ChrysCapital to acquire Theobroma: From one store to pan India bakery chain, how two sisters built Rs 2400 crore empire

Theobroma success story: In a major development in the Indian bakery market, ChrysCapital is all set to acquire 90% stake in Mumbai-based pan-India Indian bakery brand Theobroma, according to an ET report. This landmark acquisition is valued at around Rs 2,410 crore and is currently awaiting approval from the Competition Commission of India (CCI).

ChrysCapital affiliates — Aqua Investments Ltd, Infinity Partners, and Atreides Investments BV — will acquire shares from Theobroma’s original promoters and current investor, ICICI Venture.


This investment reflects ChrysCapital’s strategic vision to expand its portfolio in India’s rapidly growing quick-service restaurant (QSR) and café segment. This sector is bouncing back strongly post-pandemic and is seeing increasing demand from urban consumers.

ICICI Venture, which invested in Theobroma back in 2017 by buying a 42% stake for about Rs 130 crore, will make a full exit with this transaction.



Despite the majority acquisition, the Messman family, who founded Theobroma, will retain a 10% shareholding and continue to play an active role in managing operations.

The CCI is reviewing the deal, and since none of the acquiring firms are involved in the bakery or food business, no competition concerns are expected. The entities clarified that there is no market overlap, and the deal won’t affect fair competition in the sector.


Theobroma’s story began in 2004 when sisters Kainaz Messman Harchandrai and Tina Messman Wykes launched a small bakery in Mumbai’s Colaba. With initial funding of Rs 1.5 crore from their father, they opened their first store on the day of Dussehra.

The name “Theobroma”, which means “food of the gods” in Greek, was suggested by a friend. It perfectly captured their ambition to offer premium European-style desserts to Indian customers.


The idea for Theobroma came to Kainaz Messman Harchandrai after she suffered a back injury while working as a pastry chef at The Oberoi Udaivilas. With formal training from Le Cordon Bleu, London, and work experience at the Oberoi Hotels, she already had the skills for a gourmet bakery.

Their entrepreneurial journey was inspired by their childhood — they grew up helping their mother in her small home-run baking business. But back then, the sisters never imagined that they were about to build one of the country's biggest bakery brands.



In the early days, Theobroma struggled with expansion and funding. Maintaining quality came with high costs, and they didn’t get their first major loan of Rs 5 crore until 2014, nearly a decade after they started.

Despite financial hurdles, Theobroma gained rapid popularity thanks to its signature brownies, cakes, cookies, and sandwiches. By focusing on quality ingredients and affordable pricing, the brand carved a niche among urban youth craving European-style baked goods.

From just 50 stores before the pandemic, Theobroma now has 225 outlets across over 30 Indian cities, including Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Pune and Chandigarh. The brand is also a big player in online delivery platforms and food aggregators.


According to reports, Theobroma recorded Rs 400 crore in revenue in FY24, with an adjusted EBITDA of Rs 60 crore. For FY25, it is estimated to earn between Rs 525-550 crore in revenue and an EBITDA of Rs 80-100 crore.

ChrysCapital reportedly reopened acquisition talks at a price lower than the Rs 3,000 crore valuation originally sought by the promoters, finally settling at Rs 2,410 crore, as reported in ET.


What started as a small brownie shop run by two passionate sisters has now turned into a Rs 2,400 crore Indian bakery empire. The journey of Theobroma, driven by the dedication of Kainaz Messman Harchandrai and Tina Messman Wykes, is a true example of entrepreneurial spirit and resilience.

Their story, beautifully captured in Kainaz’s book, “The Theobroma Story: Baking a Dream,” serves as an inspiration for young entrepreneurs across India.

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