(Reuters) – Indian snack company Haldiram’s said on Monday that two new investors, Alpha Wave Global and International Holding Co (IHC), were part of its ongoing equity financing round, weeks after Singapore’s Temasek picked up a 10% stake for about $1 billion.
Financial terms of the deal were not disclosed.
Haldiram’s, which is valued at $10 billion following Temasek’s stake, will expand its operations in markets such as the United States and the Middle East with the investments.
“The partnership represents patient capital and long-term support to Haldirams’ growth plans,” a company spokesperson said.
Haldiram’s, which was started in 1937 from a tiny shop in the western state of Rajasthan, is estimated by Euromonitor International to hold a near 13% share of India’s $6.2 billion savory snacks market.
Its snacks business has proved a tempting asset for many foreign investors.
One of Haldiram’s most popular snacks is “bhujia”, a crispy fried Indian snack made with flour, herbs and spices and sold for as little as 10 rupees (12 U.S. cents) in mom-and-pop stores.
The transaction, subject to customary regulatory approvals, is expected to close soon, according to the statement.
New York-based Alpha Wave’s investments include companies such as Elon Musk’s SpaceX and influencer MrBeast’s snacks venture Feastables. UAE-based IHC has investments in sectors ranging from finance to agriculture.
PwC’s investment banking team acted as the financial adviser on the deal.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Anil D’Silva)
