JSA successfully advised Theobroma Foods Private Limited and its shareholders including Promoters and ICICI Ventures on the sale of a substantial majority in Theobroma to ChrysCapital. The firm provided comprehensive legal counsel across all facets of the transaction, including due diligence, structuring, advice on the bid process, as well as negotiation and finalisation of the definitive agreements.
Founded in 2004 as a single outlet in Cusrow Baug at Colaba Causeway, Theobroma has grown into one of India’s largest D2C consumer food brands, with a strong nationwide footprint of over 250 stores across more than 30 cities. The transaction is valued at approximately INR 2,000 crore (~USD 233 million), subject to adjustments and customary closing conditions.
The JSA transaction team was led by Vikram Raghani (Partner) along with Yashvi Singh (Partner), Rishabh Gupta (Partner), Shubham Shahi (Senior Associate) and Darshin Pareekh (Associate).
The Competition team was led by Vaibhav Choukse (Partner) with support from Ela Bali (Partner) and Nripi Jolly (Principal Associate).
The Data Privacy team comprised Probir Roy Chowdhury (Partner) and Nikhil George (Associate).
Ela is a partner with JSA’s competition law practice with 10 years of experience. She represents and advises clients across different sectors on enforcement and merger control matters before the Competition Commission of India (CCI), National Company Law Appellate Tribunal (NCLAT), Delhi and Bombay High Court, and the Supreme Court of India (SC).