Top snack and food brand Haldiram's announced the addition of two new investors, IHC (International Holding Company) and Alpha Wave Global, to its ongoing equity round, following Temasek’s recent participation, on March 31.
On March 30, Moneycontrol had reported that over and above Temasek, Alpha Wave Global is also likely to soon reach a pact to pick up around 5-6 per cent stake in Haldirams along with a co-investor at the same valuation of around $10bn. A combined stake of around 15 per cent has been diluted to the three investors as part of a pre-IPO fund raise, sources told Moneycontrol.
In India, Alpha Wave Global ( previously Falcon Edge Capital) has bet on firms like Swiggy, Lenskart, Dream 11, Chaayos, Biryani by Kilo , Ola and Policy Bazaar. It's overseas portfolio includes the likes of Dominoes Pizza , Space X and Uber.
"With the backing of Alpha Wave Global and IHC, Haldirams is set 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. These markets which demonstrate growing demand for Indian cuisine and snacks, will be the primary focus areas in the company’s global expansion strategy. This partnership marks a significant step in Haldirams commitment to becoming a globally recognized brand known for its premium and authentic offerings," the announcement said.
Haldirams group’s Spokesperson said “We are excited to welcome IHC and Alpha Wave Global as partners in our journey of global growth. The partnership represents patient capital and long-term support to Haldirams growth plans. With this partnership, we are well-positioned to enhance our product offerings, expand our operations, and further our mission to make Haldirams a household name in Middle East and other international geographies.”
Rick Gerson, Co-founder and Chairman of Alpha Wave Global said “Over 90 years, the Agarwal family has built Haldirams into one of the most loved and iconic brands in India. We are proud to become a shareholder and partner with Haldirams in this next stage of their growth both domestic and internationally; while maintaining the delight they have brought to customers for close to century”
Syed Basar Shueb, CEO of IHC said “We are excited to join hands with Haldirams, a brand that has set the standard for excellence in the ethnic Indian snacks industry. This investment aligns with Alpha Wave’s and IHC’s strategy to support leading companies that are making a global impact. We look forward to working closely with Haldirams to drive innovation and expand its market presence.”
Navroz Udwadia, Co-founder of Alpha Wave 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. Haldirams is one of India’s most beloved homegrown brands with 90+ year legacy, and deep customer love. We are thrilled to partner with the Haldirams family as we begin the next phase of the company’s growth journey”
Sanjeev Krishan, Chairperson, PwC in India, said “At PwC, we take pride in being catalysts of entrepreneurial success—helping businesses transform into global giants. Our decade-long collaboration with the Haldirams exemplifies this commitment. Over the years, we have advised them on various aspects of strategic planning and decision making. This transaction is not only the largest private equity consumer deal in India, but also a reflection of domestic businesses that continue to elevate India’s positioning on the global stage. We thank the Haldirams family for trusting us and giving this opportunity.”
International Holding Company (IHC) is one of the world’s largest investment companies. It’s based in the United Arab Emirates with ~$250bn market cap and listed on the ADX.
PwC Investment Banking team acted as the exclusive financial advisor to the transaction and Khaitan & Co acted as the legal advisor. Law firm JSA advised the investors Temasek, Alpha Wave Global and IHC, sources added.
The transaction, which is subject to customary regulatory approvals, is expected to close soon.
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