Alpha Wave Global, which funded SpaceX, acquires 6% stake in Haldiram's for 5,160 Crores

In a major investment deal, Alpha Wave Global, backed by UAE’s Sheikh Tahnoon bin Zayed, is acquiring a 6% stake in Haldiram Snacks Food for ₹5,160 crore ($620 million). This follows Temasek’s recent 9% stake purchase, making Haldiram’s one of India’s hottest private equity investment targets.

These deals cumulatively dilute 15% of promoter holdings, marking India’s largest private equity investment in the consumer sector. Haldiram’s, known for its snack and convenience food empire, has a strong foothold in the Indian market, offering a vast product range from savories and sweets to frozen foods and ready-to-eat meals.

Alpha Wave Global was a late entrant in Haldiram’s stake sale process, competing against Blackstone and Bain Capital-led groups. The investment fund, which has also backed SpaceX, Lyft, and Klarna, has chosen not to take a board seat, unlike Temasek, which secured one.

Haldiram’s reported ₹12,800 crore revenue in FY24, with an EBITDA of ₹2,580 crore and net profit of ₹1,400 crore, placing its valuation at 6.7 times sales. This underlines the company’s dominance in India’s growing snacks market, which was valued at ₹42,694.9 crore in 2023 and is expected to more than double to ₹95,521.8 crore by 2032, according to IMARC Group.

However, industry analysts point to shifting consumer preferences. A rival snack maker noted that Indian consumers are increasingly choosing healthier alternatives, such as millet-based namkeens and protein bars, posing a challenge for Haldiram’s in the evolving market.