For years, India’s startup story was dominated by apps, fintech platforms, and SaaS companies chasing scale and valuations. Investors from around the world poured billions into digital-first ideas while traditional Indian consumer brands were largely overlooked. Quietly, a very different kind of business kept growing in kitchens, factories, and kirana stores across the country. That business was Haldiram’s.
Founded as a small bhujia shop in 1937, Haldiram’s built its empire the slow way. It focused on taste, consistency, distribution, and trust. Without flashy pitches or venture funding, it became a household name across India and a familiar sight in Indian stores abroad. This year, global capital finally took notice.
Temasek led the shift with a 9 percent stake investment valued at roughly ₹8,000 crore. Alpha Wave Global and Abu Dhabi based IHC followed soon after. Together, these deals pegged Haldiram’s valuation at around $10 billion, placing it among India’s most valuable consumer companies. The latest and most significant entry came from L Catterton.
L Catterton is not just another private equity fund. Backed by LVMH and Bernard Arnault, the firm has built and scaled some of the world’s strongest consumer brands. From luxury fashion houses to everyday food products like Cholula Hot Sauce and Kettle Chips, its playbook is about taking local favorites and turning them into global names.
For Haldiram’s, this partnership signals a new phase. Expect sharper brand storytelling, stronger global distribution, new product formats, and professional leadership depth. With Sanjiv Mehta, former HUL chairman, guiding India operations, execution will matter as much as ambition.
This moment is bigger than one company. It marks a shift in how global investors view Indian consumption. Legacy brands with deep roots, loyal customers, and proven profitability are no longer invisible. Sometimes, the smartest bet is not on the newest idea, but on the one that has worked for nearly a century.
