L Catterton – the Louis Vuitton Moët Hennessy backed private equity firm – is strengthening its commitment to India’s branded and healthy snacking sector, betting that the industry is entering a structural growth phase. As demand for healthier, branded snack options accelerates, the investment giant is positioning itself as one of the category’s most aggressive institutional backers.
The company’s India team is led by Executive Chairman Sanjiv Mehta (former chairman & CEO of Hindustan Unilever) along with Growth Stage Investor, Anjana Sasidharan and Head of India at L Catterton, Vikram Kumaraswamy. Over the past 14 months, the firm has steadily built a focused investment portfolio centered on packaged and better-for-you food brands.
Betting Big on Haldiram’s
The company’s investment strategy reflects this conviction, with a focus on businesses that are well positioned to capitalize on changing consumer preferences. This is clear in the recent double deals of investment – the first with Haldiram’s, the famous Indian multinational fast-food restaurant chain and the second being Farmley, healthy snacking brand, best known for its makhanas and dry-fruit products.
Haldiram’s outlets already anchor food courts in malls across Delhi-NCR, Gurgaon, and Noida, including marquee properties like Ambience Mall and DLF Cyber Hub, but what truly sets the F&B and FMCG giant apart from typical packaged-foods companies is that it isn’t just a manufacturer feeding supermarket shelves. It’s also a retail landlord’s dream tenant.
Beyond its sprawling distribution network, Haldiram’s runs its own restaurants and retail outlets in three distinct formats
- – Tiny grab-and-go kiosks tucked into mall food courts and metro stations
- – Mid-sized quick-service counters
- – Full sit-down dining halls for families
What’s noteworthy is that Haldiram’s is also accelerating its expansion plans, with a strategic focus on central and southern India. In a move to speed up its presence in smaller, non-metro markets, it is introducing city-wise franchising for the first time, enabling faster and more localized growth. In other words, Haldiram’s plays two roles at once: a packaged-food brand fighting for shelf space, and an F&B anchor fighting for prime mall real estate.
This dual identity is exactly what makes L Catterton’s capital – paired with Sanjiv Mehta’s decades of FMCG scaling experience – potentially so consequential for how fast the expansion happens.
The Farmley Thesis
Farmley represents another key pillar of L Catterton’s investment thesis. The Noida-based healthy snacking brand, known for its makhana, nuts, and dry-fruit offerings, secured a Series C funding round led by the private equity firm in mid-2025.
While digital channels continue to fuel growth, Farmley’s strategy is increasingly centered on strengthening its offline presence. The fresh capital will be used to expand shelf space across general trade and modern retail, building on the brand’s strong foothold in large-format retail chains, particularly in South India.
The move underscores a broader shift in India’s healthy snacking market, where brands that once relied heavily on e-commerce and quick commerce are now competing for premium in-store visibility alongside established FMCG players.
More importantly for India’s food retail sector, L Catterton’s moves signal that global private capital. India’s snacking market is rapidly evolving from indulgence-driven, commodity products to branded, health-focused, and premium offerings, creating a significant opportunity for early investors.
Beyond investing in brands, the private equity firm is also backing the retail ecosystems that support their growth, recognizing that physical retail remains a critical driver of brand visibility, consumer engagement, and market expansion.
With India’s healthy snacking market projected to reach nearly $8.5 billion by 2031, growing at an annual rate of ~14%, the sector is poised for sustained investment and consolidation.
As L Catterton deploys the remaining capital from its first India fund over the next 18 months, competition is expected to intensify – not only for category leadership but also for valuable shelf space across modern retail, supermarkets, and other offline channels.
