Gujarat-based packaged ethnic snacks major Balaji Wafers has entered into a definitive agreement to receive a strategic investment from global growth investor General Atlantic, marking one of the largest minority deals in India’s food and FMCG sector.
While the companies did not disclose financial details, The Economic Times had earlier reported that General Atlantic is set to acquire around 7% stake for ₹2,500 crore, valuing Balaji Wafers at approximately ₹35,000 crore ($4 billion). The transaction is subject to customary regulatory approvals and is expected to close later in 2026.
The partnership is aimed at strengthening Balaji Wafers’ corporate capabilities, accelerating product innovation, and supporting its nationwide expansion plans. Leveraging General Atlantic’s global experience in consumer and food businesses, the company plans to scale beyond its stronghold markets in western India.
“This partnership marks an important milestone in our journey. General Atlantic’s deep understanding of consumer businesses, long-term approach to value creation, and experience in working with founder-led companies align well with our vision,” said Chandubhai Virani, Founder and Chairman of Balaji Wafers.
Founded in 1982 as a small snack supply operation at a Rajkot cinema hall, Balaji Wafers has grown into one of India’s largest salty snack companies. In FY25, the company reported ₹6,500 crore in revenue and nearly ₹1,000 crore in net profit.
Balaji commands around 65% share of the organised salty snacks market in Gujarat, Maharashtra, and Rajasthan across categories such as potato chips, namkeen, and bhujia. Despite its limited geographic footprint, it is the third-largest salty snack brand in India, after Haldiram’s and PepsiCo.
The company attributes its success to a low-cost, high-efficiency operating model focused on value pricing, tight cost controls, and minimal advertising spends—around 4% of revenue, compared with an industry average of 8–12%. It currently operates four manufacturing plants and plans to double capacity to support national expansion.
“We see significant growth potential in India’s packaged snacks market as consumers increasingly seek affordable, convenient, and high-quality food products,” said Shantanu Rastogi, Managing Director and Head of India at General Atlantic.
Balaji Wafers had attracted interest from several strategic and financial investors, including General Mills, PepsiCo, ITC, and private equity firms such as Kedaara, TPG, and Temasek. However, discussions with multiple suitors reportedly fell through earlier due to valuation expectations.