Mumbai, July 16, 2025 — In one of the biggest deals in India’s food and beverage sector this year, homegrown private equity firm ChrysCapital has acquired a 90% stake in Theobroma for ₹2,410 crore, marking the exit of ICICI Venture, which held a 42% stake since 2017.
Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma started as a single café in Mumbai’s Colaba. Over two decades, it has grown into a national brand with over 200 outlets across 30+ cities, celebrated for its signature brownies, cakes, and all-day café menu.
While the final deal value came in lower than the ₹3,000 crore the brand originally targeted, it signals renewed investor appetite in India’s growing QSR and specialty café space.
ChrysCapital’s move aligns with its larger strategy of building a multi-brand QSR platform, with similar acquisition interest in brands like The Belgian Waffle Co. and other fast-growing food chains.
Theobroma is projected to close FY25 with ₹525–550 crore in revenue and ₹80–100 crore in EBITDA, up from ₹400 crore and ₹60 crore in FY24, respectively.
The transaction now awaits clearance from the Competition Commission of India (CCI). ChrysCapital’s partners in the deal — Infinity Partners, Atreides Investments BV, and Aqua Investments Ltd — have already filed the necessary applications.
This acquisition positions Theobroma for aggressive expansion and marks a new phase in India’s evolving café economy — where brand equity, product consistency, and scale are finally finding premium exits.
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