Temasek acquired a 10% stake in Haldiram's snacks business for $1 billion valuing the business at $10 billion.
The deets: Haldiram’s founders, the Agarwal family, were seeking a valuation of ₹85,000–90,000 crore, and this deal marks the company’s first external investment.
By the numbers: Haldiram’s pulled in ₹14,000 crore in revenue for FY24, growing at 16% annually,
Context: India’s snacks market is worth ₹42,600 crore, and expected to grow to ₹95,000 crore by 2032. Haldiram dominates this space with its vast product portfolio and deep-rooted brand loyalty.
Temasek’s investment signals strong global interest in India’s booming FMCG sector, with Blackstone and Bain Capital also eyeing a stake.
Zoom out: Haldiram’s started as a small sweet shop in 1937. Today, it exports 400+ snacks and beverages to over 100 countries.
Worth noting: just weeks ago, PepsiCo was also in talks to acquire 10–15% of Haldiram Snacks, trying to outbid Temasek.
