Mumbai: Bikaji Foods’ promoter Deepak Agarwal’s family office has acquired a 35% stake in The Filter Coffee’s parent entity, Wishvish Foods Pvt Ltd, by investing in tranches over a period, two people familiar with the matter said.
The investments, which spread over the previous three fiscal years, included ₹35 crore in FY24 and ₹10 crore in FY25, according to filings accessed by Tofler from the ministry of corporate affairs. Broadly, such businesses are valued at a revenue multiple of 2-4x.
While Mint could not ascertain if any more investments happened in FY26, the people cited above said on condition of anonymity that the family office plans to pump in another ₹100 crore over the next two years contingent on specific milestones.
To be sure, the investments in the Bengaluru-based South Indian restaurant chain were made in Agarwal’s personal capacity through his family office, and not from Bikaji Foods International, the listed snacks maker. The shares bought were a mix of sale from promoters and fresh issuances.
While Wishvish declined to comment on Mint's queries regarding the latest valuation and fundraising, a company spokesperson said Bikaji’s family office is a strategic partner and Wishvish is not looking to raise capital from external investors.
Queries sent to Bikaji’s Agarwal were unanswered till press time.
Prior to the investments, the company had two retail stores and three cloud kitchens, which expanded to 10 outlets (nine retail stores and one cloud kitchen) post the capital infusion, the spokesperson said, adding that revenues are currently tracking at about ₹70 crore in FY26.
In FY25, Wishvish reported operating revenue of ₹51.4 crore, up from ₹40.8 crore a year earlier. It posted a loss of ₹5 crore, compared to a loss of ₹3.8 crore in FY24, data from Tofler showed.
“A key area of focus has also been strengthening backend infrastructure to support long-term scale,” the spokesperson said in the email. “We now operate a 40,000 sq. ft backend production and supply facility on the outskirts of Bengaluru, which has the capability to support a business of approximately ₹400 crore.”
With Agarwal on the cap table, The Filter Coffee plans to leverage Bikaji’s multi-decade experience in brand building, scaling operations, and establishing distribution and manufacturing networks to deepen its retail footprint.
Founded in the 1990s, Bikaji Foods International has grown from a traditional bhujia and namkeen maker into a diversified snacks player with a pan-India distribution network and strong presence in Rajasthan, Bihar and Assam. It is now looking to deepen its footprint across north and central India, including Punjab, Haryana, Delhi, Uttar Pradesh, Karnataka and Chhattisgarh, according to Icra.
Brand evolution
Founded in 2014 by childhood friends Avinit Bagri and Sankrit Iyer, The Filter Coffee began with the aim to celebrate South India’s most beloved cuisine. Rooted in traditional flavours, its offerings span a curated à la carte selection, including soup rasams, appetizers, mains, regional sides, and desserts.
Since the beginning of last year, the company accelerated its expansion plans in Bengaluru, with plans to open multiple outlets across the city. It has also leveraged food delivery platforms such as Swiggy and Zomato and seen its growth accelerate.
In December, Zomato highlighted that The Filter Coffee’s yearly order volume surged nearly 32 times between 2019 and 2024. Within these years, the company expanded from a breakfast-focused brand to a full menu with appetizers and main courses, which resulted in an increase in average order values.
Deal momentum
India’s restaurant and QSR chains are seeing renewed investor activity, with several transactions concluded in recent months.
Last month, private equity firm Siguler Guff invested $40 million in Trimex Foods Pvt Ltd, the exclusive Indian franchise partner for global restaurant brands like Chili's Grill & Bar, PAUL, and Cinnabon.
Others include Burma Burma’s ₹38 crore fundraise from existing investor Negen Capital and new investors Endurance Capital and Coheron Wealth in March. Burger Singh raised ₹82 crore in a round led by Artal Asia Pte Ltd alongside Negen Undiscovered Value Fund and Aurum Rising India Fund in the same month.
Separately, listed player Sapphire Foods India is preparing to merge with Devyani International in a nearly billion-dollar deal. Devyani also announced plans to acquire homegrown chain ‘Biryani by Kilo’, while Wow! Momo raised capital from Singularity in December. Mint also reported on Subway India’s plans to list on the public markets.
According to Redseer, India’s $80-billion food services market is projected to grow at a 10–11% CAGR through 2030, led by the rapid expansion of organized players. The shift toward online food delivery and branded dine-in chains is accelerating this transformation.