NewsOrders & DealsGeneral Atlantic Acquires Stake in Gujarat-Based Balaji Wafers for Undisclosed SumGeneral Atlantic Acquires Stake in Gujarat-Based Balaji Wafers for Undisclosed Sum
US private equity firm General Atlantic has acquired a stake in Gujarat-based Balaji Wafers for an undisclosed amount to strengthen corporate functions and accelerate innovation. The investment values the snacking brand between ₹38,000-40,000 crore according to earlier reports. Founded in 1981, Balaji has grown from a home-based enterprise to one of India's largest packaged snack brands, exporting to around 25 countries worldwide.
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US-based private equity firm General Atlantic has acquired a stake in Gujarat-based snacking brand Balaji Wafers for an undisclosed amount, the companies announced on Thursday. The investment aims to strengthen key corporate functions, accelerate innovation, and leverage General Atlantic's expertise in the food and consumer sectors to drive expansion plans.
Investment Details and Market Context
While financial terms remain undisclosed, earlier reports indicated that Balaji Wafers was evaluating a minority deal that would value the company between ₹38,000-40,000 crore. The investment comes amid growing interest in India's packaged snacks market as households increasingly seek affordable, convenient, and high-quality food products.
| Investment Parameter | Details |
|---|---|
| Investor | General Atlantic (US-based PE firm) |
| Target Company | Balaji Wafers (Gujarat-based) |
| Deal Type | Minority stake acquisition |
| Financial Terms | Undisclosed |
| Reported Valuation Range | ₹38,000-40,000 crore |
| Advisor | Intensive Fiscal Services Pvt. Ltd |
"We see significant growth potential in India's packaged snacks market as households increasingly seek affordable, convenient and high-quality food products," said Shantanu Rastogi, managing director and head of India at General Atlantic.
About Balaji Wafers
Founded by the Virani brothers—Chandubhai, Bhikhubhai and Kanubhai in 1981—Balaji has transformed from a home-based enterprise into one of India's largest packaged snack brands. The company has established consistent high-quality standards, taste, and availability through continuous investment in automation, supply chain, innovation, and its people and channel partners.
| Company Highlights | Details |
|---|---|
| Founded | 1981 |
| Founders | Virani brothers (Chandubhai, Bhikhubhai, Kanubhai) |
| Current Chairman | Chandubhai Virani |
| Export Markets | Around 25 countries worldwide |
| Geographic Presence | Multiple states across India |
Balaji's product portfolio includes:
- Namkeen and Western snacks
- Potato wafers
- Noodles
- Chikki and papad
- Confectionery products
"General Atlantic's deep understanding of consumer businesses, track record of working with founder families and long-term approach to value creation, align well with our vision for Balaji Wafers," said Chandubhai Virani, founder and chairman at Balaji Wafers.
Industry Trend and General Atlantic's Portfolio
The investment reflects a broader trend in the consumer goods sector, with similar moves seen in companies including Haldiram, Iscon Balaji, Theobroma and VIP Industries. Other companies such as HyFun Foods and Ratnadeep Retail are currently in various stages of their fundraising processes, as businesses increasingly turn to external capital to fuel growth and scale operations.
General Atlantic manages approximately $118.00 billion in assets under management as of September 2025 across a diversified investment platform spanning growth equity, credit, climate, and sustainable infrastructure strategies. The firm operates with more than 900 professionals across 20 countries in five regions. Its India portfolio includes notable investments in Reliance Retail, Absolute Barbecue, PhonePe, Amagi, ASG Eye Hospitals and Acko.
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