Theobroma-ChrysCapital Deal.
Theobroma Sells Majority Stake to ChrysCapital in ₹2,000 Crore ($233 Mn) Deal: Mumbai, India – July 19, 2025 – Theobroma Foods Private Limited, the renowned Pan-India chain of patisseries, has announced the sale of a substantial majority stake to private equity firm ChrysCapital. The landmark transaction is valued at approximately ₹2,000 crore (around $233 million), subject to customary closing conditions and adjustments.
This significant investment marks a new chapter for Theobroma, which has grown from a single outlet in Colaba Causeway in 2004 to a formidable presence with over 250 stores across more than 30 cities nationwide. The deal underscores the growing investor confidence in India’s thriving food and beverage sector.
Legal counsel played a pivotal role in facilitating this complex transaction. JSA Advocates & Solicitors advised Theobroma and its shareholders, as well as ICICI Ventures. Their comprehensive legal support spanned due diligence, structuring, advice on the bid process, and the negotiation and finalisation of definitive agreements.
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The JSA transaction team was spearheaded by Partners Vikram Raghani, Yashvi Singh, and Rishabh Gupta, with key contributions from Senior Associate Shubham Shahi and Associate Darshin Parekh. Specialized legal support was also provided by Vaibhav Choukse, Ela Bali, and Nripi Jolly for competition law, and Probir Roy Chowdhury and Nikhil George for data privacy matters.
Agram Legal Consultants represented the promoter family of Theobroma, including Ms. Kainaz Messman, Ms. Tina Wykes, Mr. Farokh Messman, and Mrs. Kamal Messman. The firm provided crucial advice on protecting the promoter family’s minority interests within the company and assisted in the negotiation and finalisation of various transaction documents. The Agram Legal team was led by Managing Partner Vaishali Sharma.
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On the buyer’s side, ChrysCapital was advised by Shardul Amarchand Mangaldas & Co. Partner Karun Prakash led the transaction team for the firm, ensuring the successful navigation of the legal intricacies for the private equity giant.
The acquisition by ChrysCapital is expected to further accelerate Theobroma’s expansion and solidify its position as a leading patisserie brand across India, leveraging the new capital infusion to enhance its operational capabilities and market reach.
