Haldirams, a leading Indian snacks manufacturer, has announced the participation of Abu Dhabi-based International Holding Company (IHC) in its latest equity funding round.
New York-based Alpha Wave Global is also part of the latest investment round, the company confirmed.
“Haldirams, India’s top snack and food brand, is pleased to welcome IHC and Alpha Wave Global as new investors in its ongoing equity round, following Temasek’s recent participation,” the company said in an official statement, as reported by PTI.
The announcement comes shortly after Singapore’s Temasek acquired a 10% stake in Haldirams, reportedly for $1bn (Rs85bn), valuing the company at $10bn.
While the exact financial details of the deals with IHC and Alpha Wave Global remain undisclosed, reports suggest their combined investment may be around $70m for a 6% equity stake in Haldirams, a popular brand in North India.
A company spokesperson told Reuters that the partnership with the new investors signifies patient capital and long-term support for Haldirams’ growth.
With IHC and Alpha Wave Global backing it, Haldirams plans to use the investors’ expertise to expand into key international markets, such as the Middle East and the US, where demand for Indian snacks is increasing.
This partnership is expected to help Haldirams enhance its product range, expand operations, and strengthen its goal of becoming a household name in the Middle East and other international markets.
Founded in 1937 in Bikaner, Rajasthan, Haldirams offers more than 400 products, including namkeens, sweets, western snacks, cookies, sherbets, and pickles.
