New Delhi, Dec. 18 -- Snacks maker Haldiram's, which in March raised funding from Singapore state-owned investment firm Temasek, has roped in global consumer-focussed private equity firm L Catterton as another equity investor.

L Catterton's investment comes just a couple of months after it hit the first close of its maiden India-dedicated fund. The PE firm didn't disclose the amount it invested in Haldiram's.

The investment by the Connecticut-headquartered PE firm would help Haldiram's leverage its global consumer sector expertise, operating prowess, and industry network, as well as local talent, insights, and relationships, according to a press release.

L Catterton is the fourth major investor to join Haldiram's cap table this year. In March, Temasek picked up a 10% stake in the snacks maker for $1 billion, valuing the company at $10 billion. A few weeks later, US-based Alpha Wave Global and Abu Dhabi's International Holding Co (IHC) also invested in Haldiram's.

Established in 1937, Haldiram's has become a household name, primarily known for its wide range of snacks, sweets, and ready-to-eat products.

The snacks maker is also expected to benefit from the decades of experience that L Catterton's newly appointed executive chairman of India, Sanjiv Mehta, brings to the table. Mehta was the former chairman, CEO and MD of Hindustan Unilever Ltd.

"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," said Mehta.

L Catterton has significant experience in building brands in the packaged food space across the world. Current and past investments in the space include Cholula Hot Sauce, Farmley, Ferrara Candy Company, Goodles, Kettle Foods, Kodiak, Little Moons, NotCo, Planted, and Plum Organics.

VCCircle reported in September that L Catterton marked the first close of its India-centric investment vehicle with around $200 million (around Rs 1,805 crore). The category II alternative investment vehicle, known as L Catterton India Fund I, has a target of $400 million with an additional greenshoe option of $200 million.

L Catterton will invest in seven to nine companies across sectors such as food and beverage, consumer services including healthcare, retail and restaurants, and consumer brands. Average cheque size will be in the range of $25 million and $150 million. In October, the PE firm had invested in a specialist clinic chain in the healthcare company's first external capital raise.

Published by HT Digital Content Services with permission from VC Circle.