From ₹5 Bhujia to ₹94,310 Crore: Haldiram Gears Up for IPO, Capturing Global investors Attention and Making History

Haldiram, the iconic snack brand that began over a century ago in a modest Bikaner shop, is now valued at approximately ₹94,310 crore. As the company gears up for a potential IPO, both Indian and global investors are vying for a slice of the savoury empire. From Alpha Wave Global and Blackstone to Temasek, global giants are competing to invest in a company that epitomizes the fusion of tradition and innovation in the food industry.

A Legacy of Excellence

Founded in 1937 by Ganga Bishan Agrawal, fondly called Haldiram, the brand’s journey started with a humble ₹5 Bhujia packet. Over the years, it evolved into a global powerhouse with FY 2024 revenue of ₹12,800 crore and EBITDA of ₹2,580 crore, matching the performance of global FMCG leaders. From introducing zip-lock pouches to frozen foods and restaurants, Haldiram seamlessly blends tradition with modernity, creating a brand that resonates deeply with Indian culture.

Haldiram’s products are more than just snacks; they are woven into the fabric of Indian life — Bhujia with chai, rasgullas at weddings, and namkeen on road trips. This cultural connection has helped the brand maintain dominance in the Indian savouries market. Notably, Haldiram has been ranked India’s most valuable unlisted family business in the 2024 Hurun India list.

Investor Interest Heats Up

Global private equity investors have been eyeing Haldiram for years. Recently, the family took a decisive step, signing a term sheet to sell a fifth of the company at a valuation of $10 billion (₹83,300 crore). Among the interested parties are Temasek, which has signed a term sheet for a 10% stake worth $1 billion (₹8,550 crore), and Alpha Wave Global, which has invested in several Indian firms.

In 2023, Tata Consumer Products explored acquiring a 51% stake in Haldiram but balked at the $10 billion valuation. Reports suggest that Tata Consumer was considering selling an additional 10% stake to Bain Capital in preparation for the stock market listing, but the deal fell through.

Meanwhile, Haldiram Bhujiawala, the Kolkata-based entity of the brand, sold a minority stake to Bharat Value Fund for ₹235 crore in November 2022.

A Billion-Dollar Opportunity

The ethnic snacks market in India, valued at ₹10,800 crore in 2021-22, is projected to grow to ₹19,500 crore by 2025-26. Haldiram’s dominant position in this market makes it a lucrative prospect for investors. As the company prepares for its IPO, its ability to retain control while scaling globally will likely determine its next chapter.

Haldiram’s story is one of resilience, innovation, and cultural significance. From rejecting buyouts from Kellogg’s, PepsiCo, and Tata Consumer Products to attracting some of the world’s biggest investors, the brand’s journey underscores its billion-dollar potential. For now, all eyes are on Haldiram as it readies itself to make history once again.