- Balaji Wafers' valuation rose from Rs 3,000 crore to Rs 40,000 crore in seven years
- The Virani family plans to sell 5-7% stake to bring in professional management
- Balaji chips combine Indian and western flavours to compete with global brands
The founder of one of India's largest homegrown snack brands, Balaji Wafers, Chandubhai Virani said the company's journey has been driven by grit, and not management degrees.
"Seven to eight years ago, our valuation was around Rs 3,000–4,000 crore. Now it's Rs 40,000 crore. The market has decided our value, not us," said Balaji Group's founder and MD to NDTV Profit.
Even as the Virani family continues to run the company, the next generation is ready to bring in professional management. "We've decided to divert a small stake — about 5 to 7% — because the next generation wants professionals to ensure Balaji carries forward our legacy," he told.
On what sets Balaji apart, Virani said, "Our chips are made with an Indian touch, yet they can compete directly with global MNCs. We have both Indian and western flavours in our portfolio."
Addressing the age-old question about chip packets being "full of air," he explained, "That's nitrogen. It keeps chips fresh and prevents them from breaking."
The company once tried to introduce healthier products, but consumers didn't bite. "When we tried to diversify into healthier options, customers didn't venture into buying them," he said, stating that in any case, the company offers snacking options which aren't meant to replace meals.
For Virani, success lies in purpose. "We fill the stomachs of those who can't afford more than a packet of chips. I may not have an MBA, but I have passion. And I don't want the next generation to be afraid of making mistakes," he added.
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