Bhujiya wars heat up: Elon Musk’s Space X investor Alpha Wave battles for a bite of Haldiram’s billion-dollar pie

Global investment powerhouse Alpha Wave Global, known for backing Elon Musk's SpaceX, is reportedly in talks to acquire a 6% stake in Haldiram Snack Foods, Economic Times has reported.

Formerly known as Falcon Edge Capital, the firm operates under the vast financial empire of UAE’s National Security Advisor, Sheikh Tahnoon bin Zayed.

The proposed investment, valued at around ₹5,160 crore, marks the second major equity sale by the Indian snack giant in recent months. Earlier, Singapore-based sovereign wealth fund Temasek finalised a deal to acquire approximately ten percent of Haldiram’s shares for $1 billion, pushing the company’s valuation to nearly $10 billion. If Alpha Wave's investment materialises, the Agarwal family’s total dilution in the company would reach 15 percent, making this one of the largest private equity transactions in India's consumer sector.

Despite the substantial financial commitment, Alpha Wave Global is not expected to secure a seat on Haldiram’s board. Meanwhile, Temasek is likely to claim at least one board position. Alpha Wave, which boasts an extensive global portfolio including Klarna and Lyft, has also been a prominent player in India’s startup ecosystem, with investments in brands like VLCC, Lenskart, Chaayos, and Dream11.

Investor interest in Haldiram’s has intensified over the past year, with multiple high-profile bidders vying for a stake. In addition to Alpha Wave, Blackstone—along with Singapore’s GIC and the Abu Dhabi Investment Authority (ADIA)—had also expressed interest in acquiring a 15-20 percent share. Another consortium led by Bain Capital and Temasek was similarly in the race, but many pulled out following Temasek’s successful bid.

Haldiram’s, a dominant force in India’s snack industry, operates a vast distribution network, with over 100 clearing and forwarding agents, 1,000 distributors, and products available in more than seven million retail outlets. The company has positioned itself as the world’s leading manufacturer and exporter of Indian sweets and snacks.

With India’s snack market valued at ₹42,694 crore as of 2023, the heightened investor interest underscores the sector’s lucrative potential. While neither Alpha Wave nor Haldiram’s has officially commented on the deal, analysts see this as a defining moment for private equity in India’s fast-moving consumer goods space