Overview

• ChrysCapital agreed on July 15 to acquire a 90% stake in Theobroma Foods for ₹2,410 crore, leaving the founding Messman sisters with a 10% share and prompting ICICI Venture’s exit.
• Negotiations resumed earlier this year after a six-week pause over softer financial results, driving the valuation down from the initially sought ₹3,000 crore.
• Projections show Theobroma’s revenue climbing from around ₹400 crore in FY24 to ₹525–550 crore in FY25, with an EBITDA margin estimated at ₹80–100 crore.
• The acquisition aligns with ChrysCapital’s strategy to build a quick-service restaurant portfolio by adding brands such as The Belgian Waffle Co. and Bikaji.
• ChrysCapital and its affiliates have filed for Competition Commission approval, paving the way for the deal’s imminent completion.