” the investment firm said in a statement.
The investment comes close on the heels of a major fundraising earlier this year, when private equity firms Temasek, Alpha Wave Global and International Holding Company together acquired over 10 per cent stake in Haldiram’s at a valuation exceeding $10 billion.
Commenting on the partnership, Sanjiv Mehta said it would support Haldiram’s next phase of growth in India’s rapidly evolving consumer market and provide momentum to the brand’s global ambitions.
L Catterton’s consumer portfolio includes investments in Farmley, Ferrara Candy Company, Kettle Foods, Little Moons and Plum Organics, among others. The firm manages around $39 billion of equity capital across private equity, credit and real estate.
The development follows the consolidation of the New Delhi and Nagpur factions of the Agarwal family, promoters of Haldiram’s, through a National Company Law Tribunal-approved merger, which received clearance from the Competition Commission of India last year. The consolidation is widely viewed as a precursor to a potential public listing, though the group’s restaurant business was excluded from the transaction.
According to market research firm IMARC Group, India’s snacks market was valued at ₹42,694.9 crore in 2023 and is projected to more than double to ₹95,521.8 crore by 2032, underscoring the strong growth prospects for leading players such as Haldiram’s.