The deal, which values Theobroma at a slightly lower figure than initial discussions due to subdued recent financial performance, is still viewed as a strong vote of confidence in India’s evolving dining landscape. Despite a temporary slowdown in deal activity, this acquisition signals renewed investor appetite for scalable consumer-facing brands.

ICICI Venture, which invested approximately Rs. 30 crore in Theobroma in 2021, is expected to exit with a nearly threefold return on its investment. The remaining 10% stake in the company is expected to be retained by the existing shareholders.

Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma began as a single café in Mumbai’s Colaba. It has since grown into a nationwide premium bakery brand with over 150 outlets across 10 cities. The brand reported revenues of around Rs. 400 crore in FY24 and is projected to reach Rs. 550 crore in the coming fiscal, with an estimated EBITDA of Rs. 80–100 crore.

The transaction is being advised by Arpwood Capital on behalf of the promoters. Theobroma is expected to continue operating independently post-acquisition.

This deal marks ChrysCapital’s second significant investment in India’s consumer sector in 2025, following its earlier acquisition of a stake in ethnic snacks brand Bikaji in March. The firm had previously shown interest in other QSR brands, including The Belgian Waffle Co.

Other contenders for Theobroma reportedly included global and domestic players such as Blackstone, Carlyle, and Switz Group—the latter operates the Monginis bakery chain.

Theobroma’s successful growth story and strong consumer connect make it an attractive platform for ChrysCapital as it looks to build a wider food and QSR portfolio amid shifting consumer preferences and rising demand for premium, convenient food formats.

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