Theobroma: How 2 Sisters Built a 225-Store Bakery Empire

Theobroma, the iconic bakery brand that introduced India to brownies and cakes with a European flair, is set for a major transition.

Marking a milestone in the journey of a business that began as a one-room kitchen in south Mumbai, private equity giant

ChrysCapital has agreed to acquire a 90% stake in the company for Rs 2,410 crore reported the Economic Times.

Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma grew from a modest Colaba cafe into a 225-store pan-India chain, serving everything from gooey brownies and buttery croissants to puffs, sandwiches, and festive cakes. Now, it's become the latest darling of India's fast-evolving food and beverage sector, attracting investor interest from global heavyweights like Bain Capital and Carlyle before ChrysCapital finally emerged as the winning bidder.

The deal will see ChrysCapital buy out Theobroma's promoters and existing investor ICICI Venture, which had invested Rs 130 crore in the brand in 2017. The founding Messman family is expected to retain around 10% stake in the business.