L Catterton enters strategic partnership with Haldiram Snacks Food
The deal involves L Catterton taking a stake in Haldiram’s for an undisclosed sum to accelerate the brand’s domestic growth and international expansion.
INDIA – Global private equity powerhouse L Catterton has made a strategic minority investment in Haldiram’s, the iconic Indian snacks giant renowned for namkeens, sweets, and ready-to-eat products, valuing the company at approximately US$10 billion.
Announced in mid-December 2025, this partnership follows a high-profile US$1.5 billion infusion from Temasek, UAE’s IHC, and Alpha Wave Global earlier that year, which secured over 10% stake and solidified Haldiram’s as India’s most prominent ethnic snacks player amid booming packaged food demand.
The strategic partnership aims to fortify Haldiram’s market leadership in the country and accelerate its international expansion, leveraging its robust fundamentals, brand equity, and growth potential.
L Catterton’s move from its US$400 million India-dedicated fund aims to accelerate Haldiram’s domestic dominance and global footprint, leveraging the firm’s consumer expertise backed by LVMH and Bernard Arnault.
Haldiram’s, founded in 1937 in Bikaner, commands a portfolio spanning bhujia, aloo bhujia, and modern innovations like protein-enriched snacks, with annual revenues exceeding ₹10,000 crore (US$1.108B) across 500+ stores and exports to 120 countries.
The investment fuels ambitions for an IPO, enhanced supply chains, new product development, and expansions into the US, Middle East, and Europe, where Indian diaspora and fusion snacking trends drive growth.
Sanjiv Mehta, L Catterton India Chairman and ex-HUL CEO, hailed Haldiram’s as a “legendary brand with global potential,” pledging support in brand elevation, distribution optimization, and talent acquisition to rival multinationals like PepsiCo in the US$15 billion Indian snacks market.
This deal intensifies investor fervor in India’s FMCG sector, mirroring ChrysCapital’s bakery acquisition of Theobroma and General Atlantic’s pursuit of Balaji Wafers, fueled by rising middle-class consumption and e-commerce penetration post-2025 economic rebound.
L Catterton, with prior bets on Farmley and Drools, broadens its subcontinent portfolio, drawing parallels to Ghost’s Lucky Charms protein cereal and tying into global protein snack surges.
For L Catterton, the deal means broadening its footprint in the Indian consumer market, where there is steep competition from other investors.
L Catterton also recently invested in another Indian snacks business, leading a US$42m funding round in Farmley in May.
It also acquired a minority stake in the Indian pet-food business Drools Pet Food Private in 2023.
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