Haldiram’s Expands Global Vision with IHC and Alpha Wave Investment

1 Apr 2025 , 08:58 AM

Haldiram’s, one of the most popular Indian snacks and food brand, has raised investment from International Holding Company (IHC) and Alpha Wave Global in an ongoing equity round. The investment follows Temasek’s recent participation in the same round, strengthening Haldiram’s financial backing.

The final valuation of the equity round is expected to be around ₹10,000 crore, making this one of the largest private-equity deals in India’s consumer space. Alpha Wave Global and one more co-investor are likely to pick a 5-6% stake in Haldiram’s at the same valuation as Temasek. The three investors shared a diluted 15% stake as part of Haldiram’s pre-IPO fundraising, said the people requesting not to be identified as the details are private.

Alpha Wave Global, previously Falcon Edge Capital, has a robust portfolio of Indian companies that includes Swiggy, Lenskart, Dream 11, Chaayos, Biryani by Kilo, Ola and Policy Bazaar. Alpha Wave Global’s global portfolio includes investments in well-known companies including Domino’s Pizza, SpaceX and Uber.

The investment from IHC and Alpha Wave Global will likely further power Haldiram’s expansion into important global markets, especially in the US and the Middle East, where the demand for Indian snacks and cuisine is growing.

In addition to this, the brand intends to consolidate its market leadership position in India, as well as leverage the expertise and network of its new investors to grow its operations across the globe.

Haldiram’s keep reiterating that the partnership with IHC and Alpha Wave Global is on the basis of patient capital and long-term strategic support for Haldiram’s to drive its growth plans.

With the investment, the company aims to strengthen its product range, broaden manufacturing and distribution capabilities, and establish the brand globally.

Rick Gerson, Co-founder and Chairman of Alpha Wave Global remarked Haldiram’s 90+ years of legacy and widespread brand loyalty in India and said he believes that the company has the potential to achieve scale not just within the country but also globally.

Syed Basar Shueb the CEO of IHC hailed Haldiram’s for their best practices in the Indian ethnic snacks vertical and said, “The investment is in line with IHC’s strategy to invest in globally relevant businesses.”

Haldiram’s has great competitive moats, which makes it well poised for strong long-term growth and foray into new markets, said Navroz Udwadia, Co-founder, Alpha Wave Global.

Sanjeev Krishan, Chairperson, PwC India, said the transaction not only represented India’s biggest private equity consumer deal, but also reflected the growing footprint of Indian businesses globally.

One of the biggest investment firms on earth with a market cap of nearly $250 billion listed on the Abu Dhabi Securities Exchange (ADX), Abu Dhabi-based International Holding Company (IHC)

PwC Investment Banking team served as the exclusive financial advisor for the transaction, ensuring a smooth execution of the deal. Khaitan & Co acted as the legal advisor to Haldiram’s, while JSA (J. Sagar Associates) provided legal counsel to the investors, including Temasek, Alpha Wave Global, and IHC.