12 Sept 2025
Rajkot-based Balaji Wafers has been valued at ₹40,000 crore.
Several companies, including PepsiCo, ITC, Temasek, and TPG, have queued up to buy a 10% stake in Balaji Wafers. PepsiCo had similar discussions in 2013 to buy a 49-51% stake, but Balaji resisted then.
The Viranis, owners of Balaji Wafers, are eyeing professionalising management for the organisation, a move similar to Vadilal’s recent CEO appointment.
80% of their revenue comes from sales in Gujarat alone. Balaji Wafers is known for products like chips, noodles, and wafers, and is a prominent name in Western and Central India.
Temasek acquired a 10% stake in Haldiram’s for $1 billion in March this year. It was the largest deal in the Indian packaged food sector.
The IMARC Group predicts the Indian snacks market to double from ₹42,695 crore in 2023 to ₹95,521.8 crore in 2032, growing at an 8.63% CAGR. Local brands like Balaji are dominating the space compared to international brands.
Check out my new book, THE BLACK FLAMES, on Amazon Kindle. A gripping, high-stakes novel