US-based private equity (PE) giant General Atlantic has acquired a stake in Indian snack brand Balaji Wafers. While financial terms were not disclosed, the company’s valuation is estimated between Rs 38,000 and Rs 40,000 crore.
Founded in 1981 in Gujarat, Balaji Wafers has grown from a home-based enterprise into one of India’s largest packaged snack brands.
The company produces a wide portfolio of snack items, including potato wafers, noodles, and confectionery, and has expanded its presence across multiple Indian states as well as exporting to around 25 countries.
“Balaji Wafers is a true Indian success story. The company has modernised its production capabilities while preserving the flavour and quality that its consumers have grown to love,” Shantanu Rastogi, Managing Director and Head of India at General Atlantic, in a media statement.
“We see significant growth potential in India’s packaged snacks market as households increasingly seek affordable, convenient, and high-quality food products,” he added.
General Atlantic manages approximately $118 billion in assets and has a global presence with over 900 professionals across 20 countries in five regions.
India is a key investment market, with the firm’s portfolio including Reliance Retail, PhonePe, Absolute Barbecue, ASG Eye Hospitals, and Acko, among others.
“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 & Chairman at Balaji Wafers.
The deal comes at a time when India’s packaged snacks sector is witnessing strong growth, driven by rising urbanisation, changing consumer tastes, and increased demand for convenient and ready-to-eat food options.
Last year, in March, Temasek invested roughly $1 billion in Haldiram’s — the largest transaction in the sector so far. In other transactions, premium bakery chain Theobroma raised $281 million in a funding round led by homegrown private equity giant ChrysCapital in August.
