Balaji Wafers sells 7% stake to General Atlantic at ₹35,000 cr valuation

Mumbai: Balaji Wafers has sold a 7% stake to US-based private equity (PE) firm General Atlantic at a valuation of ₹35,000 crore, as the snacks manufacturer looks to professionalize its operations and target a public listing in around four years.

“We have sold 7% stake in the company at a valuation of around ₹35,000 crore to General Atlantic,” Chandubhai Virani, founder and chairman of Balaji Wafers, said in an interview with Mint. The Rajkot-based company aims to use the experience and reach of a private equity firm to help transform the business and take it global.

“It is generally observed that family-run businesses don’t survive unless you professionalize the management. We will be looking to do that over the course of time. Our goal is to take the company public over the next 3-4 years,” Virani added.

Balaji Wafers will use the fresh funds to strengthen its key corporate functions, accelerate innovation, and leverage General Atlantic's expertise in the food and consumer sectors to drive its expansion plans, the two companies said in a statement on Thursday.

The development comes a few months after Mint reported that the Gujarat-based maker of chips, wafers, noodles and confectionery is evaluating a minority deal that would value the overall company anywhere between ₹38,000 and ₹40,000 crore.

“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.

Broadly, the last year has seen similar moves in companies, including Haldiram, Iscon Balaji, Theobroma and VIP Industries. Others, such as HyFun Foods and Ratnadeep Retail, are in various stages of their fundraising process. These companies are increasingly turning to external capital to fuel growth and scale operations.

“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 Virani. Intensive Fiscal Services Pvt. Ltd acted as the exclusive advisor to Balaji Wafers.

Founded by the Virani brothers—Chandubhai, Bhikhubhai and Kanubhai in 1981—Balaji has grown from a home-based enterprise into one of India’s largest packaged snack brands.

Over the years, the company has established consistent high-quality, taste and availability, supported by its continuous investment in automation, supply chain, innovation, as well as its people and channel partners.

Balaji offers namkeen, Western snacks, potato wafers, noodles, chikki, papad, and confectionery. It has scaled its operations from its home base in Gujarat to become a leading player across multiple states in India. The company exports its products to around 25 countries worldwide, it said in the statement.

Meanwhile, General Atlantic manages about $118 billion in assets under management as of September 2025 across a diversified investment platform spanning growth equity, credit, climate, and sustainable infrastructure strategies.

It operates with more than 900 professionals in 20 countries across five regions. Some of its investments in India include Reliance Retail, Absolute Barbecue, PhonePe, Amagi, ASG Eye Hospitals and Acko, among others.