Vixar’s acquisition of a 45 percent stake in Belgian Waffle Co marks one of the most significant transactions in India’s quick service restaurant space this year. The deal values the dessert focused brand at ₹1,700 crore and brings together long term institutional capital and a consumer brand that has quietly built scale across the country.
Along with Vixar, the round also sees participation from Vallabh Bhansali and HDFC AMC, underlining strong confidence in Belgian Waffle Co’s business fundamentals and growth visibility. From a niche waffle startup, the brand has evolved into a nationwide QSR player with hundreds of outlets across malls, high streets and transit locations. Its focus on affordability, consistency and compact store formats has helped it expand rapidly without burning excessive capital.
The ₹1,700 crore valuation reflects more than just store count. Belgian Waffle Co has benefited from high repeat consumption, strong unit economics and a menu that travels well across formats including dine in, takeaway and delivery. Desserts as a category have also seen steady demand even during periods when discretionary spending has softened.
For Vixar, the investment signals a clear bet on scalable Indian food brands with strong operational discipline. With fresh capital and experienced investors on board, Belgian Waffle Co is expected to accelerate expansion, deepen its presence in smaller cities and potentially diversify formats while keeping its core product intact.
This transaction also highlights a broader trend in Indian food services where established QSR brands are attracting late stage capital at meaningful valuations. As competition intensifies and consumer preferences evolve, deals like this reinforce the value of brands that combine simplicity, speed and consistency. Belgian Waffle Co now enters its next phase with both scale and strong financial backing firmly in place.
