In a world where desserts are often more photogenic than flavourful—mass-produced, sugar-loaded, and soulless—it’s easy to forget what real indulgence tastes like. The kind that doesn’t just melt in your mouth, but lingers. That reminds you of home, of celebrations, and of recipes whispered across generations.
These days, it’s all about the next big dessert trend—overpriced, over-decorated, and overhyped. But amidst this flurry of fondants and food courts, there’s one name that quietly stood its ground. A name that didn’t need gimmicks to win hearts. One bite, and you knew—you’d found the real deal.
Delicious, dependable, and delightfully familiar, it became India’s comfort bakery long before “artisanal” became a buzzword. So what’s the story behind Theobroma – a brand that baked its way into a ₹3,500 crore empire? Read on…
And a Family’s Grit
Theobroma isn’t just a bakery—it’s a symbol of resilience, reinvention, and the belief that something delicious can rise from difficult times. The name, Theobroma (Greek for “Food of the Gods”), wasn’t picked by accident. It was a dream wrapped in chocolate, chosen with quiet ambition by the Messman family as they prepared to open a modest pâtisserie in Mumbai’s Colaba in 2004.
The dream began in a small, 200-square-foot space attached to Cusrow Baug, a Parsi colony. No fancy signage. No investor pitch decks. Just a counter, a few shelves, and the scent of hope (and fresh brownies) in the air.
in the Crust
This wasn’t a rags-to-riches fantasy. Theobroma’s start was rooted in struggle.
Kainaz Messman, the creative force behind the brand, was a young pastry chef who had trained at the prestigious Le Cordon Bleu in London. But fate had other plans. A severe back injury forced her to return home.
Enter her mother, Tina Messman, the rock of the family. She decided they wouldn’t let the setback define them. Together, they pooled their skills, borrowed a little money from friends, and set up shop—baking from scratch, manning the counter, and even delivering boxes themselves.
They didn’t have a marketing budget. They had heart. And the product spoke for itself—moist brownies, rich cakes, indulgent cookies—all priced accessibly, yet uncompromising in quality.
Rises
Theobroma’s early growth wasn’t meteoric—it was organic, even painfully slow at times. Mumbai’s food scene was already crowded with legacy bakeries like Monginis, Birdy’s, and later, international chains like Starbucks. But Theobroma carved out a distinct identity: it didn’t just serve pastries—it offered warmth, honesty, and nostalgia in every bite.
The gamechanger? Their gooey brownies. They became the brand’s signature and cult product. Soon, a loyal customer base formed, mostly through word-of-mouth. There were no influencers, just a steady stream of happy customers who told their friends.
One Menu at a Time
As the queues got longer, so did the menu. Theobroma gradually added:
- Pastries and cakes – Red Velvet, Devil’s Food, Opium Cake
- Baked goods – Freshly baked breads, croissants, tarts
- Café bites – Sandwiches, quiches, savoury puffs
- Gift boxes – Festive assortments, hampers, and celebration packs
Their strategy was simple: create everything in-house, maintain control over quality, and keep prices approachable. By expanding into savoury and all-day café options, they turned Theobroma from a dessert stop to an everyday indulgence.
That Built a Brand
It wasn’t easy to scale. The supply chain was fragile. Skilled pastry chefs were hard to retain. Ingredient costs fluctuated wildly. The family often had to dip into personal funds to stay afloat. But they held on, one store at a time, mostly across Mumbai, then later in Delhi and Pune.
The business finally hit a new gear in 2017 when ICICI Venture came on board. This marked a major shift—from a family-run brand to a professionally managed company. With the backing, Theobroma opened more outlets, built a central kitchen in Navi Mumbai, and introduced cold chain logistics to ensure consistent quality across locations.
The Sweet Way
While international giants like Starbucks, Café Coffee Day, and local patisseries fought over shelf space, Theobroma stayed grounded. Their focus was never on being the flashiest—it was about being the most loved. The value-for-money pricing, nostalgia-evoking flavors, and the simplicity of the brand gave it an edge.
They didn’t dilute the brand with gimmicky innovation. Instead, they stuck to classics, made them better, and occasionally dropped new offerings based on customer feedback.
₹3,500 Crore and Counting
In 2024, Theobroma made headlines for more than just their Millionaire Brownies. It became the subject of one of India’s largest F&B cash exits, with private equity firm KKR acquiring a majority stake in a deal estimated at ₹3,500 crore.
For the Messmans, it marked the end of an emotional 20-year journey. For India’s business ecosystem, it was a shining example of a homegrown, women-led brand that had scaled both love and numbers.
the Future
Today, Theobroma has over 100 outlets across 10+ cities, with plans to go pan-India. Their digital strategy is also picking pace, with strong D2C (direct-to-consumer) presence through food delivery apps and their own website. Gifting products, packaged brownies, and mini-formats for airports and malls are on the cards.
As KKR charts the next phase, the brand aims to maintain its handcrafted soul while embracing scale—introducing automation, expanding production capacity, and exploring international markets in the long run.
A Story that’s Still Baking
Theobroma didn’t start in a boardroom—it started in a kitchen, built on the back of a mother’s determination and a daughter’s dream. It didn’t chase trends; it created cravings. In an era of over-designed brands, Theobroma stayed real—and maybe that’s why it stuck.
From Colaba to crores, what they built was never just a bakery. It was a story. A story that’s still baking.
Yash Vora is a financial writer with the Informed InvestoRR team at Equentis. He has followed the stock markets right from his early college days. So, Yash has a keen eye for the big market movers. His clear and crisp writeups offer sharp insights on market moving stocks, fund flows, economic data and IPOs. When not looking at stocks, Yash loves a game of table tennis or chess.
