Overview

• ChrysCapital has agreed to acquire a 90% stake in Theobroma Foods for Rs 2,410 crore, buying out the Wykes family and ICICI Venture.
• The founders and other shareholders retain a combined 10% stake while ICICI Venture exits with a return roughly triple its 2017 investment.
• Theobroma, founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, operates over 200 outlets across more than 30 cities.
• Talks resumed earlier this year after a six-week pause triggered by weaker financials, leading to a valuation adjustment from an initial Rs 3,000 crore target.
• Observers see the deal as a signal that high-value mergers and acquisitions are returning to India’s dining and café sector.