Key Takeaways
- • EQT Partners, Emami Ltd, and Balaji Wafers have entered the auction for DFM Foods, the maker of Crax snacks, competing alongside ITC, TPG, and ChrysCapital in a race expected to conclude by December 2026.
- • The acquisition is valued at ₹5,000–5,500 crore ($600–660 million), with non-binding bids due by end of October; Advent International is divesting its 96.63% stake after seven years of ownership.
- • DFM Foods generated net sales of ₹916 crore in fiscal 2025-26, up 30% from ₹705.8 crore in the prior year, demonstrating strong revenue growth in the competitive Indian snacks market.
- • Balaji Wafers' founder Chandu Virani confirmed negotiations are underway; the company itself attracted a 7% investment from US PE firm General Atlantic in January at a valuation of ₹35,000 crore.
- • The deal reflects consolidation pressure in India's packaged snacks sector, where established players like PepsiCo, Parle, and ITC are facing competition from hyper-local and online-only rivals.
Summary
Swedish private equity firm EQT Partners, Indian consumer packaged goods company Emami Ltd, and snacks manufacturer Balaji Wafers have entered an active bidding process to acquire Crax owner DFM Foods, according to sources with direct knowledge of the transaction. The race also includes strategic buyers ITC and ChrysCapital, as well as US private equity firm TPG. Advent International, which has held a 96.63% stake in Noida-based DFM Foods since acquiring it from WestBridge Capital in 2019, initiated the sale process in July and expects to complete the transaction by December 2026.
The potential acquisition values DFM Foods at ₹5,000–5,500 crore, with non-binding bids anticipated by end of October. Advent International has engaged Avendus Capital and EY to manage the sale. Balaji Wafers' founder and managing director Chandu Virani publicly confirmed his company is exploring the acquisition opportunity, while other bidders either declined comment or did not respond to inquiries.
DFM Foods' financial performance supports the valuation range. The company reported net sales of ₹916 crore in fiscal 2025-26, representing 30% year-over-year growth from ₹705.8 crore in the prior fiscal year. This trajectory reflects strong demand for the Crax brand, which has maintained relevance in India's competitive snacks market. The acquisition interest is driven partly by competitive pressures on established snacks manufacturers from hyper-local and direct-to-consumer online brands gaining market share at the expense of larger players including PepsiCo, Parle, and ITC Foods.
The timing is notable given Balaji Wafers' own recent capital raise. In January 2026, US private equity firm General Atlantic acquired a 7% stake in Balaji Wafers for ₹2,500 crore, valuing the company at ₹35,000 crore and providing capital to fund growth and potential acquisitions. A successful DFM Foods acquisition by Balaji would consolidate two significant snacks brands under common ownership and position the combined entity to compete more effectively against larger multinational players in India's growing packaged snacks market.
The potential acquisition values DFM Foods at ₹5,000–5,500 crore, with non-binding bids anticipated by end of October. Advent International has engaged Avendus Capital and EY to manage the sale. Balaji Wafers' founder and managing director Chandu Virani publicly confirmed his company is exploring the acquisition opportunity, while other bidders either declined comment or did not respond to inquiries.
DFM Foods' financial performance supports the valuation range. The company reported net sales of ₹916 crore in fiscal 2025-26, representing 30% year-over-year growth from ₹705.8 crore in the prior fiscal year. This trajectory reflects strong demand for the Crax brand, which has maintained relevance in India's competitive snacks market. The acquisition interest is driven partly by competitive pressures on established snacks manufacturers from hyper-local and direct-to-consumer online brands gaining market share at the expense of larger players including PepsiCo, Parle, and ITC Foods.
The timing is notable given Balaji Wafers' own recent capital raise. In January 2026, US private equity firm General Atlantic acquired a 7% stake in Balaji Wafers for ₹2,500 crore, valuing the company at ₹35,000 crore and providing capital to fund growth and potential acquisitions. A successful DFM Foods acquisition by Balaji would consolidate two significant snacks brands under common ownership and position the combined entity to compete more effectively against larger multinational players in India's growing packaged snacks market.
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