Restaurant India News: Vixar Acquires Minority Stake in The Belgian Waffle Co at ₹1,700-Crore Valuation

Private investment firm Vixar, formerly Arpwood Partners, has acquired a sizeable minority stake in dessert-focused quick service restaurant chain The Belgian Waffle Co in a deal valued at around ₹770 crore, as per reports.

Under the agreement, Vixar will buy close to 45% equity in the company, valuing The Belgian Waffle Co at nearly ₹1,700 crore. Veteran investor Vallabh Bhansali and HDFC Asset Management Co have also invested as part of the consortium, which will collectively become the largest and controlling shareholder group.

The deal is largely secondary, with existing investor Marathon Edge, Managing Director and CEO Ankit Patel, and Founders Shrey Aggarwal and Alisha Shirodkar selling part of their holdings. After the transaction, Marathon Edge is expected to retain a 12–15% stake, while the remaining shares will be held by Patel and the founding team.

Founded in 2015, The Belgian Waffle Co is India’s largest western dessert-led QSR brand, with nearly 700 outlets across 250 cities. The company reported revenue of ₹450 crore and EBITDA of ₹62 crore in FY25, with EBITDA expected to grow to around ₹80 crore in FY26 as it expands across formats and regions.

Apart from waffles, the brand has expanded into pancakes and ready-to-eat products such as waffle crisps, spreads, and premixes, sold through online and offline channels. It operates a mix of company-owned and franchise outlets, including cafés, kiosks, and takeaway formats, and also generates sales through food delivery platforms like Swiggy and Zomato.

Vixar was founded by former Carlyle executives Rajeev Gupta, Manoj Dengle and Amol Jain. Its portfolio includes investments in healthcare, finance, diagnostics, renewable energy and housing finance. Since 2015, the firm has invested nearly ₹5,500 crore across several Indian businesses.

Lodha Capital Markets advised The Belgian Waffle Co on the transaction. The company had earlier held talks with private equity firms such as ChrysCapital and Norwest Venture Partners, which did not result in an investment. The deal comes amid rising investment activity in India’s food services sector, with several global café and patisserie brands expanding their presence in the country.