Haldirams confirms arrival of more investors in equity round

India-based Haldiram Snacks Food has attracted two more investors, International Holding Company (IHC) and Alpha Wave Global, to its “ongoing” equity round.

The statement issued by PwC, which was an advisor on the deals, comes on the heels of the company – also known as Haldirams – agreeing to sell a stake in the business to Singapore’s state-owned investment fund Temasek.

In a statement, PwC said: “This strategic move further strengthens Haldirams' financial position as it accelerates its global expansion plans, particularly in the US and Middle East.

"This partnership marks a significant step in Haldirams commitment to becoming a globally recognised brand known for its premium and authentic offerings."

The terms of Temasek's investment were not announced and the details of the investment from IHC and Alpha Wave Global were also not disclosed.

Indian business daily Financial Express had said Temasek is acquiring a stake of around 10% in Haldirams for approximately Rs86bn ($1.01bn). A Temasek spokesperson declined to comment on whether those figures were correct when approached by Just Food.

The PwC statement on the investment from IHC and Alpha Wave Global said Haldirams is aiming to “leverage the vast expertise and networks of these investors to broaden its footprint in key international markets such as the US and Middle East, while strengthening its footprint and presence further in India”.

It added: “These markets which demonstrate growing demand for Indian cuisine and snacks, will be the primary focus areas in the company’s global expansion strategy.”

Alpha Wave co-founder Navroz Udwadia said: “Our investment in Haldirams fits well with our core strategy of identifying and backing dominant businesses with real competitive moats capable of compounding at robust rates of return."

In 2023, the Competition Commission of India backed a move by the Agarwal family, promoters of the Haldiram Group, to demerge and combine the FMCG businesses housed in two separate companies into Haldiram Snacks Food, the entity in which Temasek is investing.

Under the transaction, the FMCG businesses undertaken by Haldiram Snacks Private Limited and by Haldiram Foods International Private Limited are being placed in Haldiram Snacks Food.

The terms of the demerger meant Haldiram Snacks Private Limited would own 56% of Haldiram Snacks Food and Haldiram Foods International Private Limited the other 44%.

"Haldirams confirms arrival of more investors in equity round" was originally created and published by Just Food, a GlobalData owned brand.