Homegrown desserts chain The Belgian Waffle Co is close to getting acquired by ChrysCapital after the private equity firm submitted a binding bid to buy out the promoters and the PE investor Marathon Edge Partners, the Mint reported on August 28.
The deal could value the nine-year-old firm at Rs 1,300 crore as ChrysCapital was in "advanced" talks with the Mumbai-based company.
The report comes days after Moneycontrol wrote that ChrysCapital along with some private equity firms and food giant Switz Group submitted non-binding bids for a majority stake in bakery chain Theobroma.
The company, which is owned and operated by Bloombay Enterprises, was started in 2015 by husband and wife Shrey and Alisha Aggarwal.
Moneycontrol could not verify the report independently.
According to the waffle-maker’s website, the company has more than 450 stores in more than 160 cities.
The firm’s revenue surged from Rs 46 crore in FY22 to Rs 150 crore in FY23, according to Tofler. The company is yet to share data for FY24.
In the last few years, the market for eating out and online orders has seen an exponential growth with a growing middle class. According to a report by Swiggy and Bain & Company, the market expected to double by the end of this decade, jumping from Rs 5.5 trillion to Rs 9 trillion.
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