Mumbai, Jan. 23 -- US-based private equity firm General Atlantic has acquired a stake in snacking brand Balaji Wafers, the companies said in a statement on Thursday. While the financial terms of the transaction were not disclosed, the statement said Balaji Wafers, with this investment, will strengthen key corporate functions, accelerate innovation, and leverage the PE firm's expertise in the food and consumer sectors to drive its expansion plans. The development comes a few months after Mint reported that the Gujarat-based maker of chips, wafers, noodles and confectionery is evaluating a minority deal that would value the overall company anywhere between Rs.38,000 and Rs.40,000 crore. "We see significant growth potential in India's packaged snacks market as households increasingly seek affordable, convenient and high-quality food products," said Shantanu Rastogi, managing director and head of India at General Atlantic. Broadly, the last year has seen similar moves in companies, including Haldiram, Iscon Balaji, Theobroma and VIP Industries. Others, such as HyFun Foods and Ratnadeep Retail, are in various stages of their fundraising process. These companies are increasingly turning to external capital to fuel growth and scale operations. "General Atlantic's deep understanding of consumer businesses, track record of working with founder families and long-term approach to value creation, align well with our vision for Balaji Wafers," said Chandubhai Virani, founder and chairman at Balaji Wafers. Intensive Fiscal Services Pvt Ltd acted as the exclusive advisor to Balaji Wafers....