Haldiram’s Continues Global Expansion with Temasek and New Investors on Board

Indian ethnic snacks giant Haldiram’s is gearing up to scale its global footprint with fresh backing from Singapore-based investment firm Temasek. The sovereign wealth fund has picked up a minority stake in the newly unified Haldiram Snacks Food Private Limited (HSFPL), a move expected to accelerate the brand’s expansion in key international markets, including the United States and the Middle East.

Haldiram’s, a household name in India’s packaged foods segment, has long been eyeing global expansion. The company began exporting snacks to North America in 1993 and established a manufacturing facility in the United Kingdom in 2016. The latest round of investment is seen as a major step toward realising its international ambitions.

Key highlights of the announcement

Temasek’s investment marks a pivotal moment in Haldiram’s corporate journey. The private equity deal values the unified entity, HSFPL, at $10 billion (approximately ₹83,500 crore). This valuation is particularly notable compared to the projected size of India’s ethnic snacks industry estimated to be $9.01 billion by FY26. However, with the industry growing at a compound annual growth rate (CAGR) of 14.66% and Haldiram’s commanding a 40% market share, the high valuation seems to reflect strong investor confidence.

Key developments include:

• The Singapore government-owned sovereign investment fund Temasek Holdings has agreed to acquire a 10% stake in HSFPL.

• The deal, subject to regulatory approval from the Competition Commission of India (CCI), is expected to close in the coming months.

• This pivotal private equity deal with Temasek values HSFPL at ₹83,500 crore.

• Temasek will invest ₹8,500 crore for the 10% minority stake. The shares will be acquired from the existing promoters of HSPL and Haldiram Foods International Pvt Ltd (HFIPL).

• The precise financial arrangements, including the stake dilution mechanism, have not been disclosed publicly.

• Proceeds from the investment will be used to fuel both domestic and international expansion plans.

Haldiram’s journey: A snapshot of Haldiram’s evolution

Haldiram’s is no stranger to the global market. The company began exporting its packaged namkeen (salty snacks) to North America in 1993, capitalising on the demand from the Indian diaspora. Since then, it has steadily grown its international footprint.

• The company has a presence in over 80 countries, supported by a network of 35 sole distributors.

• In 2026, Haldiram’s opened a manufacturing facility in Southall, London, enabling local production for the UK and broader European markets.

• Some of the prominent global markets for the brand are Canada, Europe, Australia, New Zealand, the Far East, Moscow, Japan, Sri Lanka, Nepal and Thailand.

• In February 2025, the company launched its first international quick-service format restaurant in Dubai, UAE. The Middle East is one of the key focus markets of the company’s global expansion plan.

With a rapidly growing Indian diaspora and rising global demand for authentic ethnic cuisine, the timing of this global push appears to be strategic.

Industry context: The global rise of Indian food brands

Haldiram’s expansion mirrors a broader trend of Indian food and beverage brands making waves globally. As international consumers increasingly seek diverse culinary experiences, Indian cuisine offers rich potential with its vast regional diversity. Several Indian brands have already established a strong presence overseas:

• Amul: Amul exports dairy products, ghee, butter and paneer across multiple countries.

• MTR Foods: A leader in ready-to-eat Indian meals.

• Farzi Café: Known for fusion dishes and modern Indian cuisine.

• Vahdam Teas: Selling premium Indian teas globally, especially in the US.

• Bikaji: A Rajasthani snacks major expanding into foreign markets.

• Saravana Bhavan: A South Indian vegetarian restaurant chain with locations worldwide.

• Barbeque Nation: Expanding its grill-focused buffet model internationally.

• iD Fresh Foods**: Known for its ready-to-cook dosa, idli batter and packaged foods.

Drivers of global demand for Indian food brands

The potential drivers of global attention on Indian food and restaurant brands are:

• Culinary diversity: India’s regional food varieties offer unique value propositions in global markets. From chaats to curries, there’s something for everyone.

• Indian diaspora: With a large Indian population settled abroad, there is a ready customer base that seeks authentic Indian flavours, both for nostalgia and convenience.

• Fusion and innovation: Indian brands are innovating by fusing traditional flavours with international formats, such as Indian-flavoured pizzas, wraps and burgers, to appeal to local palates.

• Government support: The Indian government, through initiatives by the Agricultural and Processed Food Products Export Development Authority (APEDA), supports brands with export facilitation and global promotions.

• Established presence: Brands like Haldiram’s have built credibility and familiarity over the years and are now leveraging that presence to enter new regions with growing Indian and South Asian populations.

Looking ahead: A new chapter for Haldiram’s

The recent Temasek investment signals growing confidence in Haldiram’s global aspirations. Following Temasek, International Holding Co and Alpha Wave Global have also entered the fray, acquiring a 6% stake each in HSFPL at the valuation of $10 billion. The infusion of fresh capital will provide Haldiram’s liquidity to finance its global ambitions.

Temasek, known for its investments in the consumer and agri-food sectors, brings more than just capital to the table. Its global experience could provide strategic guidance in areas such as supply chain optimisation, sustainability and international compliance.

Alpha Wave Global’s experience in scaling brands worldwide will be crucial in helping Haldiram’s position itself as a global ethnic food giant rather than merely an exporter catering to expatriates. However, India has no dearth of domestic food brands. Haldiram’s global achievements will encourage many others to come forward and replicate the success story.

Sources

The Economic Times
Mint
Mint
Business Today