Haldirams, India’s widely known brand, has welcomed new investors, Abu Dhabi’s International Holding Company (IHC) and Alpha Wave Global, to further boost its growth. Known for its range of snacks and ready-to-eat meals, it enjoys a strong presence in UAE supermarkets, given the larger expat community.
The new investment aims to enhance Haldirams’ financial strength and support its expansion plans, particularly in the US and Middle East markets. IHC and Alpha Wave Global’s involvement marks a “strategic move” that will provide crucial funding for the brand’s next phase of growth. Temasek, Singapore’s sovereign wealth fund, had also previously acquired a stake in the company, valuing it at $10 billion.
In a joint statement, the investors expressed their commitment to supporting leading consumer brands like Haldirams, which continues to be immensely popular worldwide. “The investment reflects Alpha Wave Global’s and IHC’s commitment to backing dominant companies with strong consumer brands,” the statement read.
For IHC, the purchase of a stake in Haldirams aligns with its broader strategy to grow its presence in the agri-food sector. The Abu Dhabi-based company had previously made significant investments in the Latin American food market, including a deal for Grupo Nutresa, reports Gulf News. “We are excited to join hands with Haldirams, a brand that has set the standard for excellence in the ethnic Indian snacks industry,” said an IHC spokesperson.
Haldirams’ spokesperson emphasized that the partnership with IHC and Alpha Wave Global is an example of “patient capital and long-term support.” This collaboration will enable Haldirams to enhance its product offerings, expand its operations, and bring the brand closer to becoming a household name across the Middle East and other regions.
Earlier this year, Haldirams also announced plans to build one of the largest saffron processing facilities in the Gulf region, with an investment in Dubai. The facility will initially process 30 tonnes of saffron and has the potential to scale up to 100 tonnes over the next five years.
“Haldirams is one of India’s most beloved homegrown brands with a 90+ year legacy and deep customer love,” said Navroz Udwadia, co-founder of Alpha Wave. “We are thrilled to partner with the Haldirams family as we begin the next phase of the company’s growth journey.”
