From a Small Room to ₹3,500 Crore: The Journey of Two Sisters Behind Theobroma, India’s Beloved Bakery
Brownie Empire Theobroma, Built by Two Mumbai Sisters, Sells 90% Stake to ChrysCapital in ₹2,410 Crore Deal
In the heart of Mumbai, two sisters, Kenaz and Tina Messman, embarked on a journey that would forever change India’s bakery landscape. What began in 2004 as a small venture in a single room has today blossomed into a ₹3,500 crore bakery empire, Theobroma, one of the country’s most cherished brands.
A Dream Born Out of Passion
Theobroma’s story began when Kenaz Messman, a trained pastry chef from London’s renowned Le Cordon Bleu, was forced to quit her job due to a back injury. With a deep love for baking and an unwavering determination, she teamed up with her sister Tina to turn their passion into a business. Their vision was simple: to introduce European-style brownies and desserts to India, and make premium baked goods accessible to all.
The first Theobroma outlet opened its doors in Colaba, Mumbai, on the auspicious occasion of Dussehra in 2004. The name “Theobroma,” meaning “Food of the Gods,” was suggested by a friend, inspired by the Greek words theos (God) and broma (food). This name would soon become synonymous with mouthwatering brownies, pastries, and cakes that captured the hearts of Mumbai’s young crowd.
Support from Their Father (Challenges and Expansion )
While the sisters’ baking expertise was undeniable, securing the initial capital proved to be a significant challenge.
Although the sisters had considerable baking experience, they required funding to launch their bakery business. Their father stepped in to provide the necessary support, investing ₹1.5 crore to kickstart the venture. Their journey wasn’t entirely from scratch, as they had already been baking at home and needed this capital to elevate their passion into a full-fledged business.
As Theobroma gained popularity, Kenaz and Tina encountered the challenge of maintaining quality while scaling up operations. In 2014, they took out a loan of ₹5 crore to expand Theobroma beyond its first outlet.
Over the next two decades, Theobroma flourished, growing to more than 225 outlets across India. Their success can be attributed to their unwavering commitment to quality and their ability to adapt to changing consumer preferences. Despite the challenges they faced, Theobroma stayed true to its roots, consistently offering luxury baked goods at accessible prices.
A Potential Milestone Acquisition
In what could be one of the largest cash exits in India’s business history, Theobroma is reportedly in talks to be acquired by ChrysCapital and Belgium Waffle Co. for a staggering ₹3,200-₹3,500 crore. If the deal goes through, it will mark a significant milestone not only for the Messman sisters but also for India’s bakery industry, highlighting the enormous potential of homegrown businesses.
The sisters’ journey from baking in a small room to building a ₹3,500 crore brand is a testament to their resilience, vision, and entrepreneurial spirit. Theobroma has become more than just a bakery; it is a symbol of passion, perseverance, and the sweet taste of success.
Looking Ahead
As Theobroma continues to grow, the potential acquisition is seen as a game-changing moment in India’s business landscape. It showcases how two sisters, driven by passion rather than a grand business plan, transformed their love for baking into a national brand.
From Colaba’s narrow streets to a nationwide presence, Theobroma’s journey is a remarkable story of ambition, dedication, and the belief that even the sweetest dreams can come true.
