Vixar Acquires 45% Stake in Belgian Waffle Co, Valuation Pegged at ₹1,700 Crore

India’s dessert-focused quick service restaurant (QSR) space has seen a major investment move as Vixar acquires a significant minority stake in The Belgian Waffle Co.
The transaction values the fast-growing waffle chain at nearly ₹1,700 crore, underscoring strong investor confidence in India’s premium dessert market.

Vixar Leads Consortium Investment in Belgian Waffle Co

Vixar, formerly known as Arpwood Partners, has picked up approximately 45% equity in The Belgian Waffle Co as part of a consortium-led transaction valued at around ₹770 crore, according to a report by The Economic Times.

The investment group also includes veteran investor Vallabh Bhansali and HDFC Asset Management Co. Together, the consortium will become the single largest and controlling shareholder in the company.

Deal Structure: Largely a Secondary Transaction

Existing Shareholders Partially Exit

The transaction is primarily secondary in nature, with current stakeholders monetising part of their holdings. These include:

• Private equity firm Marathon Edge

• Managing Director & CEO Ankit Patel

• Co-founders Shrey Aggarwal and Alisha Shirodkar

Post-deal, Marathon Edge is expected to retain 12–15% ownership, while the founders and management will continue to hold a meaningful stake, ensuring operational continuity.

Strong Financial Performance Fuels Investor Confidence

Revenue and Profitability Snapshot

The Belgian Waffle Co has reported robust financial growth:

• FY25 Revenue: ₹450 crore

• FY25 EBITDA: ₹62 crore

• FY26 EBITDA (Projected): ~₹80 crore

The improvement in profitability is being driven by expansion across multiple store formats, deeper geographical penetration, and stronger unit economics.

Why This Deal Matters for India’s QSR Dessert Market

The investment highlights a broader trend of institutional capital flowing into specialty QSR brands that combine affordability with premium positioning. Belgian Waffle Co’s focus on a single core category—waffles—has helped it scale efficiently while maintaining brand recall among young, urban consumers.

With Vixar and institutional investors on board, the company is expected to accelerate:

• Store network expansion

• New format experimentation

• Supply chain and backend optimisation

The entry of Vixar-led investors marks a new phase of growth for The Belgian Waffle Co. With improving margins, strong brand equity, and increasing appetite for indulgent desserts in India, the chain appears well-positioned to strengthen its leadership in the dessert QSR segment over the next few years.

FAQs

1. How much stake has Vixar acquired in Belgian Waffle Co?

Vixar has acquired close to 45% equity in The Belgian Waffle Co as part of a consortium investment.

2. What is the valuation of Belgian Waffle Co after the deal?

The transaction implies an overall company valuation of around ₹1,700 crore.

3. Who are the other investors involved in the deal?

The consortium includes Vallabh Bhansali and HDFC Asset Management Co, alongside Vixar.

4. Is this a primary or secondary transaction?

The deal is largely secondary, with existing investors and founders selling part of their stakes.

5. What are Belgian Waffle Co’s latest financials?

The company reported ₹450 crore revenue and ₹62 crore EBITDA in FY25, with EBITDA projected to reach ₹80 crore in FY26.