The private equity firm ChrysCapital is expected to pay Rs 2,410 crore to acquire Theobroma, a pan-Indian patisserie brand that was started by sisters Kainaz Messman Harchandrai and Tina Messman Wykes from Mumbai. The Wykes family, the company’s original promoters, and current partner ICICI Venture will reportedly sell roughly 90% of the business to the domestic private equity group, according to The Economic Times. It is anticipated that the current stockholders will keep the remaining 10% of the business.
Theobroma, which means “Food of the Gods” in Greek, was established in 2004 by the two sisters after being requested by a neighbor and started in a modest kitchen in Colaba. It started out as a little café in Colaba, Mumbai, with just four tables. Today, it is a well-known patisserie franchise that operates in more than 30 Indian cities. Theobroma’s journey is thrilling since it tells the tale of a family uniting and realizing their aspirations.
Often referred to be Theobroma’s soul, Kainaz started baking as a young girl while assisting her mother, who owned a home bakery called Not Just Desserts. She decided to study the culinary arts after a life-changing trip to France when she was sixteen. After completing degrees from the Oberoi Centre of Learning and Development (OCLD) in Delhi and the Institute of Hotel Management (IHM) in Mumbai, she went on to work as a pastry chef at the Oberoi Udaivilas. She opened Theobroma, a welcoming neighborhood coffee shop in Colaba, in 2004. The rest, as they say, is history. The second location opened in Bandra in 2010. Theobroma is a well-known brand nowadays, and its famous brownies are now a staple in India.
