Vaidehi Bhargava
Theobroma, once a humble bakery in Mumbai’s Colaba, has grown into a ₹3,500 crore empire, becoming one of India’s most inspiring success stories in the food and beverage industry. Founded in 2004 by Kainaz Messman and her family, Theobroma started as a small bakery offering homemade cakes, brownies, and pastries. It quickly captured the hearts of locals and tourists alike with its delicious treats, gradually expanding into a pan-India brand with outlets across major cities.
What makes Theobroma’s journey truly remarkable is its rapid growth, going from a single store to over 100 outlets nationwide in just two decades. This expansion is fueled by its consistent focus on quality, customer satisfaction, and a diverse product range that caters to a variety of tastes. From brownies and cakes to sandwiches and croissants, Theobroma has built a loyal customer base who swear by its products, leading to its significant rise in popularity.
The brand’s success also caught the attention of investors. In 2019, ICICI Ventures, the private equity arm of ICICI Bank, acquired a significant stake in Theobroma, fueling its expansion plans. The investment proved highly lucrative, with reports indicating a 10x return on investment (ROI) for ICICI Ventures. This level of growth not only highlights the brand’s profitability but also its strong positioning in the competitive Indian food market.
Recently, Theobroma has been making headlines for another reason: a potential ₹1,000 crore payday for the Messman family, the founders of the bakery. As the business prepares for a strategic sale or exit, industry experts believe this could be one of the most successful exits in India’s food and beverage sector. The company’s valuation, currently standing at around ₹3,500 crore, is a testament to its solid business model, strong brand equity, and massive consumer appeal.
Theobroma’s rise to fame is a story of vision, perseverance, and passion. The Messman family, particularly Kainaz Messman, the face behind the brand, has steered the company with a clear focus on delivering high-quality products while maintaining the charm and warmth of a neighborhood bakery. Their dedication to maintaining the brand’s authenticity, even as they scaled operations, has been key to their success.
As Theobroma gears up for its next chapter, the company is poised to continue its growth trajectory, with possible international expansions and new product lines on the horizon. What started as a small Colaba bakery has now become one of India’s most beloved brands, inspiring entrepreneurs across the country to dream big and aim high.