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Private equity player ChrysCapital is set to acquire a 90% stake in bakery chain Theobrama for ₹2,410 crore.
The deets: founded in 2004 by sisters Kainaz & Tina Messman as a quaint Colaba café, Theobrama has risen to cult status with over 150 outlets spread across 10 cities.
This acquisition marks ChrysCapital’s second major consumer-sector bet this year, following its investment in snack brand Bikaji back in March.
Theobrama had also drawn early interest from other prominent suitors, including Blackstone, Carlyle, and the Khoraikwala-owned Switz Group, which runs the Monginis bakery chain.
The why: ChrysCapital has been actively looking to build a QSR portfolio, eyeing brands like Theobrama and The Belgian Waffle Co.
Worth noting: Theobrama had also weighed an IPO but held back due to market volatility.
By the numbers: Theobrama’s revenue for FY24 stood at nearly ₹400 crore and is projected to rise to ₹550 cr, with an estimated EBITDA of ₹80-₹100 crore.
The big picture: India’s QSR space is sizzling. With rising urban demand and premium snacking going mainstream, ChrysCapital’s bet on homegrown, high-affinity brands reflects growing investor appetite for scalable, brand-driven food ventures in India.
