Mumbai’s iconic bakery and patisserie chain Theobroma is aiming to hit an annual revenue of ₹600 crore in the next two years as it plans to double the number of its retail outlets to over 200 during this period.
“Last year, we closed with a revenue of about ₹250 crore with 92 branch outlets. Based on the current run rate, the company is on track to close FY23 with ₹375 crore in revenue and by FY25, we should be doing a revenue of about ₹600 crore,” said Rishi Gour, CEO, Theobroma.
Founded by Kainaz Messman Harchandrai in 2004, Theobroma began its journey from a single outlet in Mumbai’s Colaba Causeway and remained a family-run business for a few years.
Currently, the patisserie chain has 112 outlets spread across seven cities including Mumbai (36), Delhi NCR (33), Pune (12), Hyderabad (16), Chandigarh (1), Bengaluru (13) and Chennai (1). The retail cafe chain forayed into Chennai on Friday with the launch of its first outlet and is set to add another outlet on October 20.
“We will be opening up in more cities. As per the plan, we should be in about 15-20 cities with 175-200 outlets by 2025. We will expand both in existing cities as well open in new cities including non-metros,” Gour added.
The patisserie brand, known for its bestselling brownies, cakes, and desserts, owns and operates all its outlets and does not follow a franchise model. Gour said all its products are delicate in nature with low shelf life and thereby requires cautious handling in right conditions and only the brand can have the control over it.
Theobroma’s retail outlets are catered to by their centralised kitchens in the near vicinity. The patisserie chain has a central kitchen in Mumbai, which caters to its Mumbai and Pune outlets and another one in Delhi, which covers Delhi-NCR region. It also has a centralised kitchen in Hyderabad and last year opened a kitchen in Bengaluru, which will also serve the Chennai market.
“For now, a cold truck will come from Bengaluru to Chennai every morning. May be 6 months from now, we will have a seperate kitchen for Chennai when we reach about 8-9 outlets in the city,” Gour said.