Indian law firm JSA has acted for Theobroma Foods and its shareholders including promoters and ICICI Ventures on the sale of a 90 percent stake in Theobroma to ChrysCapital for ~INR 2,410 crore (approximately $279 million). Shardul Amarchand Mangaldas acted for the buyer ChrysCapital, while Agram Legal represented Theobroma’s founding family.
Founded in 2004 as a single outlet in Cusrow Baug at Colaba Causeway by sisters Kainaz Messman Harchandrai and Tina Messman Wykes, Theobroma has grown into one of India’s largest D2C consumer food brands, with a strong nationwide footprint of over 250 stores across more than 30 cities. The Messman family retained a 10 percent holding in their brand with minority protections.
ICICI Venture, which first invested INR 130 crore in Theobroma in 2017, exits against the backdrop of the chain’s pan-India growth—now with over 225 outlets in 30-plus cities and revenue expected to touch INR 550 crore in FY25. Despite a lowered valuation from the initial INR 3,000 crore sought, the transaction sets a new precedent: it is widely seen as revitalising the stalled pipeline of strategic and private equity deals in Indian food and hospitality.
The JSA transaction team was led by partner Vikram Raghani and included partners Yashvi Singh and Rishabh Gupta, senior associate Shubham Shahi and associate Darshin Pareekh. The competition team was led by partner Vaibhav Choukse with support from partner Ela Bali and principal associate Nripi Jolly. The data privacy team comprised partner Probir Roy Chowdhury and associate Nikhil George.
Agram Legal managing partner Vaishali Sharma advised the founding family.
The SAM team included partners Karun Prakash, Anant Dang, and Rohan Arora, with support from principal associate Anshul Chopra, senior associate Bhavna Hemrajani, and associate Aradhana Parmeshwar.
