In 2004, sisters Kainaz Messman Harchandrai and Tina Messman Wykes transformed a freak back injury into a baking legacy. Kainaz, a 24-year-old Le Cordon Bleu-trained pastry chef sidelined from Oberoi Udaivilas, borrowed ₹1 crore from their father to launch Theobroma—a 150 sq ft Colaba, Mumbai café named “food of the gods” after a friend’s suggestion. Inspired by their mother’s home recipes, they offered eggless brownies, mawa cakes, and tarts at affordable prices (₹300 average order value), filling India’s dessert void in a nascent café scene. “We baked to spread happiness, not profits,” Kainaz reflected in her 2020 book, The Theobroma Story: Baking a Dream.
Theobroma’s early days were bootstrapped grit. Operating from a single outlet, the sisters handcrafted fresh, never-frozen treats, building a cult following via word-of-mouth and Colaba footfall. By 2014, after a decade of organic growth to five stores, they secured a ₹5 crore loan for expansion into Pune and Delhi-NCR. Challenges abounded: high ingredient costs, unorganized supply chains, and scaling handmade quality. Yet, their focus on “affordable luxury”—premium European-style desserts without elite pricing—resonated with aspirational millennials.
The 2017 turning point: ICICI Venture’s ₹120 crore investment for 46% equity fueled hyper-growth, ballooning outlets to 50 by 2020. Amid COVID-19, Theobroma pivoted to delivery partnerships (60% of FY24 revenue from platforms like Swiggy/Zomato), innovative packaging, and online sales, preserving 10-20% revenues. Expansion hit 225 stores across 30+ cities by 2025, including tier-2 hubs like Chandigarh and Surat, blending mall kiosks, high-street cafés, and corporate tie-ups for steady footfall.
Financially, Theobroma’s trajectory soared. Starting at ₹1 crore revenue, it hit ₹121 crore in FY21 despite lockdowns, doubling to ₹254.7 crore (FY22) and ₹351.7 crore (FY23) with ₹19.6 crore net profit. FY24 clocked ₹400 crore revenue and ₹60 crore EBITDA, growing 25-30% annually. Projected FY25: ₹525-550 crore revenue, ₹80-100 crore EBITDA. This resilience outshone exits by chains like Au Bon Pain, thriving in India’s ₹1 lakh crore unorganized bakery market where Theobroma leads organized players.
The July 2025 pinnacle: ChrysCapital acquired 90% stake for ₹2,410 crore ($280 million), valuing the chain at 7-9x multiples—on par with QSR peers like Blue Tokai. ICICI Venture exited with 3x returns; sisters retained 10% and operational roles. “This validates sustainable scaling,” Kainaz told India Today, eyeing eastern India penetration and 3-5 new cities yearly. No fresh capital was infused; it’s a secondary sale enabling global ambitions, like Middle East diaspora outlets.
| Fiscal Year | Revenue (₹ Crore) | EBITDA/Net Profit (₹ Crore) | Key Milestone |
|---|---|---|---|
| FY21 | 121 | N/A (Pandemic Pivot) | 78 outlets; Delivery Boom |
| FY22 | 254.7 | N/A | Post-ICICI Expansion |
| FY23 | 351.7 | 19.6 (Net Profit) | 150+ stores |
| FY24 | 400 | 60 (EBITDA) | Pre-Acquisition Peak |
Source: Company filings via Tracxn, ET.
Theobroma endures by prioritizing quality—sourcing premium ingredients, training 5,000+ staff for consistency, and innovating like Zepto Cafe tie-ups. Employing thousands and serving 65 million+ customers, it democratizes indulgence in a market projected to hit $11 billion by 2030. Sisters’ journey—from family loan to India’s largest founder cash exit—proves passion, timed expansion, and resilience bake empires. As Tina quips, “Desserts are our love language.” Theobroma’s next slice? Global godsend.
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