Haldiram's attracts two more investors Alpha Wave, IHC after Temasek

Popular snack and sweets company, Haldiram's has secured two new investors — Alpha Wave Global and International Holding Company (IHC) — as part of its ongoing equity financing round. 

 

"Haldirams, India's leading snack and food brand, is pleased to announce the addition of two new investors, IHC (International Holding Company) and Alpha Wave Global, to its ongoing equity round, following Temasek's recent participation," the statement said.

 

This investment further strengthens the company’s financial position as it pushes forward with its expansion plans, particularly in the US and the Middle East. "The investment reflects Alpha Wave Global's and IHC's commitment to backing dominant companies with strong consumer brands," it said.

 

According to PTI sources, IHC and Alpha Wave Global are together acquiring a minority stake of around 6 per cent in Haldiram Snacks Food, valuing the company at approximately $10 billion (₹85,000 crore). This marks one of the largest valuations in India’s packaged food sector.  Alpha Wave is an international investment firm specialising in three key areas: private equity, private credit, and public markets. Meanwhile, UAE-based IHC ranks among the world's largest investment companies.  Temasek acquires 10% stake in Haldiram's

 

This development comes weeks after Singapore-based investment firm Temasek acquired a 10 per cent stake in the company for approximately $1 billion.  

 

In an earlier agreement, Temasek had committed to purchasing an equity stake from existing shareholders of Haldiram's, which is India's largest packaged snack and sweets manufacturer, as well as a restaurant chain operator.  With this investment, Haldiram's aims to accelerate its expansion in both domestic and international markets, strengthening its position in a competitive industry. PwC’s investment banking division served as the exclusive financial advisor for the transaction.  

 

The National Company Law Tribunal had previously approved the merger process, with further regulatory clearances still ending.  

 

Founded in 1937 by Ganga Bhishen Agarwal as a small sweets and savouries shop in Bikaner, Rajasthan, Haldiram's has since grown into a global brand, with its products available in over 80 countries. In 2022, it was announced that the packaged snack businesses of Delhi-based Haldiram Snacks and Nagpur-based Haldiram Foods International would first undergo demerger before merging under the entity Haldiram Snacks Food.