Theobroma To Be Sold To ChrysCapital For Rs 2,410 Crore: Report

Theobroma To Be Sold To ChrysCapital For Rs 2,410 Crore: Report Curated By : News18.com Last Updated: July 15, 2025, 13:23 IST Private equity firm ChrysCapital has agreed to acquire a 90% stake in Theobroma Foods Theobroma Private equity firm ChrysCapital has agreed to acquire a 90% stake in Theobroma Foods, the popular bakery chain, for Rs 2,410 crore, reported The Economic Times (ET). ChrysCapital has signed a deal to acquire a majority stake in premium bakery chain Theobroma from its promoters and current investor ICICI Venture, ET reported, citing people familiar with the matter. The founding family will retain around 10% equity in the company. Recommended Stories ICICI Venture, which currently holds a 42% stake in Theobroma, had invested $20 million (approximately Rs 130 crore at the time) back in 2017. According to ET, discussions between ChrysCapital and Theobroma had resumed earlier this year after a six-week pause triggered by weak financial performance. While the initial valuation target was around Rs 3,000 crore, the final transaction was closed at Rs 2,410 crore. Despite the markdown, the deal is being seen as a positive signal for the restaurant and cafés sector, where several high-value transactions had stalled due to market volatility. “Even though the Theobroma deal has been signed at a lower valuation compared to what was brought on the table first, it’s being seen as a precedent for the revival of high-value transactions in the dining and cafes sector," a person directly involved told ET. Arpwood Capital advised Theobroma’s promoters on the transaction. ChrysCapital, ICICI Venture, and Theobroma declined to comment on the development, according to ET. Theobroma had drawn interest from multiple suitors, including Bain Capital, Carlyle, and Switz Group — the owner of Monginis bakery — but ChrysCapital ultimately emerged as the chosen investor. As previously reported by ET, ChrysCapital is working towards building a quick-service restaurant (QSR) platform and is looking to acquire marquee food brands such as Theobroma and The Belgian Waffle Co. This latest acquisition is seen as a significant step in that direction. Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma started with a single outlet in Mumbai’s Colaba and has grown to over 200 stores across more than 30 cities. It is widely popular for its brownies, cakes, breads, desserts, and chocolates. top videos View all Swipe Left For Next Video View all As per projections shared with ET, Theobroma is expected to post a revenue of Rs 525–550 crore in FY25, with EBITDA in the range of Rs 80–100 crore. In FY24, the company had reported revenue of Rs 400 crore and an adjusted EBITDA of Rs 60 crore. The company had also explored an IPO option but shelved the plan amid market volatility. About the Author Aparna Deb Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a... Read More Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a... Read More view comments First Published: July 15, 2025, 13:18 IST News business » economy Theobroma To Be Sold To ChrysCapital For Rs 2,410 Crore: Report