US-based private equity firm General Atlantic has acquired a stake in snack food company Balaji Wafers, the companies said on Thursday. While the the deal size was not disclosed, sources in the know say that General Atlantic has picked up around a 7% stake for Rs 2,500 crore, valuing the company at Rs 35,000 crore.
The investment comes after rival Haldiram’s saw four investors put in around Rs 20,000 crore for a total of about 20-21% stake, experts said. These investors included Temasek (who picked up a 10% stake in March), Alpha Wave Global and UAE’s IHC, which jointly picked up around 6% stake, and L Catterton, which is said to have picked up around 5% in the company in December last year.
What did Chandubhai Virani say?
“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. Intensive Fiscal Services acted as the exclusive advisor to Balaji Wafers.
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. It closed FY25 with sales of Rs 6,500 crore and a net profit of Rs 1,000 crore. The Rajkot-based company is the leader in salty snacks in Gujarat, Maharashtra and Rajasthan.
Besides snacks such as namkeens and wafers, the company sells 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.
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