ChrysCapital to acquire majority stake in Theobroma for ₹2,410 crore

the equity firm will be purchasing nearly 90% of the company from the founding promoters, the Wykes family and existing investor, ICICI Venture

by e4m Staff
Published: Jul 15, 2025 12:53 PM | 1 min read

Private equity giant ChrysCapital is reportedly poised to acquire a majority stake in Theobroma, the renowned premium bakery chain, in a deal estimated at ₹2,410 crore,

As per media reports, the equity firm will be purchasing nearly 90% of the company from the founding promoters, the Wykes family and existing investor, ICICI Venture. The current shareholders are expected to have the remaining 10% share.

Theobroma which started as a single cafe in Colaba in 2004 has now become more than just a bakery brand. Built by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, the brand has over 150 outlet operations across 10 cities and revenue of FY24 standing at ₹400 crore. That kind of scale naturally drew interest from other major players like Blackstone, Carlyle, and Monginis-owner Switz Group.

Although a major stake is going with ChrysCapital, Theobroma will retain its independent operations post-deal. The equity firm’s move is a part of a broader push to expand its footprint in the food and quick-service restaurant(QSR) portfolio. Additionally, the firm has expressed interest in businesses such as The Belgian Waffle Co., suggesting that this is probably only the start of a more comprehensive consumer-focused approach.