General Atlantic backs Balaji Wafers amid sustained PE interest in consumer space
General Atlantic’s bet on Balaji Wafers signals a maturing PE market for Indian heritage brands. With valuations soaring, global funds are aggressively backing regional snack leaders to drive national scale.
Gujarat-based snacking brand Balaji Wafers on Thursday said it has entered into a definitive agreement to receive strategic investment from General Atlantic for an undisclosed value.
According to older media reports, Balaji owners were looking to dilute 10 to 15% stake at 10 times EBITDA. The company's valuation is around $3.5-4 billion, but the promoters are expecting around $5 billion in valuation.
The deal comes amid larger interest in Indian family owned businesses particularly from global private equity players. In March last year, Singapore-based Temasek acquired 10% stake in Haldiram for Rs 8,500 crore, valuing the business at Rs 85,000 crore. Following this, Haldiram also secured funds from L Catterton and Alpha Wave Global and Abu Dhabi's International Holding Co.
In mid 2025, ChrysCapital acquired a 90% stake in bakery chain Theobroma for Rs 2,410 Crore. Following this, Vixar Partners led a consortium in December 2025 to pick up a 45% stake in The Belgian Waffle Co for Rs 770 Crore, valuing the dessert giant at ~Rs 1,700 Crore.
"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,” shared Keyur Virani, Whole-time Director
The company was founded by by Virani brothers–Chandubhai, Kanubhai, and Bhikhubhai–who started by selling prepackaged snacks at a cinema canteen in the 1970s. Today, it has over 65 product SKUs and nearly 1,300 dealers. It offers a diverse portfolio across Namkeen, Western snacks, potato wafers, noodles, chikki, papad, and confectionery products. It also exports its products to around 25 countries worldwide.
“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, and we look forward to partnering with Chandubhai, Keyur and the entire Balaji team as the Company enters its next phase of growth," shared Shantanu Rastogi, Managing Director and Head of India at General Atlantic in a press note.