The year 2025 has been a transformative period for Haldiram’s, the 87-year-old snack giant. Once a fragmented family-run business, it has spent the last year consolidating its power and opening its doors to some of the world’s most prestigious investors.
Here is the breakdown of the financial maneuvers that have defined Haldiram’s 2025:
1. The Dec 2025 Play: L Catterton Joins the Mix
On December 18, 2025, global consumer-focused private equity firm L Catterton (backed by the French luxury powerhouse LVMH) announced a strategic partnership and a minority stake investment in Haldiram’s.
- The Strategy: This is more than just a capital infusion. The deal is being spearheaded by Sanjiv Mehta (the former CEO of Hindustan Unilever and current Executive Chairman of L Catterton India).
- The Goal: The partnership is specifically aimed at “Internationalization.” L Catterton plans to leverage its global retail expertise to transform Haldiram’s into a “Global India” brand, optimizing its supply chain and product innovation to compete with international snack titans like PepsiCo.
- Investment Size: Described as a “micro-investment” or a minority stake from L Catterton’s newly closed $400 million India fund, the exact dollar amount remains undisclosed, but it serves as a final “pre-listing” endorsement.
2. The Anchor Deal: Temasek’s Billion-Dollar Bet (March 2025)
The momentum truly began in March 2025, when Singapore’s sovereign wealth fund, Temasek, led a historic funding round.
- The Investment: Temasek acquired a 10% stake for $1 billion (approx. ₹8,500 crore).
- The Valuation: This deal officially benchmarked Haldiram’s valuation at $10 billion (₹85,000 crore), making it one of the largest private equity deals in the history of the Indian consumer goods sector.
- Significance: This investment came immediately after the internal merger of the Nagpur and Delhi factions of the family, signaling to the world that Haldiram’s was now a unified corporate entity.
3. The Investor Pool & Listing Status
Haldiram’s has curated a “Who’s Who” list of global institutional backers over the past year.
Is it listed?
No. As of December 2025, Haldiram’s remains a private, unlisted company. However, all market signals point toward a massive Initial Public Offering (IPO) in 2026. The company filed updated draft papers with SEBI in October 2025 for a potential ₹8,300 crore public issue.
Haldiram’s Investor Pool (Post-Consolidation 2025)
| Investor Name | Type of Investor | Entry Date | Stake Details | Strategic Role |
| The Agarwal Family | Promoters / Founders | Since 1937 | ~85% (Majority) | Founders of both Delhi & Nagpur branches; retain core control. |
| Temasek Holdings | Sovereign Wealth Fund | March 2025 | 9% – 10% | Lead institutional investor; provided the $10B benchmark valuation. |
| Alpha Wave Global | Private Equity (US) | March 2025 | Part of ~15% block* | Focuses on growth-stage tech and consumer expansion. |
| International Holding Co (IHC) | Investment Firm (UAE) | March 2025 | Part of ~15% block* | Strategic partner for Middle East and Gulf market expansion. |
| L Catterton | Private Equity (LVMH-backed) | Dec 2025 | Minority Stake | Brand building, luxury positioning, and global “internationalization.” |
*Note: Temasek, Alpha Wave, and IHC collectively acquired a combined stake of approximately 15% during the funding rounds in the first half of 2025.
Insight: Why is everyone buying in?
Investors are betting on the “Savoury Premiumization” of India. With a 40% share of the organized ethnic snack market and revenues exceeding ₹14,000 crore, Haldiram’s is no longer just a “sweet shop.” It is a high-margin, cash-flow-positive FMCG machine that is preparing to become India’s answer to global food conglomerates.
