PE-VC Fund Investments
Vixar acquires 45% in dessert chain Belgian Waffle for Rs.770-Cr
Vixar, formerly Arpwood Partners, has acquired an about 45% stake in Mumbai-based The Belgian Waffle Co. for about INR 770 crore, valuing the dessert chain at INR 1,700 crore. Vallabh Bhansali and HDFC AMC also participated in the investment consortium that will become the controlling shareholder.The transaction was largely secondary, with existing private equity investor Marathon Edge, Managing Director and CEO Ankit Patel, and cofounders Shrey Aggarwal and Alisha Shirodkar diluting a portion of their holdings. Following the deal, Marathon Edge is expected to retain a 12-15% stake, while Patel and the founders will hold the rest. Lodha Capital Markets advised Belgian Waffle on the transaction.Founded in 2015 by couple Shrey Aggarwal and Alisha Aggarwal through Bloombay Enterprises, Belgian Waffle operates a western dessert-focused quick service restaurant (QSR) chain. The company maintains around 700 stores across 250 locations and introduced the waffle category in India. Its offerings have expanded to include pancakes and a growing portfolio of ready-to-eat and easy-to-make products such as waffle crisps, spreads, and pancake and waffle premixes, distributed through online and offline channels. For FY25, Belgian Waffle reported a revenue of INR 450 crore and EBITDA of INR 62 crore.
In Sep 2021, The Belgian Waffle had attracted about USD 5 M from Marathon Edge Partners.
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