New Delhi, India – March 31, 2025 – Haldiram's, India’s leading snack and food brand, is pleased to announce the addition of two new investors, IHC (International Holding Company) and Alpha Wave Global, to its ongoing equity round, following Temasek’s recent participation. This strategic move further strengthens Haldiram's financial position as it accelerates its global expansion plans, particularly in the US and Middle East.
The investment reflects Alpha Wave Global’s and IHC’s commitment to backing dominant companies with strong consumer brands. Haldiram's, known for its wide range of traditional Indian snacks, sweets, and ready-to-eat meals, has a strong legacy of quality and innovation, and continues to enjoy immense popularity among consumers worldwide.
With the backing of Alpha Wave Global and IHC, Haldiram's 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 Haldiram's commitment to becoming a globally recognized brand known for its premium and authentic offerings.
Haldiram's 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 Haldiram's growth plans. With this partnership, we are well-positioned to enhance our product offerings, expand our operations, and further our mission to make Haldiram's 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 Haldiram's into one of the most loved and iconic brands in India. We are proud to become a shareholder and partner with Haldiram's 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 Haldiram's, 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 Haldiram's to drive innovation and expand its market presence.”
Navroz Udwadia, Co-founder of Alpha Wave said “Our investment in Haldiram's fits well with our core strategy of identifying and backing dominant businesses with real competitive moats capable of compounding at robust rates of return. Haldiram's is one of India’s most beloved homegrown brands with 90+ year legacy, and deep customer love. We are thrilled to partner with the Haldiram's family as we begin the next phase of the company’s growth journey”
Sanjeev Krishan, Chairperson, PwC in India, said “Haldiram's has been a towering pillar of India’s consumer story over many decades and this strategic investment in the brand is a reflection of that legacy and also of a buoyant India. We at PwC, are inspired to work with legacy businesses like Haldiram's and to partner them in their growth aspirations.”
PwC Investment Banking team acted as the exclusive financial advisor to the transaction and Khaitan & Co acted as the legal advisor.
The transaction, which is subject to customary regulatory approvals, is expected to close soon.
About Haldiram's
Haldiram's is a leading global packaged food company known for its wide range of snacks, sweets, and ready-to-eat products. Haldiram's brand has become synonymous to Indian food and has been awarded one of the most loved & trusted brands.
Established in 1937, the company pioneered automated manufacturing in traditional snacks and has grown to become one of the largest manufacturers of packaged foods in India with a significant international presence.
About Alpha Wave
Alpha Wave is a global investment company that that focuses on three main verticals: private equity, private credit, and public markets. It is led by Rick Gerson, Navroz Udwadia, and Ryan Khoury. Alpha Wave has offices in Miami, New York, London, Monaco, Madrid, Abu Dhabi, Tel Aviv, Mumbai, Bangalore, and Sydney. Its flagship global private equity fund, Alpha Wave Ventures, aims to invest in best-in-class growth-stage companies and endeavors to be helpful long-term partners to the founders and management teams. For more information, please visit www.alphawaveglobal.com.
About IHC (International Holding Company)
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. With investments across various sectors, including agriculture & food, technology, financial services, energy & utilities, and healthcare, IHC is committed to driving innovation and fostering the growth of leading brands.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with over 327,000 people who are committed to delivering quality in Assurance, Advisory and Tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
About Khaitan & Co
Khaitan & Co is one of India's oldest full-service law firms. Founded in 1911 by Debi Prasad Khaitan, the firm has locations in Kolkata, New Delhi, Bengaluru, Mumbai, Chennai, and Singapore. The law firm has been a trusted adviser to leading business houses, multinational corporations, global investors, financial institutions, governments, and international law firms.
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