ChrysCapital has received the go-ahead from the Competition Commission of India (CCI) to acquire a controlling stake in Theobroma Foods, one of India’s most recognisable bakery brands. The private equity firm is set to invest an estimated ₹2,410 crore to acquire 90 percent ownership in the Mumbai-headquartered company.
The transaction will be executed through ChrysCapital’s affiliates: Infinity Partners, Aqua Investments Ltd, and Atreides Investments BV. CCI’s clearance comes after the investment crossed regulatory thresholds that require approval to ensure healthy market competition.
Founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma began as a single café in Mumbai and has since grown into a nationwide chain with over 100 outlets across more than 30 cities. Its offerings—ranging from brownies and cakes to sandwiches and beverages—have built a strong following, both in-store and online.
Theobroma’s current backer, ICICI Venture, is exiting the company as part of the deal. ICICI Venture had invested close to $20 million in 2017 and holds nearly 42 percent stake in the bakery chain. As part of the new arrangement, the founding family will retain about 10 percent ownership in the company post-transaction.
ChrysCapital’s move marks one of the largest investments in India’s food and beverage retail space in recent years, pointing to a broader trend of private equity interest in consumer brands with strong offline and digital distribution.
Theobroma’s sale comes at a time when demand for premium bakery and confectionery products is surging across metros and Tier 2 cities, helped by rising disposable incomes and growing preference for artisanal formats. The deal is expected to close in the coming weeks, pending final formalities.
