Balaji Wafers in Talks with PE Firms for 10% Stake Sale at ₹40,000 Crore Valuation
Balaji Wafers in Talks with PE Firms for 10% Stake Sale at ₹40,000 Crore Valuation
Virani brothers eye expansion as global investors show interest in India’s booming packaged food sector
Gujarat-based snack maker Balaji Wafers is in advanced discussions with leading private equity (PE) firms to sell up to 10 per cent of its equity at a valuation of nearly ₹40,000 crore ($4.53 billion), according to a report by news agencies. The proposed deal is aimed at supporting the company’s nationwide expansion plans.
Founded by the Virani brothers — Chandubhai, Bhikhubhai, and Kanubhai, from a humble beginning with just ₹10,000/- in 1974. Mr Chandu Virani began selling pre-packed snacks at a Cinema Canteen in Rajkot.
Now, Balaji has grown into a dominant player in western and central India’s snacks market, with a strong presence in potato chips, namkeens, and confectionery. The company also exports to the UK, US, and West Asia.
A source cited in the report said that the $10 billion valuation of rival Haldiram’s, which recently raised $1 billion from International Holding Company, Alpha Wave Global, and Temasek in exchange for a 10 per cent stake, has set a new benchmark in the industry. This has encouraged Balaji’s promoters to explore a partial stake sale.
The Rajkot-headquartered company continues to be family-run but is said to be considering the induction of professionals to lead its next phase of growth. A stock market debut remains on the horizon, though not expected for the next five to six years.
For FY24, Balaji Wafers reported revenues of ₹5,453.7 crore, marking a 10.7 per cent year-on-year growth, while profit after tax surged 41.4 per cent to ₹578.8 crore, as per Capitaline data. The company’s eight-member board includes the founding brothers, second-generation family members, and independent directors.
PE funds, flush with record “dry powder” or deployable capital, are showing heightened interest in Indian consumer-facing businesses, alongside technology and healthcare. “We are actively pursuing consumer deals, given the growth trajectory and scale of the Indian market,” a US-based fund manager told to a news agency.
India’s packaged food sector, valued at $121.3 billion in 2024, is projected to reach $224.8 billion by 2033 with a CAGR of 6.5 per cent, according to IMARC research. Within the listed snacks category, Prataap Snacks was valued at ₹2,379 crore and Bikaji Foods International at ₹20,053 crore as of last Friday’s market close.
