Brownie Empire Theobroma, Built by Two Mumbai Sisters, Sells 90% Stake to ChrysCapital in ₹2,410 Crore Deal

Founded in a small Mumbai kitchen, Theobroma’s journey comes full circle with one of the year’s most significant F&B deals

India’s beloved bakery chain, Theobroma, has been acquired by private equity giant ChrysCapital in a blockbuster deal reportedly worth ₹2,410 crore. The agreement will see ChrysCapital buy nearly 90% stake in the company, including the 42% share held by ICICI Venture, its early-stage investor since 2017.

From Colaba Kitchen to National Brand

Theobroma, which means “Food of the Gods” in Greek, began as a humble venture by sisters Kainaz Messman Harchandrai and Tina Messman Wykes in 2004. What started in a one-room kitchen in Mumbai’s Colaba has grown into a 225-outlet strong bakery empire spanning over 30 Indian cities.

Kainaz, a trained pastry chef who studied at IHM Mumbai and the prestigious Oberoi Centre of Learning and Development (OCLD), turned her childhood passion for baking into a full-time culinary pursuit after a life-changing visit to France at the age of 16. Before starting Theobroma, she honed her skills at Oberoi Udaivilas.

The first Theobroma café opened on Dussehra 2004, with just four tables. The second outlet came in 2010 in Bandra, and the chain quickly grew in popularity thanks to its now-iconic brownies, pastries, and sandwiches.

The Deal and Market Dynamics

Theobroma had been in acquisition talks earlier this year, with an initial valuation reportedly closer to ₹3,000 crore. However, after a brief pause, discussions resumed and concluded at the slightly reduced figure of ₹2,410 crore. Despite the markdown, the acquisition is being seen as a positive signal for the food and beverage (F&B) sector, especially within India’s growing dine-in and café segments.

A source close to the deal stated, “There are half a dozen such transactions in the pipeline that are waiting for the market to stabilize. The Theobroma deal might just be the spark to reignite investor confidence.”

In addition to ChrysCapital, several major players had shown interest in acquiring Theobroma, including Carlyle, Bain Capital, and Switz Group (owners of the Monginis bakery brand).

A Sweet Future Ahead

Theobroma’s growth wasn’t without hurdles. For nearly a decade, the founders struggled to secure funding, relying on a ₹5 crore loan in 2014 to scale beyond their flagship store. ICICI Venture’s entry in 2017 provided the capital and backing needed to expand rapidly across India.

Now, under ChrysCapital’s ownership, Theobroma is expected to expand further, possibly eyeing global markets or deeper national penetration. The deal is not just a financial win — it also symbolizes how homegrown Indian brands, born out of passion and grit, can rise to national prominence and attract global investment.

For millions of fans who’ve savored its brownies, this is more than a corporate story, it’s the sweet success of a dream baked to perfection.