Balaji Wafers inks pact for strategic investment from General Atlantic

Balaji Wafers, Gujarat-based packaged ethnic snack maker, said it has entered into a definitive agreement to receive a strategic investment from General Atlantic, a leading global investor.

While financial terms of the transaction were not disclosed, ET in November 2025 first reported that the US private equity firm will buy 7% stake in Balaji Wafers for Rs 2,500 crore (approximately $282 million), valuing the company at about Rs 35,000 crore (almost $4 billion).

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With General Atlantic’s investment, Balaji Wafers will focus on further strengthening key corporate functions across the company and accelerating innovation. Drawing on General Atlantic’s global expertise in the food and consumer sectors, the company plans to accelerate its expansion across India.

Chandubhai Virani, Founder and Chairman at Balaji Wafers, said, This partnership marks an important milestone in our journey. 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.”

Virani started his business as a supplier of snacks and sandwiches at a movie theatre in Rajkot in 1982. Last fiscal year, Balaji generated Rs 6,500 crore in annual sales and a net profit of nearly Rs 1,000 crore.

The company is by far the market leader in Gujarat, Maharashtra and Rajasthan, with about 65% share in the organised market across these states for products such as potato chips, namkeen and bhujia.

Despite its limited geographic presence, Balaji is the third-largest salty snack brand in India, trailing only Haldiram’s and PepsiCo. It credits the success to a low-cost, high-efficiency model focused on price-value, tight operational control and minimal advertising.

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Balaji’s low-overhead model of spending only about 4% of revenue on advertising — compared to an industry average of 8-12% — allows it to reinvest heavily in production, ensuring quality while maintaining low prices, according to the company. It currently has four manufacturing plants, which it plans to double to support national expansion.

"We see significant growth potential in India’s packaged snacks market as households increasingly seek affordable, convenient and high-quality food products," Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said.

The regional snack heavyweight had attracted a host of suitors, including General Mills, PepsiCo and ITC, as well as PE firms Kedaara, TPG and Temasek.

Talks with potential investors, however, fell through due to the high valuation. The transaction is subject to customary regulatory approvals and is expected to close later in 2026.