General Atlantic invests in Gujarat-based Balaji Wafers for undisclosed sum

Mumbai: US-based private equity firm General Atlantic has acquired stake in snacks brand Balaji Wafers, the companies said in a statement on Thursday.

While financial terms of the transaction were not disclosed, the statement said that with this investment, Balaji Wafers will strengthen core corporate functions, accelerate innovation and leverage the PE firm’s expertise in the food and consumer sectors to drive growth plans.

Improvement comes after a few months Mint The Gujarat-based maker of chips, wafers, noodles and confectionery is reportedly considering a minority deal that would add value to the overall company ₹38,000 and ₹40,000 crore.

“We see significant growth potential in India’s packaged snacks market as the public increasingly seeks affordable, convenient and high-quality food products,” said Shantanu Rastogi, managing director and president of General Atlantic in India.

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Overall, last year saw similar moves in companies like Haldiram, Iscon Balaji, Theobroma and VIP Industries. Others, such as HyFun Foods and Ratnadeep Retail, are in various stages of fundraising. These companies are increasingly turning to external capital to grow and scale operations.

“General Atlantic’s deep understanding of consumer businesses, history of working with founding families, and long-term approach to value creation align well with our vision for Balaji Wafers,” said Chandubhai Virani, founder and chairman of Balaji Wafers. Intensive Financial Services Pvt. Ltd acted as special advisor to Balaji Wafers.

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Founded in 1981 by the Virani brothers (Chandubhai, Bhikhubhai and Kanubhai), Balaji has grown from a home-based business to one of India’s largest packaged snacks brands.

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

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It serves balaji, namkeen, Western snacks, potato wafers, noodles, chikki, papad and sweets. It has scaled its operations from its home base in Gujarat to become a leading player in many states of India. The statement stated that the company exports its products to approximately 25 countries around the world.

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

It operates in 20 countries and 5 regions with more than 900 professionals. Some of its investments in India include Reliance Retail, Absolute Barbecue, PhonePe, Amagi, ASG Eye Hospitals and Acko.