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India Today
5 days ago
- Business
- India Today
Baked with love, valued in crores: The Theobroma story
Theobroma, the iconic bakery brand that introduced India to brownies and cakes with a European flair, is set for a major a milestone in the journey of a business that began as a one-room kitchen in south Mumbai, private equity giant ChrysCapital has agreed to acquire a 90% stake in the company for Rs 2,410 crore, reported the Economic in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma grew from a modest Colaba cafe into a 225-store pan-India chain, serving everything from gooey brownies and buttery croissants to puffs, sandwiches, and festive cakes. Now, it's become the latest darling of India's fast-evolving food and beverage sector, attracting investor interest from global heavyweights like Bain Capital and Carlyle before ChrysCapital finally emerged as the winning bidder. The deal will see ChrysCapital buy out Theobroma's promoters and existing investor ICICI Venture, which had invested Rs 130 crore in the brand in 2017. The founding Messman family is expected to retain around 10% stake in the BAKING AT HOME TO BOARDROOM INTERESTIn her 2020 memoir 'The Theobroma Story: Baking a Dream', Kainaz Messman recounted how a back injury while working as a pastry chef at the Oberoi Udaivilas forced her to rethink her career. A Le Cordon Bleu-trained ptissire, she joined forces with her sister Tina and drew inspiration from their mother's home-run baking with seed capital of Rs 1.5 crore provided by their father, the duo opened their first caf on Colaba Causeway during Dussehra in 2004. It was initially seen as a small step up from their home kitchen - but it would soon snowball into something far name "Theobroma," meaning 'food of the gods', was suggested by a friend, and it quickly became synonymous with indulgent treats and an elevated but affordable dessert experience. View this post on Instagram A post shared by Theobroma Patisserie India (@theobromapatisserie)At a time when India's caf and bakery scene was still developing, Theobroma struck gold with its soft-centred brownies, gooey tarts, and rich cakes-bringing European-style desserts to a younger, aspirational audience without premium pricing. That formula, combined with a sharp focus on quality and consistency, helped the brand build a fiercely loyal customer base, according to BIG BET ON QSRChrysCapital's acquisition of Theobroma is part of its broader strategy to create a powerful quick-service restaurant (QSR) portfolio. The fund has also been in talks to buy other high-growth food brands such as The Belgian Waffle Co., and its latest move signals growing investor appetite for scalable, consumer-facing businesses in the final valuation, Rs 2,410 crore, was lower than the Rs 3,000 crore initially sought, the deal is being hailed as a much-needed boost for the F&B sector. According to people familiar with the discussions, conversations had paused for nearly six weeks earlier this year due to weak financials but resumed after adjustments."This is being seen as a precedent for revival of high-value deals in the dining and caf space," a person involved in the transaction told *ET*.Theobroma is expected to clock Rs 525-550 crore in revenue and Rs 80-100 crore in EBITDA in FY25. In FY24, it posted Rs 400 crore in revenue and Rs 60 crore brand had previously explored going public, but volatile market conditions delayed its IPO SETS THEOBROMA APARTWhat sets Theobroma apart is its ability to thrive in a space where others have stumbled. American bakery chains like Au Bon Pain exited India after struggling to crack the model, as per on the other hand, scaled by tweaking its product strategy. It gradually reduced the number of highly perishable baked goods on its menu and increased its focus on items with slightly longer shelf lives - brownies (up to five days), sandwiches (one day), and puffs (same day). It also built regional commissaries to maintain freshness across its stores, with Bengaluru alone housing two units to serve over two dozen outlets. View this post on Instagram A post shared by Theobroma Patisserie India (@theobromapatisserie)advertisementThis operational control, combined with brand loyalty, made the company attractive to investors. According to market intelligence firm Tracxn, Theobroma's revenue multiples (7-9X) are now on par with other high-growth food ventures like Blue Tokai, Chaayos, and Wow! rise is a story of taste meeting timing. Its founders didn't have a business plan - just a passion for baking and a belief that quality desserts could be made accessible. That belief turned into a Rs 2,410 crore business in two decades.- EndsMust Watch
Indian Express
5 days ago
- Business
- Indian Express
Theobroma patisserie chain, built by Mumbai-based sisters, eyes Rs 2,410 crore deal with ChrysCapital
Pan-India patisserie chain Theobroma, founded by Mumbai-based sisters Kainaz Messman Harchandrai and Tina Messman Wykes, is likely to be acquired by private equity firm ChrysCapital for Rs 2,410 crore. According to The Economic Times, the homegrown private equity firm will reportedly purchase nearly 90 per cent of the company from its founding promoters, the Wykes family, and existing investor ICICI Venture. The remaining 10 per cent stake is expected to remain with the current shareholders. Born in a small kitchen in Colaba at a neighbour's request, Theobroma — Greek for 'Food of the Gods' — was founded in 2004 by the two sisters. It began as a modest café with just four tables in Mumbai's Colaba and has since grown into a leading patisserie chain with presence in over 30 cities across India. What makes Theobroma's journey exciting is the fact that it is a story of a family coming together and turning their dreams into reality. Kainaz, often described as the soul of Theobroma, began baking as a child, helping her mother, who ran a home-bakery called Not Just Desserts. A trip to France at 16 proved to be a turning point, inspiring her to pursue the culinary arts. She later graduated from Institute of Hotel Management (IHM) Mumbai and the Oberoi Centre of Learning and Development (OCLD) in Delhi, and went on to work as a pastry chef at the Oberoi Udaivilas. In 2004, she launched Theobroma as a cosy neighbourhood coffee shop in Colaba. The second outlet opened in Bandra in 2010 — and the rest, as they say, is history. Today, Theobroma is a household name, with its signature brownies becoming a mainstay across India.
NDTV
5 days ago
- Business
- NDTV
Theobroma Patisserie 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.
News18
5 days ago
- Business
- News18
Theobroma To Be Sold To ChrysCapital For Rs 2,410 Crore: Report
ICICI Venture, which currently holds a 42% stake in Theobroma, had invested $20 million (approximately Rs 130 crore at the time) back in 2017. According to ET, discussions between ChrysCapital and Theobroma had resumed earlier this year after a six-week pause triggered by weak financial performance. While the initial valuation target was around Rs 3,000 crore, the final transaction was closed at Rs 2,410 crore. Despite the markdown, the deal is being seen as a positive signal for the restaurant and cafés sector, where several high-value transactions had stalled due to market volatility. 'Even though the Theobroma deal has been signed at a lower valuation compared to what was brought on the table first, it's being seen as a precedent for the revival of high-value transactions in the dining and cafes sector," a person directly involved told ET. Arpwood Capital advised Theobroma's promoters on the transaction. ChrysCapital, ICICI Venture, and Theobroma declined to comment on the development, according to ET. Theobroma had drawn interest from multiple suitors, including Bain Capital, Carlyle, and Switz Group — the owner of Monginis bakery — but ChrysCapital ultimately emerged as the chosen investor. As previously reported by ET, ChrysCapital is working towards building a quick-service restaurant (QSR) platform and is looking to acquire marquee food brands such as Theobroma and The Belgian Waffle Co. This latest acquisition is seen as a significant step in that direction. Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma started with a single outlet in Mumbai's Colaba and has grown to over 200 stores across more than 30 cities. It is widely popular for its brownies, cakes, breads, desserts, and chocolates.
India Today
5 days ago
- Business
- India Today
Theobroma to be sold, Rs 2,410-crore sweet deal baked by ChrysCapital: Report
Private equity firm ChrysCapital has agreed to acquire a 90% stake in Theobroma Foods, the popular pan-India bakery chain, for Rs 2,410 crore, reported The Economic Times (ET). As per the agreement, ChrysCapital will buy the majority stake from Theobroma's promoters and its existing investor ICICI Venture. The founding family will retain around 10% stake in the company, people familiar with the matter told Venture currently owns 42% in Theobroma. It had invested $20 million in 2017, which was around Rs 130 crore at the STRUCTURE AND VALUATIONTalks between ChrysCapital and Theobroma resumed earlier this year after being paused for nearly six weeks due to weak financial performance. Initially, the promoters and investors had sought a valuation of Rs 3,000 crore, but the final deal was signed at Rs 2,410 the final price is lower than what was first expected, the transaction is being seen as a positive sign for the restaurant and cafes sector, where several deals had been on hold due to market uncertainty.'Even though the Theobroma deal has been signed at a lower valuation compared to what was brought on the table first, it's being seen as a precedent for revival of high-value transactions in the dining and cafes sector,' a person directly involved in the discussions told Capital advised the promoters on the deal. ChrysCapital, ICICI Venture, and Theobroma declined to comment, according to had attracted interest from several other big names. Global investment firms like Bain Capital and Carlyle, and Switz Group, the owner of the Monginis bakery chain, had also shown interest earlier in the process, but ChrysCapital eventually emerged as the is reportedly looking to build a quick-service restaurant (QSR) platform. As reported by ET earlier, it is planning to acquire popular food brands such as Theobroma and The Belgian Waffle Co. to expand its footprint in the deal with Theobroma is expected to be a key part of that in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma began with a single outlet at Cusrow Baug on Mumbai's Colaba Causeway. Over the last 20 years, the brand has expanded to more than 200 stores across over 30 is known for its popular brownies, cakes, desserts, breads, snacks, and to people quoted by ET, Theobroma is projected to post a revenue of Rs 525–550 crore in FY25 with an EBITDA of Rs 80–100 crore. In FY24, it reported revenue of Rs 400 crore and adjusted EBITDA of Rs 60 company had also considered launching an initial public offering (IPO), but delayed the plan due to volatile market conditions.- Ends advertisement
