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Belgian Waffle Co. Valued at ₹1,700 Cr Post-Deal
22 Dec, 2025
Summary
- Vixar acquired a 45% stake in The Belgian Waffle Co. for ₹770 crore.
- The dessert chain's valuation reached ₹1,700 crore following the deal.
- Belgian Waffle reported ₹450 crore revenue in FY25, aiming for ₹80 crore EBITDA in FY26.
Vixar, previously known as Arpwood Partners, has finalized a substantial investment, acquiring a 45% minority stake in The Belgian Waffle Co. for approximately ₹770 crore. This transaction elevates the homegrown dessert chain's valuation to ₹1,700 crore. Key investors, including veteran financier Vallabh Bhansali and HDFC Asset Management, also joined the funding round.
The deal, largely a secondary transaction, sees existing stakeholders like Marathon Edge, MD and CEO Ankit Patel, and co-founders Shrey Aggarwal and Alisha Rotker partially diluting their holdings. The consortium's investment marks a significant step in the company's growth trajectory, with Belgian Waffle reporting ₹450 crore in revenue for FY25 and projected EBITDA of ₹80 crore for FY26.
Founded in 2015, The Belgian Waffle Co. has grown to become India's largest western dessert QSR chain with around 700 outlets. The company's expansion into ready-to-eat products and its diversified franchise model reflect broader trends in India's rapidly growing food services market, projected to reach ₹7.76 lakh crore by FY28.
