Haldirams on Monday announced that the UAE’s International Holding Company (IHC) and Alpha Wave Global would invest in the business in the ongoing round, which also saw participation from Singapore’s Temasek.
The company did not disclose the stake these two companies would acquire. However, industry sources suggested that they are likely to get around 5-6% stake together in the snacks and food major for around Rs 5,000 crore.
Temasek is acquiring another 9% in the company for around Rs 8,000 crore. This would take the combined stake of around 15%, as part of a pre-IPO fund raise.
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Alpha Wave Global was previously known as Falcon Edge Capital and has invested in a number of Indian companies. These include names like Swiggy, Lenskart, Dream 11, Chaayos, Biryani by Kilo, Ola and Policy Bazaar.
Globally, it has placed its bets on companies like Space X and Uber.
Both IHC and Alpha Wave Global are said to have close ties with the Abu Dhabi’s ruling dynasty. IHC chairman, Sheikh Tahnoon Bin Zayed Al Nahyan, also serves as the National Security Advisor of the UAE.
“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,” the announcement said.
“These markets, which demonstrate growing demand for Indian cuisine and snacks, will be the primary focus areas in the company’s global expansion strategy.”
A Haldirams spokesperson said that with this partnership, they would enhance their product offerings and expand operations.
The company has been the largest such player in the Indian market with a revenue of around Rs 13,000 crore in 2023-24. It is also in the process of merging the New Delhi and Nagpur factions of the Agarwal family, which owns the business.
It competes with the likes of Bikaji Foods and Bikanervala here.
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“This investment aligns with Alpha Wave’s and IHC’s strategy to support leading companies that are making a global impact,” said Syed Basar Shueb,
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