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.

The post Capital Meets Consumption: L Catterton’s Big Bet on India’s Snacking Market appeared first on Business of Food.

With the partnership, Haldiram’s will be able to tap into L Catterton’s global consumer sector expertise, operating prowess, and industry network, as well as local talent, insights, and relationships. This positions Haldiram’s to benefit from L Catterton’s vast capabilities, including that of the firm’s Executive Chairman of India Sanjiv Mehta, the former Chairman / CEO and Managing Director of Hindustan Unilever Limited.

Leveraging L Catterton’s sector mastery honed over investing in and growing consumer businesses for almost four decades, as well as Mr Mehta’s experience managing India’s largest consumer company and other leadership roles across various Unilever businesses over 25 years, Haldiram’s will endeavour to foster a global ‘India for the World’ brand. This will involve unlocking further value via a comprehensive range of initiatives in areas such as brand building, new product development, supply chain and distribution optimisation, geographic expansion, as well as talent development.

Mr Mehta commented, “Haldiram’s is an iconic Indian brand that resonates across the country as the undisputed leader in the ethnic snacks category and has significant potential to become a global brand in the packaged snacks space. 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.”

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.

The post Haldiram’s enters strategic partnership with L Catterton appeared first on Business of Food.

The dried fruits and nuts segment of India’s healthy snacking market is expected to expand by around 14% annually over the next six years to cross $8.5 billion by 2031 on the back on secular tailwinds. These include consumers’ increasing propensity to swap unhealthy snacks for healthier ones, as well as eat these snacks not only when they feel peckish, but also to meet other needs such as post-workout nourishment and small meal replacement. Consumers are also increasingly opting for branded snacks that offer consistent quality via organized sales channels with better hygiene standards than unorganized ones, just like they have in other packaged food categories.

Farmley has become the fastest-growing brand in its category by offering a diverse portfolio of wholesome, better-for-you snacks via its omnichannel distribution network. Seeking to redefine the future of healthy snacking through innovative products, the company crafts indulgent yet guilt-free snacks based on the goodness of dried fruits and nuts. These include India’s widest range of flavoured makhanas, as well as trail mixes, date bites, and seeds which have garnered market-leading advocacy rates.

Underscoring Farmley’s growing appeal, its revenue has risen by approximately 55% annually over the past two years to reach around Rs. 370 crore in FY25. Significantly, the company has generated such momentum while also achieving profitability, attesting to its financial discipline. Moreover, its unique farm-to-palm model empowers farmers, promotes sustainable practices, and delivers exceptional quality to its customers.

Commenting on the investment, Farmley Co-Founders Akash Sharma and Abhishek Agarwal said, “We are committed to reimagining snacking for the modern Indian consumer, transforming what was once considered mere convenience food into a wholesome delightful experience. We are thrilled to partner with L Catterton as its differentiated combination of global and local insights into our industry, as well as proven operating capabilities will be instrumental as we continue revolutionizing the healthy snacking landscape in India. Our roadmap includes penetrating untapped regional markets, developing cutting-edge product formulations that blend nutrition with exceptional taste, and leveraging advanced food technology to create snacks that truly nourish both the body and the palate.”

L Catterton Partner and Head of India Anjana Sasidharan added, “Farmley has been able to astutely capitalise on long-term consumer trends with its better-for-you positioning and high-quality products which resonate with customers. Its robust dried fruit and nut sourcing capabilities, prolific new product development engine, and strategic partner status across key sales channels have been vital drivers of the company’s growth in its category. We are excited to collaborate with the talented team at Farmley to further realise the company’s potential by drawing on our experience in building multiple food brands across the world.”

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

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