Mumbai, May 9 -- Bikaji Foods' promoter Deepak Agarwal's family office has acquired a 35% stake in The Filter Coffee's parent entity, Wishvish Foods Pvt Ltd, by investing in tranches over a period, two people familiar with the matter said. The investments, which spread over the previous three fiscal years, included Rs.35 crore in FY24 and Rs.10 crore in FY25, according to filings accessed by Tofler from the ministry of corporate affairs. Broadly, such businesses are valued at a revenue multiple of 2-4x. While Mint could not ascertain if any more investments happened in FY26, the people cited above said on condition of anonymity that the family office plans to pump in another Rs.100 crore over the next two years contingent on specific milestones. To be sure, the investments in the Bengaluru-based South Indian restaurant chain were made in Agarwal's personal capacity through his family office, and not from Bikaji Foods International, the listed snacks maker. The shares bought were a mix of sale from promoters and fresh issuances. While Wishvish declined to comment on Mint's queries regarding the latest valuation and fundraising, a company spokesperson said Bikaji's family office is a strategic partner and Wishvish is not looking to raise capital from external investors. Queries sent to Bikaji's Agarwal were unanswered till press time. Prior to the investments, the company had two retail stores and three cloud kitchens, which expanded to 10 outlets (nine retail stores and one cloud kitchen) post the capital infusion, the spokesperson said, adding that revenues are currently tracking at about Rs.70 crore in FY26. In FY25, Wishvish reported operating revenue of Rs.51.4 crore, up from Rs.40.8 crore a year earlier. It posted a loss of Rs.5 crore, compared to a loss of Rs.3.8 crore in FY24, data from Tofler showed. "A key area of focus has also been strengthening backend infrastructure to support long-term scale," the spokesperson said in the email....