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VCGuy

Believe me, it’s not... • 15h

Yesterday – reports suggested ChrysCapital finalised a ₹2,410 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 ~₹1,012 Cr on a ₹130 Cr investment made in 2017 → 7.8x return in 7 years Theobroma numbers (FY24, 225 outlets across 30+ cities): – Revenue: ₹452 Cr – Net Profit: ₹27 Cr – Projected FY25 EBITDA: ₹80–100 Cr Starting in a 1BHK in Colaba in '04, Sisters Kainaz & Tina Messman built a brand on premium bakes + strong word of mouth → took 10 years to raise their first round of capital: ₹22 Lakh from Zend advisors. 🧐There’s 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 (₹1,000 Cr deal in the works) ⏭️Theobroma Founders will likely see one of the largest cash exits by women entrepreneurs in Indian consumer history.

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