The Belgian Waffle Co. acquisition
- Aminder
- Dec 26, 2025
- 4 min read
₹.1700 crores - that is the valuation of The Belgian Waffle. That’s a remarkable feat for a firm which is almost a decade old. Of course they have earned it by sheer work and it's not just a frenzy.
The Belgian waffle, found in 2015 is the largest western desert focused QSR chain, with around 700 stores spread in 250 cities with a mix of company-owned and franchised outlets with formats spanning across Cafes, Kiosks and Takeaways and with a whole range of premixes and other merchandise to sell.
The Brand is credited with pioneering the ‘waffle’ category in India and now sells both online and offline a host of portfolio items, with its bright yellow color design has a distinctive spot in the mind of youngsters.
The Deal
Investment firm Vixar along with Hdfc asset management and investor Vallabh Bhansali have acquired close to 45% stake in The Belgian Waffle Co. for Rs. 770 crores which also gives the investment consortium the controlling shareholding rights, owning the single largest block.
The transaction also highlights a broader trend in Indian food services where established QSR brands are attracting late stage capital at meaningful valuations. As competition intensifies and consumer preferences evolve, deals like this reinforce the value of brands that combine simplicity, speed and consistency,
Prior to finalizing the deal, the company ‘The Belgian Waffle’ had held discussions with private equity funds such as ChrysCapital and Norwest Venture Partners for a stake sale, though the talks did not culminate in a transaction probably owing to valuation or maybe some other behind the closed door factors. I have written about it in mid-august and you can read it here
What does the acquisition indicate ?
The ₹. 1700 crore valuation reflects more than just store count.
The investments indicate a strong confidence in Belgian Waffle Co’s business fundamentals and growth visibility. With over 700 stores across 200+ cities, considering that the brand is almost a decade old and not more is remarkable. From a niche waffle startup, the brand has evolved into a nationwide QSR player with hundreds of outlets across malls, high streets and transit locations.
Brands focus on affordability, consistency and compact store formats has helped it expand rapidly without burning excessive capital.
Belgian Waffle Co. has benefited from high repeat consumption, strong unit economics and a menu that travels well across formats including dine in, takeaway and delivery. Desserts as a category have also seen demand even during periods when discretionary spending has softened.
For Vixar, the investment signals a clear bet on scalable Indian food brands with strong operational discipline.
With the deal, Belgian Waffle Co. now enters its next phase with both scale and strong financial backing firmly in place.
The Performance
The Belgian waffle reported a revenue of ₹. 450 crores with an EBITDA of ₹. 62 crores in FY25. EBITDA is expected to rise to ₹. 80 crores in FY26, reflecting a continued scaling up across formats and geographies.
With fresh capital and experienced investors on board, Belgian Waffle Co. is expected to accelerate expansion, deepen its presence in smaller cities and potentially diversify formats while keeping its core product intact.
My view on Sector’s potential
The food and beverage sector is leading the deal surge. As per the investment bank Equirus Capital, India’s consumer sector saw 115 M&A deals between Jan - September 2025, the highest in four years. Food and Beverage accounted for the largest share of these transactions. By value, consumer-sector deals crossed Rs 21,200 crore in the first nine months, with nearly three-quarters of the value concentrated in F&B. This dominance underscores how food has become the primary engine of deal activity within India’s broader consumption story.
Underlying this deal frenzy are strong structural growth drivers. According to estimates by Imarc Group, India’s packaged food market is expected to grow from $121.3 billion in 2024 to $224.8 billion by 2033, expanding at a compound annual growth rate of 6.5% between 2025 and 2033. The firm attributes this growth to rapid urbanization, increasing demand for convenience foods and the expansion of online food delivery platforms, which are reshaping how Indians discover and consume food.
“India's food space is a large industry with an attractive growth profile based on the shift from unorganized to organized. With an increase in disposable income and convenience-led multiple food options via food aggregators, Indians are eating out and ordering food more than before. This has given opportunity to many homegrown brands to scale. As private equity investors, our endeavor is to discover market leaders that are growing at 1.5-2 times the industry growth rate," Rajiv Batra of ChrysCapital,
The flurry of transactions, strong growth forecasts and supportive consumer trends show why India’s food and beverages sector has become the focal point of deal making. Strategic buyers see opportunities to build scale and defend market share, while financial investors are drawn by growth prospects. As consumption patterns continue to evolve and organized players gain ground, the intensity of deal activity suggests that India’s food space will remain one of the most hotly contested sectors for investors.