General Atlantic enters a definitive pact to acquire stake in Balaji Wafers
General Atlantic has agreed to acquire a minority stake in Balaji Wafers, backing the homegrown snack maker's next phase of innovation and expansion across India
 "General Atlantic enters a definitive pact to acquire stake in Balaji Wafers")
Investment firm General Atlantic said on Thursday that it has entered a “definitive agreement” to acquire a stake in Balaji Wafers, an Indian snack maker. The deal value was not disclosed but according to a source, Balaji Wafers has agreed to sell a 7 per cent stake for Rs 2,050 crore.
General Atlantic’s investment will enable Balaji Wafers to focus on strengthening corporate functions and innovation, said a press statement. Drawing on General Atlantic’s global expertise in the food and consumer sectors, Balaji plans to expand in India.
The Virani family founded Balaji Wafers as a home enterprise in 1981 in Gujarat. The company has grown to be one of India’s largest packaged snack brands and an exporter to around 25 countries.
Intensive Fiscal Services acted as the exclusive adviser to Balaji Wafers. The transaction is subject to regulatory approvals and is expected to close later in 2026.
Chandubhai Virani, founder and chairman of Balaji Wafers, said: “This partnership marks an important milestone in our journey. General Atlantic’s deep understanding of consumer businesses, record of working with founder families and long-term approach to value creation align well with our vision for Balaji Wafers.”
Keyur Virani, whole-time director of Balaji Wafers, said: “General Atlantic’s investment will support our efforts to establish and operate world-class facilities, invest in innovation and build a professional team to help drive the next phase of growth for the company. We are excited to extend our footprint across India while staying true to the quality and taste that our consumers trust.”
Shantanu Rastogi, managing director and head of India at General Atlantic, said: “Balaji Wafers is a true Indian success story. The company has modernised its production capabilities while preserving the flavour and quality that its consumers have grown to love. We see significant growth potential in India’s packaged snacks market as households increasingly seek affordable, convenient and high-quality food products. Balaji Wafers is well positioned to capitalise on this opportunity.”