ChrysCapital has agreed to acquire 90% of THEOBROMA FOODS PRIVATE LIMITED, a premium bakery chain, for ₹2,410 crore. This acquisition is a milestone in the Indian bakery and QSR space. ChrysCapital would also be acquiring the stake from the current investor ICICI Venture, which invested 130 crore in 2017 for a 42% stake. ICICI Venture will be exiting the company as the majority stake goes to ChrysCapital. The remaining 10% stake will remain with the promoters.
Although the initial valuation discussions hovered around ₹3,000 crore, it was subdued by the recent performance and was brought down to ₹2,410 crore, showing strong investor confidence in cafe and dining brands. With more than 200 outlets in 30+ cities across the nation, Theobroma recorded ₹400 crore in revenue in FY24. The projected revenue is around ₹525–550 crore this fiscal year, with EBITDA touching ₹80–100 crore.
This acquisition signals an important turning point for ChrysCapital and highlights the high-value deals in India taking place in the food and beverage sector.
