Haldirams hits $10 billion valuation as IHC, Alpha Wave join Temasek in back-to-back deals  

Haldiram Snacks Food is bringing in a fresh wave of investors as it eyes global growth. Just a day after sealing a stake deal with Temasek, the Indian snack giant has now confirmed investments from Abu Dhabi’s International Holding Company (IHC) and Alpha Wave Global. While the financial specifics remain under wraps, the back-to-back announcements mark a significant turning point for the legacy brand.

Haldiram Snacks Food on March 30 confirmed that IHC and Alpha Wave Global are participating in its ongoing equity round, following the recent investment by Singapore-based Temasek. 

“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 company said in a statement.

According to sources, IHC and Alpha Wave Global are jointly acquiring a minority stake of approximately 6% at a valuation of $10 billion (about Rs 85,000 crore). If accurate, this would be the largest valuation in India’s packaged food industry to date.

The new capital infusion is aimed at bolstering Haldiram’s international footprint, particularly in the US and Middle East markets. “The investment reflects Alpha Wave Global’s and IHC’s commitment to backing dominant companies with strong consumer brands,” the statement added.

Alpha Wave Global, known for its investments across private equity, private credit, and public markets, joins forces with UAE-based IHC, one of the world’s largest investment firms.

On March 30, PwC confirmed that Haldiram had entered into an agreement with Temasek to sell an equity stake held by its existing shareholders. The deal will support the company’s aggressive expansion strategy in both domestic and international markets, reinforcing its competitive edge.

(With inputs from PTI)