US-based private equity firm General Atlantic is close to finalizing a ₹2,500 crore investment for a 7% stake in Balaji Wafers, valuing the Gujarat-headquartered snack maker at around ₹35,000 crore. The transaction, once complete, will mark one of the biggest private investments in India’s regional packaged foods space this year.
Balaji Wafers founder and managing director, Chandu Virani, confirmed that talks are in the final leg and that a formal announcement is expected soon. “It’s a done deal from our side,” Virani said, adding that the move is driven by the next generation’s ambition to bring in strategic capital and scale operations nationally.
The investment will give General Atlantic a foothold in India’s fast-growing savory snacks market, where Balaji commands nearly 65% share across Gujarat, Maharashtra, and Rajasthan in categories like chips, namkeen, and bhujia. Despite its stronghold being largely regional, Balaji ranks third in India’s overall salty snack segment, behind Haldiram’s and PepsiCo.
Founded in 1982 by Virani, who started out selling sandwiches and snacks at a Rajkot cinema, Balaji Wafers has built its business on a high-efficiency, low-cost model. The company generated ₹6,500 crore in revenue last fiscal year, with profits nearing ₹1,000 crore. Its lean approach—spending just 4% of revenue on advertising compared to the industry’s 8-12% average—has enabled consistent reinvestment in production and pricing control.
Balaji currently operates four large manufacturing units and plans to double capacity as it eyes broader national expansion.
The deal also highlights surging investor interest in regional consumer brands. Earlier this year, Haldiram’s sold a 10% stake to Temasek, Alpha Wave Global, and Abu Dhabi’s IHC at a valuation of over $10 billion. With evolving consumer preferences and quick-commerce reach, homegrown brands like Balaji are now rewriting the rules of India’s snack market.
