So, somewhere in Noida, chickpea flour, gram flour and some Indian spices are kneaded into a dough, pushed through a sieve and deep-fried. That’s sweet and homely. Comforting, even. Who knew something, like this, might be seen as in the same category as what’s deemed to be the world’s most dominant SpaceTech company?
In super-late-March 2025, it was reported that Alpha Wave Global and IHC (International Holding Company) are said to be Haldiram’s two new investors. The exact deal size isn’t exactly out there, but it’s suggested that it could be around ₹6000 crores, which is said to value the company at a tad bit higher than ₹85,000 crores. It’s said that Alpha Wave might have acquired 6%. Prior to this, it was reported that Haldiram’s had sold roughly 10% to Temasek for roughly ₹8000 crores.
And with that, Haldiram’s is said to have raised around ₹14,000 crores by selling 15% of its company. That’s a lot of bhujia.
What else is interesting about this? Alpha Wave Global and the IHC? They’re, also, investors in Elon Musk-founded SpaceX. What a crossover. Bet you didn’t expect that in 2025.
Of course, connecting Haldiram’s to SpaceX might feel like a stretch just because they share an investor or two. But, it sure does make for a compelling headline.
To oversimplify it and prima facie, Haldiram’s is just a snacks company. But, the way it’s got a hold over India culturally is super interesting. In 2014, it was said to have ranked #55 on a list of brands Indians trust. Plus, the distribution muscle is pretty well-defined with more than 150 retail outlets in India and overseas. It’s as Walter White said, “We’re in the empire-building business”. And Haldiram’s seems to have built a consumer distribution empire.
Could simple snacking be considered the most relatable, universal and profitable category? Yes to the first two, not always to the third. But, since it’s heavy on the repeat-purchase element, there’s something powerful there.
Maybe, there’s some metaphor to make about how Haldiram’s might have hit the arteries of consumer behaviour in a price-sensitive market, like India. Which may be which Alpha Wave and the IHC might like to have had a piece of Haldiram’s: it might be like a window into the soul of India’s consumption story.
That may be why Alpha Wave and the IHC might have ogled at Haldiram’s in the first place: scale – check, story – check and soul – yeah, check, it seems like. Plus, legacy loyalty isn’t a shabby thing to have.
It’s interesting looking at both SpaceX and Haldiram’s at the same time. SpaceX is considerably more of a high-risk and high-reward bet. Haldiram’s, on the other hand, might be seen as cash-flow healthy. Plus, it may not require the kind of tech that SpaceX needs to thrive. Good thing in 2025?
But, at the same time, are we doing that thing where we undervalue ourselves in front of others even when we have real potential? Could it be that even Haldiram’s might be valued less than its peers in the West or those in the packaged foods space? The Haldiram’s story might just be getting out there to global capital. That’s not to say Haldiram’s isn’t in countries outside of India – it is.
It’s interesting: could Haldiram’s operate the way SpaceX does? Does it have the luxury of being profligate and spending a whole lot of money? Maybe, Haldiram’s has got to be right and be right cheaply, not have the freedom to fail, tinker and experiment the way SpaceX might. To be fair, SpaceX might also cut cumbersome processes mercilessly and search for efficiency.
Could one even say Haldiram’s has built a hyper-efficient system even better than SpaceX has? Figured out a way to be super agile? To be fair, Haldiram’s has a few years on SpaceX, decades even. Maybe, there’s a sense that to be agile, one may have to be decentralized and would have to divorce from process. But, maybe, not necessarily.
Maybe, why Haldiram’s is interesting is because it’s not s*xy. SpaceX has the word “space” in it and the letter “X”. It’s SpaceTech. It’s cool and futuristic. But, as they say, an uns*xy domain might have invisible innovation and be underappreciated. The innovation might be there, but it’s not the photogenic kind. Maybe, not all innovation is cinematic.
There’s no face or figurehead that Haldiram’s has. Elon’s pretty prominent as the face of SpaceX , which might mean any negative goodwill might affect SpaceX too. It seems to be already affecting Tesla.
Or maybe, Haldiram’s might make SpaceX ask the important question: “How can I become a 100-year-brand?”
But, at the same time, maybe, Haldiram’s might learn a thing or two, too, from SpaceX about relentless obsession and questioning every assumption. There might be incremental changes at Haldiram’s, but not the big crazy outlandish changes that SpaceX might be synonymous with. To be fair, that could be a stretch of an argument.
What’s the next of unusual bedfellows going to look like? And what’s going to add spice to that mix?
