Balaji Wafers Sells Minority Stake to General Atlantic in Major Deal
In a significant development for India's packaged snacks industry, Balaji Wafers has sold a 7% stake to US-based private equity firm General Atlantic at a valuation of ₹35,000 crore. The deal, announced on Thursday, marks a strategic move by the Rajkot-based snacks manufacturer to professionalize its operations and pave the way for a potential public listing in the coming years.
Strategic Partnership for Growth and Professionalization
Chandubhai Virani, founder and chairman of Balaji Wafers, confirmed the transaction in an interview, stating, "We have sold 7% stake in the company at a valuation of around ₹35,000 crore to General Atlantic." He emphasized that the partnership aims to leverage General Atlantic's experience and global reach to transform the business. "It is generally observed that family-run businesses don't survive unless you professionalize the management. We will be looking to do that over the course of time. Our goal is to take the company public over the next 3-4 years," Virani added.
The fresh funds will be utilized to strengthen key corporate functions, accelerate innovation, and drive expansion plans. Both companies highlighted in a joint statement that General Atlantic's expertise in the food and consumer sectors will be instrumental in scaling operations and enhancing market presence.
Context and Industry Trends
This development follows earlier reports that Balaji Wafers was evaluating a minority deal, with potential valuations ranging between ₹38,000 and ₹40,000 crore. Shantanu Rastogi, managing director and head of India at General Atlantic, commented on the investment, saying, "We see significant growth potential in India's packaged snacks market as households increasingly seek affordable, convenient and high-quality food products."
The move aligns with a broader trend in the Indian consumer goods sector, where companies like Haldiram, Iscon Balaji, Theobroma, and VIP Industries have also sought external capital to fuel growth. Other firms, including HyFun Foods and Ratnadeep Retail, are reportedly in various stages of fundraising, indicating a shift towards professionalization and scaling through private equity investments.
Balaji Wafers: From Humble Beginnings to Global Player
Founded in 1981 by the Virani brothers—Chandubhai, Bhikhubhai, and Kanubhai—Balaji Wafers started as a home-based enterprise and has grown into one of India's largest packaged snack brands. The company offers a diverse product portfolio, including:
- Namkeen
- Western snacks
- Potato wafers
- Noodles
- Chikki
- Papad
- Confectionery
Over the years, Balaji has established a reputation for consistent quality, taste, and availability, supported by investments in automation, supply chain, innovation, and channel partnerships. From its base in Gujarat, the company has expanded across multiple Indian states and now exports products to approximately 25 countries worldwide.
General Atlantic's Investment Portfolio and Expertise
General Atlantic, with about $118 billion in assets under management as of September 2025, operates a diversified investment platform spanning growth equity, credit, climate, and sustainable infrastructure strategies. The firm employs over 900 professionals across 20 countries and has a strong track record in India, with investments in notable companies such as:
- Reliance Retail
- Absolute Barbecue
- PhonePe
- Amagi
- ASG Eye Hospitals
- Acko
Virani expressed confidence in the partnership, noting, "General Atlantic's deep understanding of consumer businesses, track record of working with founder families and long-term approach to value creation, align well with our vision for Balaji Wafers." Intensive Fiscal Services Pvt. Ltd acted as the exclusive advisor to Balaji Wafers in this transaction.
This stake sale underscores the growing interest of global private equity firms in India's regional food brands, following similar deals in the sector. It positions Balaji Wafers for accelerated growth and a potential IPO, reflecting the dynamic evolution of family-run businesses in the competitive snacks market.
