ChrysCapital Acquires 90 Percent Stake In Theobroma, Valuing Bakery Chain At ₹2,410 Crore

Private equity firm ChrysCapital has signed a landmark deal to acquire a 90 percent stake in Theobroma Foods, one of India’s most beloved bakery chains, for ₹2,410 crore. Founded by sisters Kainaz Messman Harchandrai and Tina Messman Wykes in 2004, Theobroma has grown from a single café in Mumbai to a 225-store national brand.

Key Highlights Of The Deal

- ChrysCapital will purchase shares from the founding family and ICICI Venture, which exits after holding a 42 percent stake since 2017  
- The Messman sisters will retain a 10 percent stake and continue to oversee operations  
- The acquisition is part of ChrysCapital’s strategy to build a quick-service restaurant platform, with interest in other brands like The Belgian Waffle Co.  

Growth Journey And Brand Legacy

- Theobroma began with a ₹1.5 crore loan and a four-table outlet in Colaba, offering European-style brownies and cakes  
- The brand expanded slowly, securing a ₹5 crore loan in 2014 to scale across major cities  
- Known for its premium yet affordable desserts, Theobroma now operates in over 30 cities and is a top performer on food delivery platforms  

Financial Performance And Outlook

- FY24 revenue stood at ₹400 crore with ₹60 crore EBITDA; FY25 projections range between ₹525–550 crore revenue and ₹80–100 crore EBITDA  
- The deal, though lower than the initially expected ₹3,000 crore valuation, signals renewed investor confidence in India’s food and beverage sector  

Sources: India Today, Economic Times, BusinessWorld, OfficeChai, IndiaTimes Worth