General Atlantic Bets on Balaji Wafers as Foreign Investors Eye Indian Snack-Makers

Gujarat-based snack maker Balaji Wafers has entered into a definitive agreement to receive a strategic investment from US-based private equity firm General Atlantic, according to a report by The Economic Times (ET).

Following the investment, Balaji Wafers plans to strengthen its core corporate functions and speed up innovation across its product portfolio. The company also aims to expand its footprint across India, drawing on General Atlantic’s global experience in the food and consumer sectors, the report said.

While the companies did not disclose the financial details of the transaction, ET had reported in November 2025 that General Atlantic was in talks to acquire a 7% stake in Balaji Wafers for around ₹2,500 crore, valuing the snacks maker at approximately ₹35,000 crore (nearly $4 billion).

At the time, Chandu Virani, Founder and Chairman of Balaji Wafers, had confirmed that discussions were at an advanced stage. “It’s a done deal from our side,” Virani had told ET, adding that the stake dilution was largely driven by the company’s next generation, which wanted to bring in strategic capital to support future growth.

The transaction follows months of interest from several marquee investors. Kedaara Capital was initially seen as the frontrunner, but General Atlantic eventually emerged ahead after making a bid that was 7–10% higher than competing offers, according to ET.

Earlier in 2025, Balaji Wafers had explored selling a larger stake of around 10%, seeking a valuation close to ₹40,000 crore. The company attracted interest from global food majors such as General Mills, PepsiCo and ITC, as well as private equity firms including TPG and Temasek. However, many potential investors exited the process, citing high valuation expectations.

Virani had earlier indicated that this investment could be the company’s last round of external funding before a potential stock market listing. “We don’t intend to sell any further stake and would rather consider an initial public offering,” he had told ET.

General Atlantic’s investment highlights the growing appetite among global investors for India’s regional FMCG companies, especially packaged food or ready-to-eat product makers.

In March 2025, rival snack maker Haldiram Snacks Food sold over 10% stake to investors including Temasek, Alpha Wave Global and International Holding Company, in a deal that valued the business at more than $10 billion, making it the largest private equity transaction in India’s consumer sector.