New Delhi, Aug. 13 -- ChrysCapital has acquired approximately an 85% stake in bakery and patisserie chain Theobroma Foods Pvt Ltd, in what marks the homegrown private equity firm's first buyout in the consumer sector.
The PE firm didn't disclose the financial terms. However, multiple sources had previously told VCCircle that the bakery company's valuation could be in the range of Rs 1,700 crore to Rs 2,300 crore (around $193 million to $262 million).
Post transaction, the founders will continue to be closely associated with the company and will serve on the board with a continuing equity interest, ChrysCapital said in a statement.
"This investment marks our first consumer sector buyout and reinforces our commitment to backing category-defining, customer-first businesses poised for long-term growth. We're doubling down on this thesis and actively seeking to partner with businesses that are not only customer-centric at their core, but also continuously raise the bar on consumer delight and loyalty," said Rajiv Batra, director and consumer sector lead, ChrysCapital.
Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma has grown from a single Colaba cafe into a pan-India Western desserts platform, known for its brownies, cakes, and patisserie offerings.
Theobroma's revenue from operations likely rose about 30% in FY25 to Rs 575-600 crore. The patisserie chain's total store count stands at 256 as it has added 62 stores between December 2023 and May 2025 across 38 cities.
Founded in 1999, ChrysCapital is one of the largest and most established investment firms investing in India, with around $8 billion raised across 10 private equity funds, a continuation fund, and a public markets fund.
The PE firm invests in market-leading, homegrown brands across core sectors including consumer, healthcare, financial services, and technology. To date, it has invested $5.5 billion across more than 100 deals from its private equity funds. It claims that it has realised almost $8 billion from 80+ exits at a 2.7x return on investment (ROI) in dollar terms.
Its limited partners (LPs) include some of the world's largest sovereign wealth funds, public and private pension funds, insurance companies, endowments, foundations, and asset management companies.
Shardul Amarchand Mangaldas and Co served as the legal counsel and Deloitte as the financial and tax advisor for ChrysCapital.
Published by HT Digital Content Services with permission from VC Circle.