Private equity firm ChrysCapital has acquired an 85% stake in premium bakery chain Theobroma, marking its first buyout in India’s consumer sector as it looks to back category-defining homegrown brands.
Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma has grown from a single Colaba café to a pan-India Western desserts platform with more than 250 company-owned outlets across 45 cities.
The brand, best known for its brownies, cakes, and patisserie offerings, has built a loyal following in the fast-growing quick service restaurant (QSR) segment through a blend of premium quality and accessible pricing.
While the firm did not price the size of ChrysCapital, a report by The Economic Times last month said the PE firm was looking to buy Theobroma for Rs 2,410 crore.
The founders will retain a minority stake and continue to serve as strategic advisors, with the management team, led by CEO Rishi Gour, steering the company’s next growth phase.
Including food giant Switz Group and private equity firms Kedaara Capital, Carlyle, ChrysCapital, and Bain, many have vied for this stake previously, according to media reports.
Rajiv Batra, director and consumer sector lead at ChrysCapital, said the deal aligns with the firm’s thesis of backing high-quality brands with strong consumer connect and execution capabilities.
“As more Indians shift towards organised, experience-led food consumption, we believe Theobroma is well-positioned to lead this transformation,” he said.
For Theobroma, the investment is expected to accelerate expansion and strengthen its digital and QSR capabilities. “We have built a strong emotional connect with customers by staying true to our commitment to quality, service, and innovation,” Gour said.
“With ChrysCapital’s deep expertise and long-term mindset, we are excited to scale our presence and further enhance the Theobroma experience.”
Founded in 1999, ChrysCapital manages about $8 billion across 10 private equity funds, a continuation fund, and a public markets fund. The firm has invested $5.5 billion in more than 100 deals across consumer, healthcare, financial services, and technology, with over $8 billion realised from 80-plus exits.
