Private equity firm ChrysCapital expands its consumer sector holdings through acquisition of Theobroma, a leading chocolate brand.
In a significant move, private equity firm ChrysCapital has acquired an approximately 85% stake in Theobroma Foods Pvt Ltd, marking its first buyout in the consumer sector. This investment underscores ChrysCapital's strategic focus on backing market-leading, homegrown, customer-centric businesses with long-term growth potential.
Theobroma Foods, a pan-India bakery and patisserie chain, has seen a 30% rise in revenue from operations in FY25, reaching Rs 575-600 crore. With a total store count of 256, the company has added 62 stores between December 2023 and May 2025 across 38 cities.
ChrysCapital's investment strategy in the consumer sector is centered around a customer-centric business model, long-term growth orientation, backing category-defining brands, using expertise and capital to enhance capabilities, and partnering with founders. The investment in Theobroma aims to accelerate expansion while strengthening digital and quick-service restaurant (QSR) capabilities.
Rajiv Batra, director and consumer sector lead at ChrysCapital, stated, "The investment reinforces our commitment to backing category-defining, customer-first businesses poised for long-term growth."
Post-transaction, the founders of Theobroma Foods will continue to be closely associated with the company, serving on the board with a continuing equity interest. Deloitte served as the financial and tax advisor for ChrysCapital, while Shardul Amarchand Mangaldas and Co served as the legal counsel.
The valuation of Theobroma Foods could be in the range of Rs 1,700 crore to Rs 2,300 crore (around $193 million to $262 million).
Meanwhile, electronics manufacturer Rikun has attracted multiple investors with a valuation of $130 million. Multiple PE/VC firms are also beefing up their operating teams in India. ChrysCapital, founded in 1999, is one of the largest and most established investment firms investing in India, with around $8 billion raised across 10 private equity funds, a continuation fund, and a public markets fund.
This strategic investment by ChrysCapital in Theobroma Foods is a testament to the firm's commitment to backing consumer businesses that prioritize customer satisfaction and have scalable growth models. The investment is expected to drive Theobroma's expansion and enhance its competitive positioning in the dessert industry.
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