Mumbai | Rajkot | New York — November 2025
US-based private-equity giant General Atlantic (GA) is set to acquire a 7 % stake in Balaji Wafers Ltd for $282 million (₹2,500 crore), valuing the home-grown snack maker at a massive ₹35,000 crore (nearly $4 billion).
This marks one of the most significant PE investments in India’s packaged-foods sector, putting the spotlight firmly on Balaji Wafers — a brand that started in 1982 as a small chips operation in Rajkot and went on to dominate shelves across western India.
Balaji’s Rise: From Rajkot Stall to ₹6,500 Crore Powerhouse
Balaji Wafers has built its empire on a simple formula: quality, affordability, and scale. The company clocked ₹6,500 crore in revenue and ₹1,000 crore net profit in FY25, with an impressive 23.5 % gross margin — rare for a largely regional FMCG brand.
Its strength lies in operational efficiency: while industry peers spend 8–12 % of revenue on advertising, Balaji restricts this to around 4 %, reinvesting savings into manufacturing capacity and logistics. With four state-of-the-art plants already operational, it’s now planning to double capacity to accelerate a national rollout.
Why General Atlantic’s Entry Matters
General Atlantic’s investment is strategic, not speculative. The firm brings deep global experience in scaling consumer-facing businesses such as Byju’s, Swiggy and Jio Platforms.
For Balaji, GA’s capital infusion will fuel expansion beyond Gujarat, Maharashtra and Rajasthan — regions where the company already commands nearly 65 % market share in the organised salty-snacks segment.
The deal also reflects growing investor appetite for regional champions that can challenge multinationals like PepsiCo and ITC Ltd. Other bidders reportedly included Kedaara Capital and TPG, underscoring the brand’s strong positioning and profitability.
Valuation Snapshot
At a ₹35,000 crore valuation, Balaji is trading at roughly 35× earnings, a premium multiple justified by its high-growth potential, lean cost structure, and brand loyalty in key markets.
If it sustains its current momentum and scales nationally, a future IPO could easily command valuations north of ₹50,000 crore, positioning Balaji among India’s FMCG heavyweights.
Shareholding Structure
The company remains tightly held by the Virani family, with brothers Kanjibhai, Chandu, Shyam, Keyurbhai, Mihirbhai, Pranay and Bhikhabbhai collectively controlling over 60 %, while a 20 % Family Trust stake preserves internal ownership stability. The 7 % GA entry comes largely via secondary sale, ensuring minimal dilution.
The Road Ahead
Balaji’s next chapter will test its ability to replicate its western-India success nationwide. As General Atlantic’s managing partner noted, the aim is to “bring in strategic capital for scale-up, not change DNA.”
For investors watching the pre-IPO FMCG space, this deal is a powerful signal: India’s next multi-billion-dollar consumer story may already be in your kitchen cupboard.