Latest news with #TheobromaFoods
India.com
15-07-2025
- Business
- India.com
Rs 24100000000: Two Indian sisters set to earn huge amounts by selling their business of…, the name is…
Private equity firm ChrysCapital has finalized a deal to acquire a 90% stake in popular bakery chain Theobroma Foods for Rs 2,410 crore, according to a report by The Economic Times (ET) . As part of the agreement, ChrysCapital will purchase the majority stake from both the founding promoters and existing investor ICICI Venture. The Messman family, who founded the brand, will continue to hold approximately 10% stake in the company, According to a report by ET. Who Founded Theobroma? Kenaz and Tina Messman, the sisters behind Theobroma, have built one of India's most iconic bakery chains. They started as a small home-based venture in Mumbai in 2004 has today turned into a major bakery brand with over 225 outlets across India. The journey began when Kenaz Messman-Harchandrai, a trained pastry chef from Le Cordon Bleu, London, was forced to leave her job at Oberoi Udaivilas due to a back injury. Alongside her sister Tina Messman-Viaks, the duo turned their passion for baking into a full time business. They didn't have a formal business plan but had dedication. They opened the first Theobroma outlet on Dussehra in 2004 in Colaba, Mumbai. What Theobroma Means? The name Theobroma means 'Food of the Gods,' derived from the Greek words theos (god) and broma (food) was suggested by a friend and it captured the premium experience the sisters wanted to offer. At a time when India's bakery industry was still new, Theobroma became a unique brand with its European-style brownies, desserts, and cakes which appealed to the younger, urban crowd. Their focus on quality ingredients and accessible luxury gave them loyal followers. What Are Challenges For Theobroma? However, the business came with challenges. Initial funding came from their father, who invested Rs 1.5 crore. A decade later, in 2014, the sisters took their first loan of Rs 5 crore to support expansion beyond their first outlet. Today, Theobroma is a household name, with a strong pan-India presence. Investment firm ChrysCapital is reportedly close to acquiring both Theobroma Foods and Belgium Waffle Co., marking one of the largest cash exits by founders in Indian business history. If finalized, this deal would represent a major milestone not just for the Messman sisters but also for India's evolving F&B and entrepreneurial landscape.
Entrepreneur
15-07-2025
- 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.
