General Atlantic to Acquire 7% Stake in Balaji Wafers in ₹2,500 Crore Deal

Global growth equity firm General Atlantic has signed a definitive agreement to acquire a 7% minority stake in Gujarat-based snack maker Balaji Wafers for ₹2,500 crore, valuing the company at around ₹35,000 crore.

The transaction marks the first equity dilution by the promoter Virani family since Balaji was founded in 1982, and signals a major institutional vote of confidence in the company’s ambitions to expand beyond its western India stronghold into a pan-India packaged snacks platform.

“This partnership marks an important milestone,” Balaji Wafers Founder and Chairman Chandubhai Virani said, adding that the company intends to remain founder-led while scaling national distribution and manufacturing.

General Atlantic said the investment will support Balaji’s next phase of growth, including strengthening corporate functions and accelerating product innovation.

Scaling up manufacturing and national presence

Balaji Wafers has built a strong reputation as a value-for-money player in the Indian snacks market. The company plans to use the investment to expand capacity and broaden its footprint across India.

According to media reports, Balaji generated around ₹6,500 crore in annual revenue in the last fiscal year and close to ₹1,000 crore in net profit, driven by high volumes, lean distribution economics and limited reliance on heavy advertising.

Balaji Whole-time Director Keyur Virani said the company aims to scale operations significantly while retaining its low-overhead model.

General Atlantic: strong headroom in India’s packaged snacks

Shantanu Rastogi, Managing Director and Head of India at General Atlantic, called Balaji a “true Indian success story” and said the packaged snacks market offers significant long-term growth potential as consumers seek affordable, convenient and high-quality options.

The deal was advised by Intensive Fiscal Services Pvt. Ltd., and is subject to customary approvals. The transaction is expected to close later in 2026, the company said.

Why This Matters

1. One of India’s biggest regional FMCG brands is now going institutional for national scale
2. Private equity is aggressively targeting India’s packaged snacks boom
3. This is a strong signal for future IPO readiness in Indian consumer brands

Summary

General Atlantic will acquire a 7% stake in Balaji Wafers for ₹2,500 crore, valuing the snack maker at around ₹35,000 crore. The transaction marks the company’s first promoter dilution since 1982 and is expected to help Balaji expand manufacturing capacity and build a national distribution platform, with a possible IPO likely in the medium term.

FAQs

Q1: What is the valuation in the deal?

Balaji Wafers is valued at about ₹35,000 crore. 

Q2: How much is General Atlantic investing and for what stake?

General Atlantic is investing ₹2,500 crore for 7%. 

Q3: Who advised the deal?

Intensive Fiscal Services Pvt. Ltd. acted as Balaji’s exclusive advisor. 

Q4: What will the funds be used for?

To strengthen corporate functions, accelerate innovation and support expanded capacity and pan-India growth. 

Q5: Will Balaji sell more stake?

Promoters have indicated they prefer an IPO as the next milestone rather than further private stake sales.