General Atlantic to acquire 7% stake in Balaji Wafers for over ₹2,000 crore

Global private equity major General Atlantic is planning to acquire a minority stake in Balaji Wafers, a move that will strengthen key corporate functions across the Gujarat-based packaged snack company.

The industry insider said the leading global investor is picking up a 7 per cent stake in Balaji Wafers for over Rs 2,000 crore, valuing the company at around Rs 35,000 crore.

Balaji Wafers has entered into a "definitive agreement" with General Atlantic for a strategic investment, according to a joint statement.

With General Atlantic's investment, Balaji Wafers will focus on further strengthening key corporate functions across the company and accelerating innovation. Drawing on General Atlantic's global expertise in the food and consumer sectors, the company plans to accelerate its expansion across India, the statement added.

 

"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," said Chandubhai Virani, Founder & Chairman at Balaji Wafers.

This deal reflects the global investors' hunger for local snack food brands in India.

Last year in March, India's largest packaged snack and sweets company and restaurant operator Haldiram announced a partnership with three strategic investors - Singapore-headquartered global investment firm Temasek, Alpha Wave Global, and International Holding Company (IHC).

Though the details of the deal were not disclosed, industry insiders said it was done at a valuation of USD 10 billion (around Rs 85,000 crore), the largest for the Indian packaged food industry.

"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, and we look forward to partnering with Chandubhai, Keyur and the entire Balaji team as the Company enters its next phase of growth," Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said.

Founded in 1981 by the Virani family, Balaji Wafers has grown from a home-based enterprise into one of India's largest packaged snack brands. Now, Balaji Wafers exports its products to around 25 countries worldwide.

According to an IMARC Group report, the Indian snacks market size reached Rs 46,571.3 crore in 2024. It expects the market to reach Rs 1,01,811.2 crore by 2033, exhibiting a growth rate (CAGR) of 8.63 per cent during 2025-2033.