In the world of business, it’s not every day that a well-loved, homegrown brand gets a deal as big as this. Theobroma, the iconic bakery chain known for its mouth-watering brownies, cakes, and pastries, is set to be acquired by ChrysCapital, a leading private equity firm, for an impressive ₹2,410 crore. This news is a game-changer for both the bakery sector in India and ChrysCapital, marking a major milestone in the industry’s growth.
Theobroma Set to Be Acquired by ChrysCapital for ₹2,410 Crore
| Key Data & Facts | Details |
|---|---|
| Acquisition Price | ₹2,410 Crore ($300 million) |
| Stake Acquired by ChrysCapital | 90% of Theobroma’s equity |
| Revenue Projection for FY25 | ₹525–550 Crore |
| Theobroma’s Current Revenue (FY24) | ₹400 Crore |
| Founders of Theobroma | Kainaz Messman Harchandrai and Tina Messman Wykes |
| Number of Theobroma Outlets | Over 200 locations across more than 30 cities |
| Other Potential Acquisitions by ChrysCapital | The Belgian Waffle Co. and more food brands |
| Financial Advisor for the Deal | ICICI Venture |
| Acquisition Finalization Date | July 2025 |
Theobroma’s acquisition by ChrysCapital for ₹2,410 crore is a significant step in the evolution of India’s food and beverage industry. The deal not only reflects Theobroma’s stellar growth trajectory but also signals the growing interest from private equity firms in the country’s expanding QSR and bakery markets. With the backing of ChrysCapital, Theobroma is poised for even greater success, with plans for national and international expansion. The future looks sweet for this iconic brand — and if you haven’t already tried their brownies, now’s the time!
A Sweet Success: The Story of Theobroma
Theobroma is not just another bakery chain — it’s a household name in India, beloved by all who have a sweet tooth. Founded in 2004 by two sisters, Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma started as a small, humble bakery in Mumbai’s bustling Colaba Causeway. Their mission was simple: to create a bakery that served the most delicious, high-quality desserts that would leave a lasting impression on anyone who tasted them.
But they weren’t just making cakes and brownies — they were creating a brand experience. The name “Theobroma” itself is Greek for “food of the gods,” and it’s clear that this bakery lives up to its divine name. Over time, it grew from one location to over 200 outlets across more than 30 cities in India. The brand became synonymous with quality, reliability, and innovative desserts that cater to both local and international tastes.
Why ChrysCapital’s Acquisition of Theobroma is a Big Deal
ChrysCapital’s decision to acquire Theobroma is significant for several reasons. First and foremost, the valuation of ₹2,410 crore underscores the growing demand for premium food brands in India. With Theobroma’s revenue projections for FY25 sitting between ₹525 crore and ₹550 crore, it’s clear that the bakery is well on its way to becoming a dominant player in India’s food and beverage market.
ChrysCapital’s acquisition is part of a broader strategy to build a robust quick-service restaurant (QSR) platform, and Theobroma fits perfectly into this vision. According to industry experts, ChrysCapital is also eyeing other popular brands like The Belgian Waffle Co., which would complement Theobroma’s market position and make it a more competitive player in the food sector.
This acquisition also highlights the increasing interest in the Indian food industry, which is booming with potential. The quick-service and bakery sectors are attracting more and more investors, and deals like this one show that the market is maturing.
What This Means for Theobroma’s Founders and Stakeholders
As part of the deal, Theobroma’s founders, Kainaz Messman Harchandrai and Tina Messman Wykes, will retain a 10% stake in the company. This ensures that they’ll remain involved in the business, even as ChrysCapital takes control of the majority share. This is not uncommon in acquisitions, as it allows the founders to continue contributing their expertise and vision for the brand’s growth while benefiting from the capital and resources that ChrysCapital brings to the table.
ChrysCapital’s involvement is expected to accelerate Theobroma’s growth, both in terms of expanding its footprint across India and exploring new avenues for international expansion. The deal also marks a successful exit for ICICI Venture, which had previously invested in Theobroma.
Financial Impact and Projections
Theobroma has seen a steady rise in its revenue, reaching ₹400 crore in FY24. With an adjusted EBITDA of ₹60 crore, it’s clear that the bakery chain is performing well. But what’s even more exciting is its potential for future growth. Analysts project that Theobroma could reach revenues of up to ₹550 crore by FY25, with an EBITDA between ₹80 crore and ₹100 crore.
This optimistic outlook stems from Theobroma’s strong brand equity, loyal customer base, and the growing demand for high-quality, indulgent bakery items. Plus, with ChrysCapital’s financial backing, Theobroma is set to expand its market reach and introduce innovative products to capture even more customers.
How ChrysCapital Will Shape Theobroma’s Future
ChrysCapital is known for its ability to scale businesses and help them achieve long-term growth. The firm has a proven track record of investing in successful companies and providing the necessary resources to take them to the next level. For Theobroma, this could mean faster expansion, better supply chain management, and enhanced digital presence.
One area that could see significant improvement is franchise development. ChrysCapital’s expertise in scaling businesses will likely help Theobroma tap into untapped markets across India and even internationally. The bakery could soon be a global brand, with outlets in major international cities like New York, London, and Dubai.
Another area that could see growth is online sales. The rise of food delivery platforms like Swiggy and Zomato presents a huge opportunity for Theobroma to expand its customer base by offering its popular cakes and brownies directly to consumers through these platforms.
FAQs
What is the total value of the acquisition deal?
ChrysCapital is acquiring a 90% stake in Theobroma for ₹2,410 crore (approximately $300 million).
Who are the founders of Theobroma?
Theobroma was founded by sisters Kainaz Messman Harchandrai and Tina Messman Wykes in 2004.
Will the founders remain involved in the company after the acquisition?
Yes, the founders will retain a 10% stake in the company and continue to be involved in its operations.
What are the future growth prospects for Theobroma?
With ChrysCapital’s investment, Theobroma is expected to expand its presence across India and internationally, with projections of revenue growth to ₹550 crore in FY25.
How does this deal impact the Indian bakery market?
This deal highlights the growing potential of the Indian bakery market and the increasing interest from private equity firms in the food and beverage sector.
