Madhusudan Agarwal

Madhusudan Agarwal, who was running Delhi-based Haldiram Foods, merged his company with his cousin's Nagpur-based Haldiram Foods International in 2023 to create Haldiram Snacks Food.

A consortium of investors led by Singapore's Temasek, acquired a 20% stake in the merged company in 2025 at an estimated valuation of $10 billion.

Agarwal is the grandson of founder Ganga Bishan Agarwal, who started selling snacks from a tiny shop in Bikaner in Rajasthan in 1937 and went on to create the popular Haldiram brand.

The business was eventually divided among the patriarch's grandsons into three separate companies, operating out of Nagpur, Delhi and Kolkata.