In 2004, two sisters turned a ₹1 crore family loan into a 150 sq ft bakery in Mumbai’s Colaba Causeway. Twenty years later, Theobroma boasts over 225 outlets across 30 cities, ₹350 crore+ in annual revenue and is poised for a ₹3,200–3,500 crore acquisition. Here’s how Kainaz and Tina Messman Wykes blended grit, generational recipes, professional rigor and smart capital to bake a true F&B empire
A Sweet Spark: From Bedrest to Baking Stardom
At 24, Le Cordon Bleu-trained pastry chef Kainaz Messman Harchandrai suffered a career-ending back injury and was confined to bed for months. Doctors warned she might never stand long enough to chef again—yet this setback became her catalyst. In October 2004 (Dussehra), Kainaz and sister Tina borrowed ₹1 crore from their father to open a 150 sq ft kiosk in Colaba, naming it Theobroma—Greek for “food of the gods”—with a promise to make only what they loved and to make it exceptionally well.
Generational Goodness: Crafting Cult-Favorite Pastries
Long before any expansions, Theobroma’s heartbeat was its family recipes. Kainaz’s grandmother’s mawa cakes and her mother’s eggless brownies, along with chocolate-orange mousses and rum truffles, formed a menu that resonated instantly. These small-batch creations—never frozen, always fresh—turned first-time tasters into lifelong brand advocates, with 70–80% becoming regulars within a month.
By FY21, Theobroma had already cracked a ₹121 crore revenue milestone, thanks to accessible price points (AOV ~₹300) that struck the perfect balance between premium quality and mass appeal.
Professional Backbone: Adding Discipline to Passion
Recognizing that passion alone wouldn’t sustain hyper-growth, the sisters brought in outsider leadership early. In 2013, they appointed Cyrus Shroff—a veteran of KPMG and Tata Capital—as their first CEO, followed by Rishi Gour in 2020 to steer operations through explosive scaling. This professional management set the foundational SOP’s, enforced governance and prepared Theobroma for institutional capital.
Hybrid Model & Tech-Driven Operations
To ensure consistent quality across geographies, Theobroma pioneered a hybrid model: centralized “dark” kitchens in Mumbai, Pune, Bengaluru and Hyderabad handle prep (batter mixing, ganache tempering), while express-format outlets perform the final bake-off. Digitized supply-chain management and demand forecasting slashed production costs by ~12% and minimized waste—a vital efficiency in the perishable-goods business.
They also operate three store formats—cafés, express stores and self-serve kiosks—tailoring the experience to footfall patterns, from high-street malls to office lobbies and airports, thus maximizing daily throughput in each location.
Phased, Pan-India Expansion
2004–2013: Perfect the Core
A single Colaba outlet honed recipes and customer experience for nearly a decade, ensuring a rock-solid foundation before scaling.
2014–2017: Metro Rollout
Armed with a ₹5 crore loan in 2014, Theobroma opened four additional Mumbai locations. In 2017, ICICI Ventures invested ₹120 crore for a ~46% stake, seeding expansion into Delhi-NCR and Pune—transformative capital that accelerated outlet growth from 5 to 45 units by early 2020.
2020–2025: Beyond the Big Cities
The COVID-19 lockdowns prompted a robust online pivot and packaging innovations, preserving 10–20% of revenues via delivery. By 2025, Theobroma had over 225 outlets in 30+ cities—including Chandigarh, Surat and Jaipur—cementing its status as India’s leading patisserie chain.
Crunching the Numbers: Sweet Financial Milestones
- ₹121 Crore (FY21): First major topline breakthrough, doubling the founders’ initial revenue goals.
- ₹254.7 Crore → ₹351.7 Crore (FY22–FY23): A 38% y-o-y jump, driven by new outlets and product diversification.
- ₹19.6 Crore Net Profit (FY23): Swinging from an ₹11 crore loss to clear profitability within a year.
- 70–80% Repeat Rate: Loyal customers average 3–5 visits per month, fueling stable same-store sales.
The PE Sweet Spot: High-Value Exits
In early 2024, ICICI Ventures began marketing its 42% stake—acquired for $20 million in 2017—with expectations of fetching ~₹1,200 crore on a ₹2,800 crore valuation. Soon after, ChrysCapital emerged to acquire Theobroma and Belgian Waffle Co. in a combined deal valued at ₹3,200–3,500 crore—potentially one of India’s largest F&B cash exits and a 10× return for ICICI Ventures.
Key Takeaways for F&B Entrepreneurs
- Turn Adversity into Opportunity: Personal setbacks can ignite purpose and resilience.
- Authenticity Is Irreplaceable: Generational recipes and small-batch craft build deep brand loyalty.
- Professionalize Early: Outsider leadership and governance frameworks enable scalable growth.
- Hybrid Formats Win: Central kitchens + express outlets ensure consistency and rapid throughput.
- Data-Driven Efficiency: Tech-enabled forecasting and procurement cut costs and waste.
- Phased Expansion Pays: Validate in metros, then systematically conquer Tier 2/3 markets.
- Strategic Capital Partnerships: PE investment can fuel rapid rollout and create high-value exit pathways.
Conclusion
Theobroma’s rise—from a ₹1 crore loan to a ₹3,500 crore acquisition target—proves that a blend of heartfelt craftsmanship, operational discipline and strategic capital can transform a small bakery into a national institution. For restaurateurs and F&B entrepreneurs, the recipe is straightforward: guard your authenticity, embed professional rigor, harness tech for scale, and expand with surgical precision. With these ingredients, you too can bake a dream that rises far beyond the oven’s heat.
Whether you’re launching your first concept or scaling a growing brand, BBFT offers the expertise and network to help you move forward with clarity and confidence. Connect with us to explore how we can support your journey in the ever-evolving F&B landscape.
