Balaji Wafers, one of India’s largest homegrown snack companies, is set to bring in global private equity major General Atlantic as a strategic investor, marking a defining moment in the Gujarat-based firm’s four-decade journey. The company has signed definitive agreements for the investment, with the transaction expected to be completed later in 2026, subject to regulatory approvals.
While the companies have not officially disclosed financial details, industry sources had earlier indicated that General Atlantic is likely to acquire around a 7 percent stake for approximately ₹2,500 crore. This would value Balaji Wafers at close to ₹35,000 crore, placing it among the most valuable packaged food companies in the country.
The partnership is aimed at strengthening Balaji’s corporate capabilities and accelerating product and market expansion. With General Atlantic’s experience across global food and consumer brands, Balaji plans to scale beyond its traditional strongholds and deepen its national footprint. The company currently dominates the organised salty snacks market in Gujarat, Maharashtra and Rajasthan, where it commands nearly 65 percent share across categories such as potato chips, namkeen and bhujia.
Founded in 1982 by Chandubhai Virani, Balaji Wafers began as a small snack supply business in a Rajkot cinema hall. Today, it has grown into India’s third largest salty snack brand, behind only Haldiram’s and PepsiCo. In the last financial year, the company reported revenues of around ₹6,500 crore and net profits of nearly ₹1,000 crore.
Balaji’s growth has been driven by a tightly controlled, low-cost operating model. The company spends roughly 4 percent of its revenue on advertising, significantly lower than the industry average, allowing it to reinvest in manufacturing and pricing efficiency. It currently operates four manufacturing facilities and plans to double capacity as part of its expansion strategy.
General Atlantic’s India head Shantanu Rastogi said the firm sees strong long-term opportunity in India’s packaged snacks market, driven by demand for affordable and convenient food products. Balaji had previously attracted interest from several global strategics and private equity firms, though valuations remained a key hurdle. With this deal, the company is positioning itself for its next phase of growth on a national scale.
