ChrysCapital Buys 90% of Theobroma in ₹2,410 Crore Deal

From a tiny Colaba café to a ₹3,500 crore empire—Theobroma’s journey is pure indulgence.

1 min read

In a landmark deal for India’s food and beverage industry, ChrysCapital has acquired a 90% stake in Theobroma Foods for ₹2,410 crore, valuing the premium bakery brand at around ₹3,500 crore.

Founded by sisters Kainaz and Tina Messman, Theobroma began as a small café in Mumbai’s Colaba in 2004. Today, it has grown into a 225-store pan-India bakery chain, loved nationwide for its brownies, cakes, and European-inspired desserts.

Theobroma’s Rise: From One-Room Kitchen to National Brand

  • 2004 – Launched as a cozy Colaba café with family recipes and a European patisserie influence.

  • 2004–2015 – Built a loyal Mumbai customer base with signature brownies, artisanal breads, and gourmet sandwiches.

  • 2015–2025 – Expanded across major metros and tier-1 cities, maintaining consistent quality and brand identity.

  • Today – 225 outlets across India, e-commerce reach, and a valuation in the ₹3,500 crore range.

What Drove Theobroma’s Success

  1. Uncompromising Quality – Every product meets the same high standards, creating repeat customers.

  2. Consistent Brand Experience – Familiar design, warm ambience, and signature aromas across outlets.

  3. Measured Expansion – Growth was strategic, ensuring no dilution of brand identity.

  4. Emotional Connection – Customers associate Theobroma with celebrations, indulgence, and nostalgia.

ChrysCapital’s Investment: What It Means for Theobroma

  • Fresh Capital for Growth – Expansion into tier-2 cities and deeper e-commerce penetration.

  • Potential International Presence – Targeting markets with a strong Indian diaspora.

  • Founder Retention – Kainaz and Tina Messman keep a 10% stake, ensuring brand continuity.

  • Industry Impact – One of the largest private equity deals in India’s F&B sector, signaling rising investor interest in premium food brands.

Lessons from Theobroma’s Journey

Smal beginnings can lead to massive growth.Quality is Non-NegotiableStrong products create loyal communities.Brand is More Than a LogoIt’s about the full customer experience.Right Partners Accelerate GrowthStrategic investment can take a local brand national and beyond.

The Road Ahead

With ChrysCapital’s backing, Theobroma is set for its most ambitious phase yet—blending tradition with innovation while keeping its premium touch. If its past growth is any indicator, the brand’s expansion will continue to be as sweet as its brownies.