CCI Approves Acquisition of Theobroma Foods Equity by Infinity Partners and Others

The approved transaction involves the acquisition of certain equity shareholding in Theobroma Foods Private Limited.

In a significant development for India’s rapidly expanding food and beverage sector, the Competition Commission of India (CCI) has granted approval for the acquisition of a strategic equity stake in Theobroma Foods Private Limited by a consortium of private equity investors—Infinity Partners, Aqua Investments Limited, and Atreides Investments B.V. These entities, collectively referred to as the ‘Acquirers,’ are affiliated with the ChrysCapital group, a leading name in India’s private equity ecosystem.

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Details of the Acquisition

The approved transaction involves the acquisition of certain equity shareholding in Theobroma Foods Private Limited. The move signals a continued appetite among global and domestic private equity investors for established and high-potential brands in India’s food services market.

Infinity Partners, Aqua Investments Limited, and Atreides Investments B.V. operate as private equity arms under the ChrysCapital umbrella. ChrysCapital is renowned for its strong portfolio in India’s consumer, technology, and healthcare sectors, bringing strategic value and growth capital to its investments.

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About Theobroma Foods: India’s Beloved Patisserie

Founded in 2004, Theobroma Foods Private Limited has emerged as one of India’s most recognized bakery and café chains. With humble beginnings as a family-run patisserie in Mumbai, Theobroma has rapidly expanded its footprint and currently operates:

• Stores and patisseries in over 30 cities across India

• An extensive product portfolio including cakes, brownies, breads, cookies, pastries, sandwiches, and a range of beverages

• Omnichannel presence through its proprietary online platform and partnerships with major food delivery aggregators

Theobroma has carved out a niche for itself as a premium yet accessible brand, blending artisanal quality with contemporary tastes. Its focus on consistency, innovation, and customer experience has garnered a loyal following among urban consumers and food lovers nationwide.

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Implications of the Investment

1. Growth and Expansion

The capital infusion and strategic backing from seasoned investors like ChrysCapital will empower Theobroma to accelerate its expansion plans. This may include:

• Opening new outlets in untapped markets, including Tier-2 and Tier-3 cities

• Upgrading supply chain and logistics capabilities to support rapid scale-up

• Innovating in new product lines and formats to cater to evolving consumer preferences

2. Strengthening Omnichannel Capabilities

With digital sales now a key driver of the food and beverage industry, the investment is expected to:

• Enhance Theobroma’s online ordering and delivery platforms

• Deepen partnerships with e-commerce and last-mile logistics providers

• Offer a more seamless and engaging experience for both in-store and online customers

3. Elevating Industry Standards

Private equity involvement typically brings global best practices in governance, technology adoption, quality assurance, and sustainable business models. Theobroma’s integration with ChrysCapital’s network could further professionalize operations and set new benchmarks in the Indian bakery and café segment.

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Sectoral Trends and Strategic Context

India’s bakery, confectionery, and café market has witnessed robust growth over the last decade, driven by:

• Rising urban incomes and shifting consumption patterns

• Greater demand for premium, hygienic, and innovative food options

• A boom in online food delivery and cloud kitchen models

With intense competition and high consumer expectations, investments like this are critical for homegrown brands to retain their edge, scale nationally, and compete with global chains.

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Regulatory Oversight

The CCI’s swift approval ensures that the proposed transaction will not adversely affect competition in India’s dynamic food and beverage market. It also reflects growing confidence in India’s regulatory and investment climate, particularly in consumer-facing sectors.

The acquisition of equity in Theobroma Foods by Infinity Partners, Aqua Investments Limited, and Atreides Investments B.V.—all under the ChrysCapital banner—marks a pivotal moment for the brand and the sector at large. Backed by strategic capital, operational expertise, and a vision for nationwide expansion, Theobroma is poised for its next phase of growth as it continues to delight consumers across India with its signature treats.