Vixar, formerly known as Arpwood Partners, has acquired a significant minority stake of about 45 per cent in homegrown dessert and waffle chain The Belgian Waffle Co for around ₹770 crore, according to people familiar with the matter. The transaction values the company at approximately ₹1,700 crore.
The deal, signed over the weekend, also saw participation from veteran investor Vallabh Bhansali and HDFC Asset Management Company. Together, the investment consortium will emerge as the controlling shareholder, holding the single largest block in the company.
The transaction is largely secondary in nature, with existing private equity investor Marathon Edge, managing director and CEO Ankit Patel, and cofounders Shrey Aggarwal and Alisha Shirodkar partially diluting their stakes. Following the deal, Marathon Edge is expected to retain a 12–15 per cent holding, while the remaining shares will be held by Patel and the founders.
Founded in 2015, The Belgian Waffle Co has grown into India’s largest western dessert-focused quick service restaurant (QSR) chain, operating around 700 outlets across 250 cities. The brand, which pioneered the waffle category in India, has expanded its portfolio to include pancakes as well as ready-to-eat and easy-to-make products such as waffle crisps, spreads, and pancake and waffle premixes sold through both online and offline channels.
The company reported revenue of ₹450 crore and EBITDA of ₹62 crore in FY25. EBITDA is expected to rise to about ₹80 crore in FY26, supported by continued expansion across formats and geographies.
Belgian Waffle operates a mix of company-owned and franchise-led outlets, spanning cafés, kiosks and takeaway formats, and also sells through food delivery platforms such as Swiggy and Zomato.
Vixar was founded by former Carlyle executives Rajeev Gupta, Manoj Dengle and Amol Jain. Its investment portfolio includes Sterling Hospitals, SBFC Finance, Daignostix Services, Servion Wind Energy and affordable housing finance firm Sitara. Since 2015, the firm has invested around ₹5,500 crore across more than seven family-owned businesses in India.
Lodha Capital Markets acted as advisor to The Belgian Waffle Co on the transaction. Neither Belgian Waffle nor Vixar commented on the development.
The deal comes amid increased deal-making in India’s food services sector, as QSR and café chains seek capital to expand amid rising demand from tier-2 and tier-3 cities and growing penetration of food delivery platforms.