Haldiram's Eyes Global Snack Dominance with L Catterton Deal

MUMBAI, India – December 18, 2025 – Haldiram's, the undisputed leader of India's ethnic snack market, has entered a landmark strategic partnership with L Catterton, a leading global consumer-focused investment firm. The deal, announced Wednesday, will see L Catterton invest in the iconic food company to supercharge its international expansion and solidify its formidable position within the booming Indian market.

This collaboration marks a pivotal moment for the 88-year-old brand, which has grown from a small shop in Bikaner to a multinational food giant with revenues exceeding ₹14,000 crore (approximately $1.7 billion). By joining forces with L Catterton, a firm managing approximately $39 billion in equity capital, Haldiram's is signaling a clear ambition: to transform a beloved Indian name into a global household brand.

The 'India for the World' Blueprint

The partnership is designed to be more than a simple capital injection. Haldiram's is set to tap into L Catterton's extensive global network and operational prowess, honed over nearly four decades of investing in and scaling over 300 consumer brands. The strategy aims to unlock significant value through a multi-pronged approach encompassing brand building, new product development, supply chain optimization, and aggressive geographic expansion.

Leading the charge for L Catterton in India is Sanjiv Mehta, the firm's Executive Chairman for the country and the former celebrated Chairman and CEO of Hindustan Unilever Limited (HUL). Mehta's deep experience in steering India's largest consumer company is seen as a critical asset for realizing Haldiram's global potential.

"Haldiram's is an iconic Indian brand that resonates across the country as the undisputed leader in the ethnic snacks category and has significant potential to become a global brand in the packaged snacks space," Mr. Mehta commented in the official announcement. "We are delighted to back Haldiram's and drive further growth in India's evolving and flourishing consumer market, as well as galvanise its internationalisation."

L Catterton's track record in the packaged food sector, which includes successful investments in brands like Cholula Hot Sauce, Kettle Foods, and Ferrara Candy Company, provides a proven playbook. The challenge will be to adapt the authentic, traditional flavors that define Haldiram's for a diverse global palate without diluting the brand's core identity. While the company already exports to over 80 countries, its success has largely been concentrated within the Indian diaspora. This new partnership aims to break into mainstream consumer markets in North America, Europe, and beyond.

A Bet on the Booming Indian Consumer

While global expansion is a key objective, the deal is also a powerful endorsement of the Indian domestic market's immense potential. India's snack market, valued at over ₹46,000 crore in 2024, is on a explosive growth trajectory, with projections suggesting it could surpass ₹1 trillion by 2033. This growth is fueled by rising disposable incomes, rapid urbanization, and a marked consumer shift from unorganized, local vendors to trusted, packaged brands.

Haldiram's is exceptionally well-positioned to capitalize on this trend. The company commands an estimated 21% of the total Indian snack food market, having notably surpassed multinational giant PepsiCo in sales. In its core segment of traditional savory snacks, or namkeen, its dominance is even more pronounced, with a market share exceeding 40%. The company's financial health is robust, with impressive revenue growth averaging 15% annually over the last five years and operating profitability margins expected to sustain around 18-19%, buoyed by normalizing raw material costs.

This combination of market leadership, strong brand loyalty, and consistent financial performance makes established Indian companies like Haldiram's a prime target for global private equity firms. The investment is part of a broader trend of foreign capital flowing into India's consumer sector, seeking to back domestic champions with the potential for scalable growth.

Forging a Modern Legacy

Beyond market expansion, the partnership is expected to trigger a significant internal transformation at Haldiram's. The infusion of L Catterton's operational expertise, guided by Sanjiv Mehta's strategic vision, aims to modernize the legacy brand's operations from the ground up. Mehta's tenure at HUL was defined by successful initiatives in premiumization, digital transformation, and building one of the most efficient supply chains in the country.

This experience is directly applicable to Haldiram's. Potential areas for enhancement include leveraging data analytics for new product development, perhaps introducing healthier snack variants to cater to growing wellness trends, and optimizing its vast distribution network, which already spans over seven million outlets. Modernizing its supply chain could further improve efficiency and bolster the company's impressive profit margins.

The collaboration will also focus on talent development, ensuring the organization has the leadership and skills required to navigate the complexities of both a rapidly evolving domestic market and a competitive global landscape. This focus on operational excellence could set a new benchmark for traditional Indian family-run businesses looking to professionalize and scale.

Reshaping the Competitive Snack Aisle

The strategic alliance is set to send ripples across the highly competitive Indian snack industry. With fresh capital and world-class operational guidance, Haldiram's is poised to become an even more formidable competitor to rivals like ITC's Bingo, Bikaji Foods, and Balaji Wafers. The move could accelerate consolidation in the fragmented market, where thousands of smaller, regional players still hold a significant share.

The partnership validates Haldiram's premium standing in the market, further evidenced by its recent $10 billion valuation in other investment discussions. By leveraging L Catterton's global expertise, Haldiram's can strengthen its core advantages—authentic taste and deep-rooted brand trust—while simultaneously innovating its product portfolio and distribution strategies. This dual focus on tradition and modernization will likely intensify the battle for shelf space and consumer loyalty, not just in India, but increasingly, across the world.