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VCGuy
Believe me, itās not...Ā ā¢Ā 22d
Yesterday ā reports suggested ChrysCapital finalised a ā¹2,410 Cr deal to acquire Theobroma. One of India's most loved bakery chains is now set to be one of its largest cash exits in the F&B space. ICICI Ventures (which owned 42%) is expected to walk away with ~ā¹1,012 Cr on a ā¹130 Cr investment made in 2017 ā 7.8x return in 7 years Theobroma numbers (FY24, 225 outlets across 30+ cities): ā Revenue: ā¹452 Cr ā Net Profit: ā¹27 Cr ā Projected FY25 EBITDA: ā¹80ā100 Cr Starting in a 1BHK in Colaba in '04, Sisters Kainaz & Tina Messman built a brand on premium bakes + strong word of mouth ā took 10 years to raise their first round of capital: ā¹22 Lakh from Zend advisors. š§Thereās growing PE appetite in F&B, especially for brands with strong recall and national scale - a). Haldiram has seen consistent inbound interest (Temasek + Alphawave invested earlier this year) b). ChrysCapital is likely moving on Belgian Waffle Co next (ā¹1,000 Cr deal in the works) āļøTheobroma Founders will likely see one of the largest cash exits by women entrepreneurs in Indian consumer history.
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