From ₹1 Crore to ₹3,500 Crore
In 2004, two sisters—Kainaz Messman Harchandrai and Tina Messman Wykes—borrowed ₹1 crore from their father to start a humble dessert café in Mumbai. What began as a single outlet has now become Theobroma, a beloved pan-India bakery brand valued at a staggering ₹3,500 crore.
The Humble Beginnings From ₹1 Crore to ₹3,500 Crore
Kainaz, a trained pastry chef, had to quit her job at The Oberoi Udaivilas due to a back injury. Rather than giving up, she teamed up with her sister Tina to pursue her passion for baking. The duo launched Theobroma—meaning “food of the gods”—in a tiny Colaba kitchen on Dussehra day.
With a sharp focus on quality, presentation, and affordability, the sisters built a loyal clientele around their signature brownies, cakes, and European-style desserts.
From One Store to a National Brand
For nearly a decade, the business ran as a single-outlet bakery, until 2014 when they took a ₹5 crore bank loan to scale. By staying bootstrapped for so long, they maintained operational control and brand integrity.
Over the next 10 years, they:
- Expanded to 225 outlets across 30+ cities
- Scaled supply chains for both café and delivery formats
- Focused on consistent quality and experience
The ₹3,500 Crore Valuation
In mid-2025, ChrysCapital acquired a 90% stake in Theobroma in a deal valuing the company at ₹3,500 crore. The sisters continue to hold a 10% stake and remain involved in operations, brand, and product strategy in business of From ₹1 Crore to ₹3,500 Crore
With an estimated FY25 revenue of ₹525 crore and EBITDA of ₹100 crore, Theobroma is now one of India’s most successful bakery brands.
Key Takeaways From ₹1 Crore to ₹3,500 Crore
- Start Small, Scale Smart: They validated the model before expansion.
- Stick to Quality: No shortcuts on ingredients or service.
- Own Your Brand: Personal vision and family legacy stayed central.
- Bootstrap First: Avoided over-reliance on investors too early.
Final Thoughts
The story of Kainaz and Tina is more than a dessert success—it’s a blueprint for Indian entrepreneurship. From ₹1 Crore to ₹3,500 Crore loan to a ₹3,500 crore empire, they proved that passion, patience, and precision can turn a small dream into a national brand.
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Author: Team BTP
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