In the heart of Mumbai’s bustling Colaba Causeway, a single patisserie opened its doors two decades ago. It offered gooey brownies and fresh pastries that captured the city’s sweet tooth.

Today, Theobroma, founded by Kainaz Messman Harchandrai, stands as a national powerhouse. It has over 225 outlets across more than 30 cities. The brand blends European baking finesse with Indian accessibility.

This expansion highlights a family’s entrepreneurial grit. It also reflects the booming demand for premium yet affordable baked goods. India’s market is projected to grow steadily amid rising urban indulgence.

From Humble Beginnings to a Dream Bakery

Kainaz Messman Harchandrai, a trained pastry chef, launched Theobroma in October 2004. She did so alongside her sister Tina Messman Wykes. Together, they transformed a personal passion into a brand synonymous with quality desserts.

The venture began modestly. It started with an initial investment of Rs 1 crore from their father, Farokh Messman. The setup was a one-room space at Cusrow Baug on Colaba Causeway.

The name “Theobroma” means “food of the gods” in Greek. A friend suggested it, and it quickly stuck. It encapsulated the sisters’ vision of elevating everyday treats.

Raised in a Parsi family steeped in Mumbai’s vibrant food culture, Kainaz’s culinary roots trace back to her childhood. She assisted her mother, Kamal Messman, in a home-based catering business. Tasks included chopping onions for keema and burgers.

A formative trip to France at age 16 ignited her dream of becoming a chef. She honed her skills at the Institute of Hotel Management (IHM) in Mumbai. Further training came at the Oberoi Centre of Learning and Development (OCLD) in Delhi.

She pursued advanced pastry training at Ecole Nationale Supérieure de la Pâtisserie in Yssingeaux, France. By 2003, at just 24, she was working as a pastry chef at the Oberoi Udaivilas in Udaipur.

Overcoming Adversity: A Pivot to Entrepreneurship

Fate intervened with a severe back injury from a freak accident. It left Kainaz bedridden and unable to stand for long hours required in professional kitchens.

“I simply loved my job, and being unable to do what I wanted to wasn’t something I was prepared for,” Kainaz shared in a 2024 interview with The Financial Express. “The doctor had said I couldn’t be a chef, as I had to be on my feet all day.”

Undeterred, she channeled her expertise into entrepreneurship. She drew on family recipes for brownies and mawa cakes from her mother’s kitchen.

Theobroma’s early menu focused on classic European-style items. These included walnut chocolate chip brownies, fruit danishes, and cream cheese sandwiches. Prices were accessible to appeal to urban professionals and families.

“We only made what we loved to eat and promised to do it well and keep things simple,” Kainaz reflected in her 2020 memoir, Baking a Dream: The Theobroma Story. The book was co-authored with Tina and published by HarperCollins India.

“Our business has evolved over time, but we didn’t have a detailed plan when we started.” The brand stayed family-run for six years. It emphasized quality over rapid expansion, with Kainaz personally training staff to maintain consistency.

Steady Growth and Strategic Milestones

Growth accelerated post-2010. Theobroma tapped into India’s evolving food services sector.

By 2017, it secured a Rs 130 crore investment from ICICI Venture Funds. This fueled outlet openings in metros like Delhi-NCR, Bengaluru, Hyderabad, and Pune.

The COVID-19 pandemic tested resilience. It shifted 60% of sales to delivery platforms like Swiggy and Zomato. But the brand adapted swiftly.

“For us, it has never been about opening different outlets or spaces; it is about the food,” Kainaz noted in a 2021 YourStory interview. “We never enter a city without the kitchen space being perfectly set up.”

This commitment to excellence has built a loyal following. Bestsellers like the Millionaire Brownie and Chocolate Overload draw crowds.

Official data from Tracxn shows revenue climbing. It went from Rs 107.7 crore in FY20 to Rs 451.6 crore in FY24. This reflects a compound annual growth rate of 27% over the last year and 54% over three years.

Centralized kitchens in Mumbai, Delhi, and other hubs ensure freshness. They support over 250 locations as of 2025, per the company’s website.

Revenue Growth Overview

Fiscal Year	Revenue (Rs Crore)	Key Milestone
FY20	107.7	Pre-pandemic base with ~100 outlets
FY21	121	Doubled from initial Rs 1 crore seed; pandemic pivot to delivery
FY22	254	Expanded to 100+ stores amid recovery
FY23	~350	150+ outlets; premium segment leadership
FY24	451.6	225+ outlets across 30+ cities; 25-30% annual growth

*Source: Tracxn data intelligence platform and company reports cited in *The Economic Times* and The Hindu BusinessLine.*

Recent Acquisition and Industry Impact

The brand’s trajectory took a pivotal turn in July 2025. Private equity firm ChrysCapital acquired a 90% stake for Rs 2,410 crore.

This valued Theobroma at around Rs 2,677 crore overall, according to The Economic Times. The Messman family retained 10% equity.

It marked one of India’s largest founder cash exits in the quick-service restaurant space. ICICI Venture fully exited its 42% holding from 2017. The deal was advised by Arpwood Capital.

This underscores investor confidence in Theobroma’s model. It’s amid a Rs 100,000 crore unorganized bakery market. The organized premium segment grows at 17-19% CAGR.

Industry observers praise the acquisition as a blueprint for homegrown F&B brands. “Theobroma’s ability to thrive where global chains like Au Bon Pain faltered shows the power of localized premium positioning,” noted reports in ET Edge Insights.

For Kainaz, now creative director, the milestone validates years of hands-on oversight. In her book, she dedicated space to family dynamics.

“At the end of the day, we are family and we make up and brush aside our differences,” she said. “And come to a common understanding that works best for the brand.”

Broader Relevance and Future Outlook

Theobroma’s rise matters beyond sweets. It empowers women-led ventures in a male-dominated industry.

It preserves Parsi culinary heritage through items like egg chutney puffs. It creates jobs in a sector employing thousands.

By making high-end pastries wallet-friendly, it democratizes indulgence. It caters to a young demographic craving quick, quality bites.

As India’s urban middle class expands, such brands bridge traditional home baking with modern convenience. They foster economic ripples through supply chains and training programs.

With ChrysCapital’s backing, Theobroma eyes further scaling. This could include dark kitchens and international forays, while staying true to its roots.

Kainaz’s story—from injury to empire—reminds aspiring entrepreneurs that resilience, paired with authentic flavor, can bake lasting success.

“I became the boss at a very young age at 24, and I had a lot of growing up to do,” she put it in The Better India interview. “However, the soul of our brownies is still from my mother’s kitchen.”

In a nation savoring its culinary renaissance, Theobroma proves that the sweetest victories come from heartfelt beginnings.

Also read: Sisters Turning Family Recipes into Food Empires: Lessons from India’s Homegrown Brands

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