Investment firm Vixar (formerly Arpwood Partners) has acquired a 45% stake in The Belgian Waffle Co., one of India’s leading dessert-focused quick-service restaurant (QSR) chains, in a transaction worth approximately ₹770 crore. The deal, which values the company at around ₹1,700 crore, marks one of the largest investments in India’s organised dessert segment to date.
Joined by veteran investor Vallabh Bhansali and HDFC Asset Management Co., Vixar and its partners will emerge as the largest shareholder group, giving them controlling influence over the brand’s strategic direction following the transaction.
Founded in 2015, The Belgian Waffle Co. has become a household name in India’s western dessert category, known for its waffles, pancakes and a growing range of ready-to-eat and easy-make products such as waffle crisps, spreads and premixes sold through both online and offline channels.
The chain operates a mix of company-owned and franchisee-led outlets with formats including cafés, kiosks and takeaways in over 250 cities, a footprint that reflects its broad consumer appeal and scale.
In FY 2025, the brand reported revenue of around ₹450 crore and an EBITDA of approximately ₹62 crore, with projections suggesting an increase to ₹80 crore EBITDA in FY 2026 as the company continues to expand across regions and formats.
The investment is primarily a secondary transaction involving the sale of shares by existing backers, including private equity firm Marathon Edge, co-founders Shrey Aggarwal and Alisha Shirodkar, and CEO Ankit Patel, who have diluted part of their holdings to accommodate the new investor consortium.
Post-transaction, Marathon Edge is expected to retain roughly 12–15% of the company, while other shares remain with the founders and management team.
The acquisition underscores growing investor confidence in India’s food-and-beverage sector, particularly in quick-service and specialty dessert chains, at a time when global and premium café brands are also expanding their footprints in the country.
Market data suggests India’s food services industry is on a strong growth trajectory: the National Restaurant Association of India projects the sector will expand from ₹5.69 lakh crore in FY 2024 to ₹7.76 lakh crore by FY 2028. Concurrently, research by Kearney and Swiggy estimates the total food services market could surpass $120–125 billion by 2030, with organised segments, led by QSRs and café brands, increasing their share.
