Latest news with #ICICIVenture
Entrepreneur
2 days ago
- Business
- Entrepreneur
ChrysCapital to Acquire 90% Stake in Theobroma for INR 2,410 Cr
The agreement, signed between the parties, will see ChrysCapital buying the majority stake from the promoters and existing investor ICICI Venture. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Private equity firm ChrysCapital is set to acquire a 90 percent stake in Theobroma Foods for INR 2,410 crore, according to media reports. The agreement, signed between the parties, will see ChrysCapital buying the majority stake from the promoters and existing investor ICICI Venture. The promoters of Theobroma are expected to retain a 10 percent share in the company after the transaction. ICICI Venture, which currently holds a 42 percent stake, is anticipated to exit entirely. The venture firm had initially invested INR 130 crore in 2017 and followed it with another INR 30 crore in 2021. The latest deal is projected to yield ICICI Venture a return nearly three times its total investment. The deal was finalised at a valuation lower than earlier estimates, attributed to Theobroma's muted financial performance in recent quarters. Despite this, the development is viewed as a positive sign for the dining and quick service restaurant segment, where many potential deals have stalled amid uncertain market conditions. Theobroma had drawn early interest from other potential investors, including Bain Capital, Carlyle, Blackstone, and the Switz Group, which operates the Monginis bakery chain. Arpwood Capital advised the promoters during the course of the transaction. Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma began as a single outlet in Mumbai's Colaba Causeway. Over the years, it has expanded to 200 stores across more than 30 cities in India, offering a variety of baked goods, including brownies, cakes, breads, and snacks. Theobroma is expected to report revenue in the range of INR 525 to INR 550 crore in the current financial year, with estimated EBITDA between INR 80 to INR 100 crore. In the previous year, it recorded revenue of INR 400 crore with an adjusted Ebitda of INR 60 crore. The company had previously considered a public listing but postponed the plan due to market volatility.
NDTV
2 days ago
- Business
- NDTV
Theobroma Patisserie Built By Two Indian Sisters Sells 90% Stake To ChrysCapital
Pan-India bakery chain Theobroma Foods is set to be acquired by homegrown private equity firm ChrysCapital for ₹2,410 crore, according to a report by The Economic Times. For those unfamiliar, Theobroma is a patisserie known among food lovers for its brownies, cakes, desserts, chocolates, breads and savouries. As per the agreement signed between the parties, ChrysCapital will acquire around a 90% stake from the company's promoters and existing investor ICICI Venture. The founding family will retain around a 10% stake, the report added. Currently, ICICI Venture holds 42% of Theobroma. "Even though the Theobroma deal has been finalised at a lower valuation than what was initially proposed, it is being viewed as a precedent for the revival of high-value transactions in the dining and cafes sector," a person directly involved in the talks told ET. ChrysCapital is reportedly looking to build a quick-service restaurant (QSR) platform. Reports suggest it is also planning to acquire the popular food brand The Belgian Waffle Co. to strengthen its position in the segment. More About Theobroma Theobroma was founded by sisters Kainaz Messman Harchandrai and Tina Messman Wykes in 2004. The brand opened its first pastry store at the iconic Cusrow Baug on Colaba Causeway in Mumbai. Today, Theobroma is a pan-India patisserie chain with outlets in over 30 cities. The name Theobroma comes from the Greek words theos (god) and broma (food), meaning "food of the gods". At a time when India's baking scene was not as evolved as it is today, Kainaz and Tina Messman carved a niche among urban youth who were looking for European-style brownies and desserts that were not only delicious but also affordable.
Time of India
3 days ago
- Business
- Time of India
Homegrown private equity firm ChrysCapital scoops up bakery chain Theobroma in ₹2,410-crore deal
Mumbai | New Delhi: Homegrown private equity firm ChrysCapital has agreed to acquire pan-India bakery chain Theobroma Foods for ₹2,410 crore, said people with knowledge of the matter. According to an agreement signed between the parties, ChrysCapital will buy around 90% stake from the company's promoters and existing investor ICICI Venture . The promoters will retain about a 10% stake, the people said. ICICI Venture holds a 42% stake in Theobroma. In 2017, ICICI Venture bought the stake for $20 million (₹130 crore at the time). ChrysCapital resumed talks for acquiring Theobroma at a price lower than the original valuation ask of ₹3,000 crore from the founding family and other shareholders, ET reported in March. The discussions, which got stalled for about a month and a half due to Theobroma's weak financial results, resumed a few months ago, the people cited above said, adding that a formal announcement is expected in a few weeks. "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 revival of high-value transactions in the dining and cafes sector," said a person directly aware of the developments. There are half a dozen such transactions and deal negotiations, which are currently stalled, waiting for the market to revive, the person said. Other contenders including Bain Capital, Carlyle, and the Khorakiwala family-owned Switz Group, which operates Monginis bakery chain, had shown initial interest in Theobroma. Arpwood Capital advised the promoters on the deal. ET was the first to report on September 27 that ChrysCapital was keen on creating a quick-service restaurant (QSR) platform by buying out brands such as Theobroma and The Belgian Waffle Co. Privately-held Theobroma was started by sisters Kainaz Messman Harchandrai and Tina Messman Wykes two decades ago, with their first outlet opening in 2004 at Cusrow Baug on Mumbai's Colaba Causeway. According to its website, Theobroma has 200 stores in over 30 cities offering brownies, cakes, desserts, chocolates, breads, and snacks. Theobroma is expected to post revenue of ₹525-550 crore in FY25 with an Ebitda of ₹80-100 crore, said the people cited above. Adjusted Ebitda stood at ₹60 crore on a revenue of ₹400 crore in FY24. The company had also explored the possibility of an initial public offering but deferred the plan due to market volatility. ICICI Venture and Theobroma did not respond to ET's email queries. A spokesperson for ChrysCapital declined to comment. India's restaurant and cafe industry sector is witnessing a rebound in deals, after five quarters that saw consumers either postpone discretionary spending or reduce ticket sizes. Recent months have seen KFC franchise company Devyani International take a controlling stake in Sky Gate Hospitality, which owns domestic chain Biryani By Kilo. Wow! Momo raised ₹150 crore from Haldiram's promoter Kamal Agrawal and Malaysia's wealth fund Khazanah Nasional.
Entrepreneur
7 days ago
- Business
- Entrepreneur
Arteria Technologies Raises INR 100 Cr in Series B from ICICI Venture
The fresh capital will be used to strengthen its team, enhance platform capabilities, and improve financing access for supply chain partners. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Arteria Technologies, a Bengaluru-based SaaS and embedded finance company, has raised INR 100 crore in Series B funding from ICICI Venture. The funding will support Arteria's efforts to scale its operations, expand into new markets, and invest in artificial intelligence-driven product development. The company said the capital will be used to strengthen its team, enhance platform capabilities, and improve financing access for supply chain partners. "This funding will play a key role in growing our team, entering new markets, and investing in AI-led product innovation," said Sriram Kanuri, Chief Executive Officer of Arteria. "We are committed to using data intelligence to improve supply chain visibility for our enterprise clients and unlock easy, tech-enabled financing for supply chain partners." Arteria Technologies was founded in 2007 by Parag Sushilkumar Jain and Sriram Kanuri. The company offers FinessArt, a SaaS platform focused on supply chain finance and operations. Its services streamline supply chain processes, automate operational tasks, and provide digital access to financing for suppliers and distributors. Working with over 100 large enterprises, Arteria serves clients across sectors such as fast-moving consumer goods, automotive, building materials, and process manufacturing. "Arteria's fast-growing, profitable path as a software products SaaS company stands out in the Indian IT market," said Sharad Malpani, Director at ICICI Venture. "Its tech-focused, data-driven approach to digitising supply chains, combined with Arteria's ability to integrate financing solutions from third parties seamlessly, offers a strong value proposition for many companies in India, especially in the MSME sector." ICICI Venture, based in Mumbai and established in 1988, is a subsidiary of ICICI Bank. It focuses on growth equity investments in mid-market businesses. In 2018, ICICI Bank and its investment arm had jointly acquired a minority stake in Arteria for INR 8.68 crore in cash.
Bloomberg
03-07-2025
- Business
- Bloomberg
Tata Is Said to Be in Talks to Buy Out Investors in Resurgent
By and Sanjai P R Save Tata Group is in talks to buy out other shareholders in Resurgent Power Ventures Pte, according to people familiar with the matter. Tata Power Co., which owns a 26% stake in Singapore-based power generation and transmission firm Resurgent through a subsidiary, is working with an adviser to help buy the stakes held by ICICI Venture Funds Management Co., Kuwait Investment Authority and Oman Investment Authority, the people said, asking not to be identified because the talks are confidential.
