Private equity firm ChrysCapital has finalized a deal to acquire a 90% stake in popular bakery chain Theobroma Foods for Rs 2410 crore according to a report by The Economic Times (ET). As part of the agreement ChrysCapital will purchase the majority stake from both the founding promoters and existing investor ICICI Venture. The Messman family who founded the brand will continue to hold approximately 10% stake in the company According to a report by ET. Who Founded Theobroma? Kenaz and Tina Messman the sisters behind Theobroma have built one of India’s most iconic bakery chains. They started as a small home-based venture in Mumbai in 2004 has today turned into a major bakery brand with over 225 outlets across India. The journey began when Kenaz Messman-Harchandrai a trained pastry chef from Le Cordon Bleu London was forced to leave her job at Oberoi Udaivilas due to a back injury. Alongside her sister Tina Messman-Viaks the duo turned their passion for baking into a full time business. They didn’t have a formal business plan but had dedication. They opened the first Theobroma outlet on Dussehra in 2004 in Colaba Mumbai. What Theobroma Means? The name Theobroma means “Food of the Gods” derived from the Greek words theos (god) and broma (food) was suggested by a friend and it captured the premium experience the sisters wanted to offer. At a time when India’s bakery industry was still new Theobroma became a unique brand with its European-style brownies desserts and cakes which appealed to the younger urban crowd. Their focus on quality ingredients and accessible luxury gave them loyal followers. What Are Challenges For Theobroma? However the business came with challenges. Initial funding came from their father who invested Rs 1.5 crore. A decade later in 2014 the sisters took their first loan of Rs 5 crore to support expansion beyond their first outlet. Today Theobroma is a household name with a strong pan-India presence. Investment firm ChrysCapital is reportedly close to acquiring both Theobroma Foods and Belgium Waffle Co. marking one of the largest cash exits by founders in Indian business history. If finalized this deal would represent a major milestone not just for the Messman sisters but also for India’s evolving F&B and entrepreneurial landscape.