Theobroma, Built By Two Indian Sisters, Sells 90% Stake To ChrysCapital

Pan-India bakery chain Theobroma Foods is set to be acquired by homegrown private equity firm ChrysCapital for ₹2,410 crore, according to a report by The Economic Times. For those unfamiliar, Theobroma is a patisserie known among food lovers for its brownies, cakes, desserts, chocolates, breads and savouries.

As per the agreement signed between the parties, ChrysCapital will acquire around a 90% stake from the company's promoters and existing investor ICICI Venture. The founding family will retain around a 10% stake, the report added. Currently, ICICI Venture holds 42% of Theobroma.

"Even though the Theobroma deal has been finalised at a lower valuation than what was initially proposed, it is being viewed as a precedent for the revival of high-value transactions in the dining and cafes sector," a person directly involved in the talks told ET.
ChrysCapital is reportedly looking to build a quick-service restaurant (QSR) platform. Reports suggest it is also planning to acquire the popular food brand The Belgian Waffle Co. to strengthen its position in the segment.

More About Theobroma

Theobroma was founded by sisters Kainaz Messman Harchandrai and Tina Messman Wykes in 2004. The brand opened its first pastry store at the iconic Cusrow Baug on Colaba Causeway in Mumbai. Today, Theobroma is a pan-India patisserie chain with outlets in over 30 cities. The name Theobroma comes from the Greek words theos (god) and broma (food), meaning "food of the gods".

At a time when India's baking scene was not as evolved as it is today, Kainaz and Tina Messman carved a niche among urban youth who were looking for European-style brownies and desserts that were not only delicious but also affordable.

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