Anyone can be easily amazed while being weighed in on one of India’s biggest food industry deals. Reacting to Singaporean investment firm Temaseks acquisition of a stake in Haldiram Snacks Foods, even Anupam Mittal, entrepreneur and Shark Tank India judge, took to X with a witty remark: “Ek Laakh Crore ki bhujiya? Kamaal hai India.”

Ek laakh crki bhujiya? Kamaal hai

— Anupam Mittal (@AnupamMittal) March 13, 2025

His comment alludes to Haldirams reported valuation of $10 billion a staggering figure that underscores the growing global appetite for Indias fast-moving consumer goods (FMCG) sector. In 1919, Haldiram started working in his father’s small shop, which immediately became successful.The unique taste and texture of his Moth ke Ate ki Bhujia impressed the people of Bikaner so much that the foundations of two such companies were laid, which would one day generate a combined revenue of around Rs 9,000 crore.

The journey from Bikaner began in 1937, whena man Ganga Vishan Agarwallaid the foundation of Haldiram. Bhujia and Namkeen were being sold in the small shop. Vishan Aggarwal’s mother used to call him out of love Haldi Ram, so he named his namkeen as ‘Haldiram’. And he learned the art of making namkeen and bhujia from his aunt ‘Bikhi Bai’.

The total net worth of the Agarwal family is staggering – the Haldiram brand alone is more than Rs 7,000 crore.

Haldiram’s Nationwide Expansion

The brands nationwide journey began in the mid-20th century when Haldiram, along with his sons, opened Haldiram Bhujiawala in Kolkata. While the signature thin Bhujia remained the masterpiece, Haldiram expanded its offerings to include a wide variety of snacks, sweets, namkeens, and ready-to-eat items, cementing its place as a household favorite across the country. From Ganga Bishan to his sons, and then to his grandsons, the family has expanded the business across India. In 1980, the family had migrated to Nagpur, and in 1984, the brand made its presence in Delhi.

The notable part about the Haldiram snacks is that each branch of the family contained the regions unique taste, which helped them to dominate the entire food industry.

Temaseks investment in Haldirams, finalized on March 11, is a significant milestone for India’s packaged food industry. Securing a 9-10% minority stake, Temasek outbid several global firms, signaling rising international interest in Indias consumer market.

This deal is one of the largest foreign investments in Indias FMCG sector, reflecting confidence in the countrys booming food and retail space. With rising disposable incomes and shifting consumption patterns, India has become a hotspot for global investors looking to tap into its expanding middle-class market.

The Haldirams stake is part of Temaseks larger investment strategy in India. The Singaporean investment giant already has a $37 billion exposure in the country as of March 2024 and plans to invest another $10 billion over the next three years.

Some of its notable Indian investments include:

• Manipal Health A 51% stake after a $2 billion investment.
• Rebel Foods Led a $210 million funding round in 2024, valuing the company at $1.4 billion.

With this move, Temasek is now expanding into India’s packaged food sector, diversifying beyond healthcare and food tech investments.

While Temasek has secured its position, reports suggest private equity giants Blackstone and Alpha Wave Global are in talks for an additional 5% stake in Haldirams. If finalized, this could bring in even more foreign capital into the Indian FMCG space.

Haldiram, one of India’s most recognized snack brands, has drawn global attention with its traditional sweets and packaged foods. A valuation of $10 billion underscores the strength and potential of India’s FMCG sector, which continues to attract major international players.