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

News18

15-07-2025

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.