[Updated] Temasek, Alpha Wave, IHC munch on Indian snack maker Haldiram's

Editor’s note: This story was updated following an announcement that Alpha Wave Global and International Holding Company also invested in Haldiram’s alongside Temasek.

Singapore state investor Temasek, Alpha Wave Global, and Abu Dhabi’s International Holding Company (IHC) have picked up minority stakes in Haldiram Snacks, following months of negotiations, even as other global investors like Blackstone were circling India’s largest snack maker.

While the announcement by Haldiram’s did not mention the deal terms, media reports suggest Temasek is buying around 10% in the company for Rs 8,000 crore ($935 million), valuing it at $10 billion.

Founded in 1937, Haldiram’s, known for its popular fried snack ‘bhujia’ and a wide range of other packaged snacks and sweets, competes with Bikanervala, Bikaji Foods and PepsiCo, among others, in India.

With Temasek on board, Haldiram’s aims to expand its footprint in India and international markets such as the US and the Middle East. These markets, which demonstrate growing demand for Indian cuisine and snacks, will be the primary focus areas of the company’s global expansion strategy, it said in a statement.

Temasek’s move, meanwhile, comes amid a broader rebalancing of its Asia portfolio, with the Singapore state investor shifting focus toward India as it takes a more cautious approach to China. In recent years, India has become a core geography for Temasek, having deployed nearly $37 billion over the past two decades, with growing allocations to consumer, healthcare, and financial services sectors.

In 2023, Temasek said it would deploy up to $10 billion in India over three years, citing macroeconomic stability, strong consumption trends, and regulatory clarity as key draws.

Haldiram Snacks had been exploring options, including a sale of the business and a potential IPO. In May, media reports said that a consortium led by private equity fund Blackstone, along with the Abu Dhabi Investment Authority (ADIA) and GIC of Singapore, submitted a non-binding bid to acquire a controlling stake in Haldiram’s.

Temasek’s, IHC’s, and Alpha Wave’s entry into Haldiram’s captable adds to a growing trend of global investors acquiring stakes in homegrown Indian consumer brands.

In recent years, marquee names such as Softbank, Warburg Pincus, and General Atlantic have taken significant positions in fast-growing, digitally native brands. Softbank remains a key backer of FirstCry, the babycare e-commerce and D2C brand, which is currently preparing for a public listing.

Audio and wearables brand boAt has attracted capital from global investors like Warburg Pincus and Abu Dhabi-based Chimera Capital, while personal care brand WOW Skin Science secured funding from General Atlantic in 2023.