SpaceX investor to buy 6% stake in Haldiram’s for $620M

Following Temasek’s recent acquisition of a 9% stake in Haldiram’s at a ₹86,000 crore valuation, the combined deals will result in an estimated 15% dilution of the promoter group’s holdings

Global investment firm Alpha Wave Global, backed by UAE’s Sheikh Tahnoon bin Zayed, is set to acquire a 6% stake in Haldiram Snacks Food for ₹5,160 crore (approximately $620 million), marking one of India’s largest private equity deals in the consumer sector.

The investment follows Temasek’s recent acquisition of a 9% stake in Haldiram’s at a valuation of ₹86,000 crore. With both deals combined, Haldiram’s promoter group will see an estimated 15% dilution in their holdings.

Alpha Wave, known for backing high-profile firms like SpaceX, Lyft, and Klarna, entered the bidding late, competing against Blackstone and Bain Capital. Unlike Temasek, Alpha Wave will not hold a board seat in Haldiram’s post-investment.

Haldiram’s growth amid market shifts

Haldiram’s, a household name in India’s snack market, has a broad portfolio spanning traditional Indian snacks, sweets, frozen foods, and ready-to-eat meals. The company reported ₹12,800 crore in revenue for FY24, with an EBITDA of ₹2,580 crore and a net profit of ₹1,400 crore, according to regulatory filings. Based on these figures, the company’s valuation stands at 6.7 times its sales.

India’s packaged snacks industry was valued at ₹42,694.9 crore in 2023 and is projected to grow to ₹95,521.8 crore by 2032, according to IMARC Group. However, shifting consumer preferences toward healthier alternatives, such as millet-based snacks and protein bars, present a challenge for established brands like Haldiram’s.

This deal further cements Alpha Wave’s growing interest in India’s consumer market, while Haldiram’s secures fresh funding to adapt to evolving market trends and strengthen its leadership in the segment.

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