ChrysCapital Acquires 90% of Theobroma in ₹2,410 Crore Deal — A Sweet Move for India’s Bakery Sector

About the Deal

The transaction was carried out through ChrysCapital’s affiliated entities—Aqua Investments, Infinity Partners, and Atreides Investments. It involves a full exit for ICICI Venture, which previously held a 42% stake after investing in Theobroma in 2017.

As part of the agreement, co-founders Kainaz and Tina Messman will retain about 10% equity and continue to actively lead the company’s brand, operations, and innovation strategy. This ensures Theobroma’s original DNA remains intact as it enters its next growth phase.

Theobroma’s Growth Trajectory

Started in 2004 as a single outlet in Mumbai’s Colaba area, Theobroma has grown into a national brand with 200+ outlets across 30 cities. The bakery is now present in Delhi NCR, Bengaluru, Hyderabad, Pune, and several other metros and Tier-2 markets.

In FY24, the company posted revenues of around ₹400 crore, with EBITDA estimated at ₹60 crore. Theobroma is projected to hit ₹525–550 crore revenue and ₹80–100 crore EBITDA in FY25, showing consistent growth in both dine-in and delivery channels.

What ChrysCapital Brings

ChrysCapital aims to leverage Theobroma’s strong customer loyalty and brand recall to further:

• Expand into Tier 2 and Tier 3 cities

• Strengthen backend operations, logistics, and warehousing

• Boost its digital ordering and cloud kitchen model

• Explore broader QSR (Quick Service Restaurant) investments under a consolidated strategy

This acquisition aligns with ChrysCapital’s larger goal to build a dominant consumer brand platform in India. The firm is reportedly evaluating other food chains like The Belgian Waffle Co., further indicating its intent to shape India’s evolving food ecosystem.

Industry Insight

According to analysts, this acquisition is a reflection of the private equity trend in India, where investors are seeking profitable consumer-facing businesses with high brand equity and replicable unit economics.

"Theobroma's consistent growth, premium positioning, and expanding footprint make it a prime candidate for scaled expansion under a well-capitalized fund," said an investment advisor familiar with the deal.

Regulatory Approval

The deal has been submitted for approval to the Competition Commission of India (CCI). Since ChrysCapital and Theobroma do not have overlapping businesses, clearance is expected without issues.

Conclusion

ChrysCapital’s ₹2,410 crore acquisition of Theobroma is not just a financial transaction—it’s a strategic bet on India’s love for premium, affordable indulgence. With the founding family still at the helm and a powerhouse investor backing the brand, Theobroma is entering a new era of nationwide scale, innovation, and possibly even international expansion.