ChrysCapital to Acquire 90% Stake in Theobroma for ₹2,410 Crore, Betting Big on India’s Premium Bakery Market

In a significant move within India’s quick service restaurant (QSR) and bakery space, homegrown private equity major ChrysCapital is set to acquire nearly a 90% stake in renowned premium bakery and café chain Theobroma. The transaction, valued at around ₹2,410 crore, ranks among the largest QSR deals in the country this year.

According to reports, ChrysCapital will buy out the stakes held by the founding promoters — the Wykes family — and existing investor ICICI Venture. While the final valuation of Theobroma is slightly lower than earlier estimates due to recent modest financial performance, the deal still reflects strong confidence in the brand’s growth potential and India’s evolving dining landscape.

ICICI Venture Set to Triple Investment

ICICI Venture had invested approximately ₹30 crore in Theobroma back in 2021. Following this acquisition, it is expected to exit the company with an estimated return nearly three times its original investment. A small portion, about 10%, of the company's equity is likely to remain with current shareholders, ensuring continuity in operations.

From Single Café to Nationwide Brand

Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma began its journey as a single café in Mumbai’s Colaba. Over the years, it has transformed into a celebrated premium bakery brand, now boasting over 150 outlets spread across 10 cities.

In FY24, Theobroma reported revenues of approximately ₹400 crore, with projections indicating growth to ₹550 crore in the upcoming fiscal year. The brand’s estimated EBITDA stands at around ₹80–100 crore, underlining its strong operational performance and scalability.

Future Plans and Strategic Vision

Post-acquisition, Theobroma is expected to operate as an independent entity. The deal is being advised by Arpwood Capital on behalf of the promoters.

This move also marks ChrysCapital’s second major investment in India’s consumer sector in 2025, following its recent stake acquisition in ethnic snack brand Bikaji earlier this year. The firm has previously explored investments in other QSR brands such as The Belgian Waffle Co.

Competition and Market Outlook

Theobroma’s acquisition attracted attention from multiple global and domestic investors, including Blackstone, Carlyle, and Switz Group, which operates the well-known Monginis bakery chain. ChrysCapital’s win highlights its focus on building a robust portfolio in India’s thriving food and QSR segment.

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With rising urban demand for premium, convenient food formats and a growing café culture, ChrysCapital’s investment aims to leverage Theobroma’s strong brand equity and nationwide presence to unlock new growth avenues.

This landmark deal underscores a renewed investor appetite for scalable, consumer-centric businesses and highlights Theobroma’s successful journey from a family-run bakery to a household name in India’s premium dessert and café segment.