DK Business Network
Theobroma Foods Private Limited, known for its popular chain of patisseries across India, has sold most of its shares to investment firm ChrysCapital. The deal is valued at around ₹2,000 crore (about $233 million), and is subject to final approvals and standard closing conditions.
Founded in 2004 with a single store in Colaba, Theobroma has grown into a beloved national brand, operating over 250 outlets in more than 30 cities across India.
JSA Advocates & Solicitors acted as legal counsel to Theobroma, its shareholders, and ICICI Ventures, providing end-to-end legal support for the transaction. Their involvement spanned due diligence, structuring, bid process advisory, and the negotiation and finalization of key transaction documents. The core team from JSA included Partners Vikram Raghani, Yashvi Singh, and Rishabh Gupta, supported by Shubham Shahi (Senior Associate) and Darshin Pareekh (Associate).
Specialized legal input was provided on competition law by Partners Vaibhav Choukse and Ela Bali, along with Principal Associate Nripi Jolly. For data privacy matters, Partner Probir Roy Chowdhury and Associate Nikhil George advised.
Agram Legal Consultants advised Theobroma’s promoter family—Ms. Kainaz Messman, Ms. Tina Wykes, Mr. Farokh Messman, and Mrs. Kamal Messman—on the sale of their stake. The firm’s role focused on preserving minority rights and aiding in the negotiation and drafting of transaction documents. Vaishali Sharma, Managing Partner, led the advisory team.
Meanwhile, ChrysCapital was represented by Shardul Amarchand Mangaldas & Co, with Partner Karun Prakash heading the legal team on their end.
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