Elon Musk's SpaceX investor, Alpha Wave Global, set to buy stakes in Haldiram's
Haldiram's has sold a stake to International Holding Company and Alpha Wave Global, following Temasek's recent investment, to support its expansion and strengthen its global presence.
FollowIndian snack giant Haldiram's has confirmed the sale of a stake to Abu Dhabi-based International Holding Company (IHC) and investment firm Alpha Wave Global, marking a significant foreign investment in one of India's most iconic food brands.
While the exact terms remain undisclosed, this move is anticipated to bolster Haldiram’s expansion strategies and enhance its global footprint.
This development follows Singapore's state-owned investment fund, Temasek, acquiring a nearly 10% stake in Haldiram's for approximately $1 billion, valuing the company at around $10 billion.
A spokesperson for Haldiram’s expressed enthusiasm about the partnership, telling Money Control, “We are delighted to welcome IHC and Alpha Wave Global as long-term partners in our journey toward global expansion. Their strategic investment brings patient capital and unwavering support to our growth ambitions. With this collaboration, we are well-positioned to enhance our product portfolio, scale operations, and strengthen our presence in the Middle East and other key international markets.”
Haldiram's, established in 1937 as a small shop in Bikaner, Rajasthan, has evolved into a dominant force in India's food industry. The company commands a substantial 13% share in India's $6.2 billion savory snacks market, with products like "bhujia" enjoying widespread popularity. Its extensive distribution network spans over 7 million outlets worldwide, including a manufacturing facility in the UK.
The recent investments underscore the growing interest of international investors in India's fast-moving consumer goods (FMCG) sector. Alpha Wave Global, previously known as Falcon Edge Capital, has a history of investing in Indian companies such as Swiggy, Lenskart, and Dream11. IHC's involvement further highlights the global appeal of Haldiram's and its potential for international growth.
Financially, Haldiram's has demonstrated robust performance. In the financial year 2023-24, the company reported consolidated net sales of ₹4,551 crore ($550 million), marking a 10.9% increase from the previous year. Net profit rose to ₹597 crore ($72 million) from ₹436 crore ($53 million) in the prior year. The company's valuation has seen a significant surge, reaching approximately ₹40,160 crore, establishing it as one of India's highest-valued bootstrapped companies.
These strategic partnerships are expected to provide Haldiram's with the financial muscle to accelerate its global expansion plans, particularly in markets like the United States and the Middle East. The infusion of capital and expertise from these international investors is likely to enhance Haldiram's product offerings, distribution networks, and overall market presence.
Haldiram's recent stake sales to IHC, Alpha Wave Global, and Temasek signify a pivotal moment in the company's history, reflecting its strong market position and the increasing allure of India's FMCG sector to global investors. These developments are poised to propel Haldiram's into a new phase of growth and international prominence.
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