Bikaji Foods’ promoter Deepak Agarwal’s family office has acquired a 35% stake in The Filter Coffee’s (TFC) parent entity, Wishvish Foods Pvt Ltd, and plans to double down on its investment in the Bengaluru-based South Indian restaurant chain, two people familiar with the matter said.
In FY24 and FY25, TFC raised ₹35 crore and ₹10 crore, respectively, from the family office of the snack maker, according to filings accessed by Tofler from the ministry of corporate affairs.
To be clear, the strategic investment has been made in Agarwal’s personal capacity through his family office and is not linked to Bikaji Foods International, the listed company.
While it was not clear if the company raised funds in the last fiscal year, the family office is likely to make an additional infusion of ₹100 crore over the next two years contingent on specific milestones, the people added.
While Wishvish declined to comment on Mint‘s queries regarding the latest valuation and fundraising, Bikaji’s Agarwal did not respond to queries till press time.
“Bikaji’s family office is our strategic investment partner, and at this stage, we are not looking to raise capital from external investors. The partnership has been built with a long-term vision towards scaling the brand thoughtfully while retaining strategic alignment,” a spokesperson for Wishvish said in an emailed statement.
With Agarwal on the cap table, TFC plans to leverage the snacking major’s multi-decade experience in brand building, scaling operations, and establishing distribution and manufacturing networks to deepen its retail footprint.
Bikaji Foods International, founded in the 1990s, has grown from a traditional bhujia and namkeen maker into a diversified snacks player with a pan-India distribution network and strong presence in Rajasthan, Bihar and Assam. It is now looking to deepen its footprint across north and central India, including Punjab, Haryana, Delhi, Uttar Pradesh, Karnataka and Chhattisgarh, according to ICRA.
India’s $80-billion food services market is projected to grow at a 10–11% CAGR through 2030, led by the rapid expansion of organized players, according to Redseer. The shift toward online food delivery and branded dine-in chains is accelerating this transformation.
Financial trajectory
In FY25, Wishvish reported operating revenue of ₹51.4 crore, up from ₹40.8 crore a year earlier. It posted a loss of ₹5 crore, compared to a loss of ₹3.8 crore in FY24, the filings showed.
Prior to the investment, the company had 2 retail stores and 3 cloud kitchens. Post the capital infusion, the business has expanded to 10 outlets (9 retail stores and 1 cloud kitchen), with revenues currently tracking at about ₹70 crore in FY26, the spokesperson said.
“A key area of focus has also been strengthening backend infrastructure to support long-term scale. We now operate a 40,000 sq. ft backend production and supply facility on the outskirts of Bengaluru, which has the capability to support a business scale of approximately ₹400 crore,” Wishvish said in the statement.
Brand evolution
Founded in 2014 by childhood friends Avinit Bagri and Sanskrit Iyer, The Filter Coffee began with the aim to celebrate South India’s most beloved cuisine. Rooted in traditional flavours, its offerings span a curated à la carte selection, including soup rasams, appetizers, mains, regional sides, and desserts.
Since the beginning of last year, The Filter Coffee has accelerated its expansion plans in Bengaluru, with plans to open multiple outlets across the city. It has also leveraged food delivery platforms such as Swiggy and Zomato and has seen its growth accelerate through these channels.
In December, Zomato highlighted that The Filter Coffee’s yearly order volume surged nearly 32 times between 2019-2024. Within these years, the company expanded from a breakfast-focused brand to a full menu with appetizers and main courses, which resulted in an increase in average order values.
Deal momentum
Broadly, India’s restaurant and QSR chains are seeing renewed investor activity, with several transactions concluded in recent months.
Last month, private equity firm Pvt Ltd, the exclusive Indian franchise partner for global restaurant brands like Chili’s Grill & Bar, PAUL, and Cinnabon.
Others include Burma Burma’s ₹38 crore fundraise from existing investor Negen Capital and new investors Endurance Capital and Coheron Wealth in March. Burger Singh raised ₹82 crore in a round led by Artal Asia Pte Ltd alongside Negen Undiscovered Value Fund and Aurum Rising India Fund in the same month.
Separately, listed player in a nearly billion-dollar deal. Devyani also announced plans to acquire homegrown chain ‘Biryani by Kilo’, while Wow! Momo raised capital from Singularity in December. Mint also reported on to list on the public markets.