LIST OF FIGURES:

S.no Title Pg no

1.1 Theobroma brand logo 5

1.2 5
Theobroma store HSR layout

1.3 5
Theobroma store HSR layout

1.4 Theobroma online website 9

LIST OF TABLES:

S.no Title Pg no

1 Product categorisation 7-9

2 Product Categorisation based on perishability 11

2
TABLE OF CONTENTS
Product Categorisation based on perishability................................................................... 2
TABLE OF CONTENTS.......................................................................................................................3
CHAPTER 1........................................................................................................................................... 4
THEOBROMA.......................................................................................................................................4
1.1. Inventory Management system...................................................................................................4
1.2. About the brand.......................................................................................................................... 4
1.3. Store Location.............................................................................................................................5
1.4. Categories and Product Assortment........................................................................................... 6
1.5. Store online presence:...............................................................................................................10
CHAPTER 2......................................................................................................................................... 11
INVENTORY ANALYSIS:..................................................................................................................11
2.1. Store Space and capacity:......................................................................................................... 11
2.2. Product Categorisation based on Ultra-perishable, perishable , Non-perishable :................... 11
2.3. Inventory management system:................................................................................................ 11
2.3.1.First-In, First-Out Inventory Control Technique:.............................................................11
2.3.2 Inventory Control system - PERIODIC........................................................................... 12
2.3.3 Inventory Tracking technique - ( Point on sale system ) :............................................... 12
2.4 Order cycle :.............................................................................................................................. 13
2.5 Stock replenishment :................................................................................................................ 13
2.6. Inventory control measure :......................................................................................................13
2.6.1. Demand Forecasting:...................................................................................................... 13
2.6.2. Time Horizon:................................................................................................................. 14
2.6.3. Safety Stock:................................................................................................................... 14
2.6.4. Dead Stock:..................................................................................................................... 14
2.6.5. Reorder Quantity:............................................................................................................15
2.7. Inventory management - logistics and lead time :....................................................................15
2.7.1 Logistics at Theobroma:...................................................................................................15
2.7.2. Lead Time at Theobroma:...............................................................................................16
2.8 Distribution strategy:................................................................................................................. 16
2.9. Supply chain strategy:.............................................................................................................. 17
2.10. Challenges:............................................................................................................................. 18
2.10.1. Perishability and Spoilage:............................................................................. 18
2.10.2. Demand Fluctuations:.................................................................................... 19
2.10.3. Supply Chain Disruptions:.............................................................................. 19
Conclusion:......................................................................................................................................20
Annexure - Questionnaire :..............................................................................................................21

3
CHAPTER 1

THEOBROMA

1.1. Inventory Management system

An Inventory Management System (IMS) is a strategic tool designed to oversee and control
the acquisition, storage, movement, and utilization of inventory within an organization. From
a management perspective, it serves as a centralized platform to ensure optimal inventory
levels, minimize costs, and enhance operational efficiency. The system provides real-time
visibility into stock levels, streamlines procurement processes, and supports data-driven
decision-making to align inventory with business objectives, customer demand, and financial
goals. By automating inventory tracking, forecasting, and reporting, an IMS enables
managers to maintain a balance between overstocking and stockouts, ultimately improving
profitability and customer satisfaction.

1.2. About the brand

Theobroma is a renowned Indian bakery and patisserie chain celebrated for its delectable
brownies, cakes, and a variety of European-style desserts. Established in 2004 by sisters
Kainaz Messman Harchandrai and Tina Messman Wykes, the brand has grown from a single
outlet in Mumbai's Colaba neighborhood to a widespread presence across major Indian cities,
including Mumbai, Pune, Delhi NCR, Hyderabad, and Bengaluru.The name "Theobroma" is
derived from Greek, meaning "food of the gods," which is also the scientific name for the
cacao tree. This reflects the brand's dedication to crafting divine and indulgent treats.

4
 Fig 1.1 Theobroma brand logo

Over the years, Theobroma has experienced significant growth. Starting with an initial
investment of ₹1 crore, the company expanded its operations and, as of recent reports, has
achieved a valuation of approximately ₹3,500 crore. This remarkable journey underscores the
brand's commitment to quality and customer satisfaction.

In addition to its core offerings, Theobroma has diversified its menu to include a range of
products catering to various tastes, solidifying its position as a beloved destination for bakery
enthusiasts across India

1.3. Store Location

Theobroma store Bangalore - Shop No-39, Shabari Arcade, M.P South B.B, 14th Main Rd,
opp. Max Showroom, HSR Layout, Bengaluru, Karnataka 560102

Fig.1.2.,1.3. Theobroma store HSR layout

5
1.4. Categories and Product Assortment

S. Category Products Price Range

no

1 Cakes Fresh Cream Pineapple Cake

Chocoholic Cake

Hazelnut Praline Mousse Cake

New York Style Baked Cheesecake

Dutch Truffle Cake

Blueberry Cheesecake

Eggless Dark Chocolate Mousse Cake

(400 - 1300) Rs
Eggless Fresh Cream Pineapple Cake

Eggless Dutch Truffle Cake

Theobroma Signature Brownie Cake

Eggless Cashew Chocolate Mousse Cake

2 Brownies Overload Brownie

Eggless Nutella Brownie

Eggless Walnut Brownie

Eggless Choco Chip Brownie

Eggless Cookie Brownie

Eggless Outrageous Brownie (99 - 1275) Rs

Chocolate Chip Brownie

6
 Walnut Brownie

Cookie Brownie

Nutella Brownie

3 Desserts & Red Velvet Cupcake

Cupcakes
Lemon Tart

Theo's Chocolate Tart

Banoffee High

Tiramisu Cup (120 - 480) Rs

Theo's Chocolate Mousse Cup

Chocolate Cupcake

Chocolate & Nutella Cupcake

4 Sandwiches & Spinach Corn & Cheese Sandwich

Savouries
Paneer Junglee Roll
(60 - 150) Rs
Roasted Chicken & Mustard Sandwich

Chicken Masala Roll

5 Croissants & Butter Croissant (90 - 230) Rs

Danishes
Pain Au Chocolat

6 Biscuits, Black Pepper Sourdough Crackers

Cookies &
Pure Butter Palmiers
Crackers
Nachni Crackers
(85 - 375) Rs
Almond Biscotti

7
 Double Choco Chip Cookies

Chocolate Chip Cookies

7 Beverages Brew House Ice Tea Classic Peach

Brew House Ice Tea Mojito Lime

Sleepy Owl Cold Coffee Salted Caramel

Sleepy Owl Cold Coffee Hazelnut

Sleepy Owl Cold Coffee Classic

Raw Pomegranate Juice (140 - 180) Rs

Raw Orange Juice

Raw Mango Juice

Raw Coconut Water

Raw Mixed Fruit Juice

8 Tea Cakes Theos Eggless Dense Loaf

Theos Eggless Mava Cake

Theos Dense Loaf

(150 - 310) Rs
Theos Mava Cake

Pound Cake

Banana Cake

9 Breads Multigrain Loaf

Wheat Sourdough Loaf

Wheat Bread Loaf

(90 - 120)Rs

8
 Wheat Burger Buns

Wheat Butter Pav

Wheat Pizza Base

Table 1: product categorisation

1.5. Store online presence:

Fig 1.4 Theobroma online website

Theobroma expanded its online presence during the COVID-19 pandemic, launching its
online store to complement its physical outlets. They have partnered with PureTech digital
(in 2021) to drive rapid growth with the help of Puretech digital’s specialised services such as
SEP , market analysis. Theobroma's official website provides a user-friendly interface for

9
browsing and purchasing products, allowing customers to easily order their preferred items.
Furthermore, Theobroma has collaborated with Puretech Digital to improve its digital
offerings, with the objective of establishing a direct connection with consumers and
enhancing its online presence. Theobroma has been able to expand its audience and offer a
more seamless shopping experience to its customers as a result of this strategic emphasis on
digital channels.

CHAPTER 2

INVENTORY ANALYSIS:

Comprehensive Study of Inventory Control, Distribution, and Logistics Strategy of

Theobroma

2.1. Store Space and capacity:

The Theobroma store in HSR layout is spread over an area of 700 square feet. This store
provides a compact dine-in space for customers who prefer to enjoy their pastries and
beverages on-site. The dine-in areas in particular store range from 15 to 30 seats, with some
cozy and minimalistic setup, focusing more on takeaway orders.

2.2. Product Categorisation based on Ultra-perishable, perishable , Non-perishable :

UP / P / NP Product Shelf Time

Ultra-perishable Pastries 1 - 2 days

Sandwiches & Savouries

Fresh cream cakes

Perishable Brownies 5 days

Tea Cakes 8 days

Non-Perishable Biscuits, Cookies & Crackers 30 days

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 Packaged Gift Items 3 months

Table 2 : Product Categorisation based on perishability

2.3. Inventory management system:

2.3.1.First-In, First-Out Inventory Control Technique:

FIFO dictates that the oldest inventory is sold first. This is crucial for managing perishable
goods For Ultra-Perishable and Perishable FIFO is paramount for these categories. Staff
would meticulously rotate stock, placing newer items at the back and older items at the front
of displays. Expiry dates are prominently displayed, and staff are trained to prioritize selling
older stock. Non-Perishable, while FIFO is still good practice, it's less critical for these items
due to their longer shelf life. However, it still helps maintain product freshness and prevents
items from becoming outdated. This technique also helps in accurate cost management, as
older inventory is recorded at its original purchase price, preventing inflated costs from
affecting profitability.

2.3.2 Inventory Control system - PERIODIC

Theobroma follows the Periodic Inventory control system, This system involves physically
counting inventory at predetermined intervals. The frequency of these counts would vary
based on the product category. Which categories are Ultra-Perishable, Perishable,
Non-Perishable. Daily counts are essential to track these highly sensitive items . highly
sensitive products are called Ultra-Perishable products , which have very less self life like the
pastries .This allows for quick identification of items nearing expiration and minimizes waste.
For Perishable products the counts might be conducted every few days or weekly, depending
on the specific product. For Non-Perishable there are very Less frequent counts, perhaps
weekly or monthly, would suffice for these items. This system allows Theobroma staff to
focus on freshness, as periodic stocktaking helps identify expired items and adjust production
accordingly. Additionally, it minimizes the need for constant monitoring, reducing the
complexity of daily operations while still ensuring inventory is checked at regular intervals.

11
2.3.3 Inventory Tracking technique - ( Point on sale system ) :

Theobroma utilizes a robust Point of Sale (POS) system to effectively manage and track its
inventory across multiple outlets. They have implemented the Torqus POS system, which
provides real-time sales data and a comprehensive inventory management solution. This
integration allows Theobroma to monitor sales and inventory levels across all their locations
seamlessly.
“Torqus made our daily operations a cake-walk. With Torqus, I am able to monitor the
sales and performance of all my outlets from anywhere” - Nihal Harchandrai, Head of
Finance and Strategic Initiatives at Theobroma.

2.4 Order cycle :

Theobroma's daily ordering system with a 2-day lead time is a crucial part of their inventory
management strategy. It ensures that their retail stores receive fresh products regularly while
minimizing waste. Here's how it works: each day, the store assesses its current inventory
levels, considering both what's on display and what's in storage. They factor in recent sales
trends, upcoming promotions, and any special events that might affect demand. Based on this
assessment, they place an order with the central kitchen. This order isn't for immediate
delivery; instead, it's for delivery two days later. This 2-day lead time allows the central
kitchen sufficient time to prepare the items, package them, and organize delivery logistics.
This system is particularly important for Theobroma's perishable goods, as it ensures a steady
flow of fresh products to the stores, minimizing the risk of spoilage and maximizing customer
satisfaction.

2.5 Stock replenishment :

Theobroma's stock replenishment process is a carefully orchestrated system designed to keep
their retail stores well-stocked with fresh products while minimizing waste. It's a multi-stage
process involving demand forecasting, production planning, inventory monitoring, order
generation, fulfillment, and continuous improvement. First, they forecast demand using
historical sales data, current trends, and upcoming events. This forecast informs the central
kitchen's production planning, where schedules are created considering the lead time required
for production and packaging. In the case of stock outs the products might not be replenished
immediately due to their perishable items and 2 days lead time

12
2.6. Inventory control measure :

2.6.1. Demand Forecasting:

● This is the foundation. Accurate forecasting drives everything else. Theobroma would
use historical sales data from their POS system, seasonal trends, promotions, and even
external factors (local events) to predict demand for each product.
● Knowing what to expect allows them to produce the right amount, minimizing waste
from overproduction of perishables and preventing stock outs of popular items.

2.6.2. Time Horizon:

This refers to the period for which demand is being forecast. Theobroma likely uses multiple
time horizons:

● Short-term (daily/weekly): For ultra-perishable items needing constant

replenishment.
● Medium-term (monthly/quarterly): For planning production of less time-sensitive
goods and seasonal items.
● Long-term (annual): For broader strategic decisions about product lines and
expansion.

Matching the time horizon to the product's shelf life and the planning needs is critical for
efficient inventory management.

2.6.3. Safety Stock:

● This is a buffer of inventory kept on hand to protect against unexpected demand

spikes, delays in deliveries from the central kitchen, or any unforeseen disruptions.
● Ultra perishable items are only kept for the daily requirements and perishable items
are kept with safety stock and ar replenished according to the requirements.
● Safety stock helps prevent stockouts, which can lead to lost sales and disappointed
customers, especially for popular or essential items. The level of safety stock will
vary depending on the item's importance, demand variability, and lead time reliability.

13
2.6.4. Dead Stock:

● This refers to inventory that has become obsolete, spoiled, or is no longer sellable. For
Theobroma, this is a major concern due to the perishable nature of their products.
Theobroma aims to send back all the spoiled goods back to central kitchen.
● Dead stock represents a direct financial loss. Effective inventory control aims to
minimize dead stock through accurate demand forecasting, proper stock rotation
(FIFO), and timely markdowns or disposal of near-expiry items.

2.6.5. Reorder Quantity:

● This is the amount of a specific product that is ordered to replenish inventory. It's a
balance between ordering enough to meet demand and avoiding overstocking.
● Optimal reorder quantities minimize inventory holding costs (storage, spoilage) while
ensuring sufficient stock. It's often calculated using techniques like Economic Order
Quantity (EOQ) formulas, but these may need adjustments for perishable goods.

2.7. Inventory management - logistics and lead time :

2.7.1 Logistics at Theobroma:

Daily Deliveries: Theobroma operates on a daily delivery cycle. This means that each retail
store receives a fresh stock of products every day, ensuring that they can replenish their
shelves and offer customers the freshest possible items. This daily rhythm is crucial for
managing ultra-perishable goods and maintaining consistent product availability.

Temperature-Controlled Vehicles: Maintaining the cold chain is paramount for Theobroma.

Their logistics network relies on temperature-controlled vehicles to transport products from
the central kitchen to the retail stores. These vehicles are likely equipped with refrigeration
units to ensure that items like fresh cream cakes, chilled desserts, and delicate chocolates are
kept at the optimal temperature throughout the journey, preserving their quality and
preventing spoilage.

In-House Delivery Network: Theobroma manages its logistics in-house, without relying on
any third-party delivery services. This gives them greater control over the entire process,
from production to delivery. By handling logistics themselves, they can ensure that their strict

14
quality control standards are maintained, that delivery schedules are adhered to, and that their
temperature-controlled vehicles are properly managed. This direct control also allows them to
be more responsive to any unexpected issues or changes in demand.

Early Morning Deliveries: The 6 a.m. delivery time is strategic. By delivering early in the
morning, Theobroma ensures that retail stores receive their fresh stock before they open for
the day. This allows store staff to unpack and arrange the new products, ensuring that displays
are full and ready for customers when the doors open. Early morning deliveries also
minimize disruptions to store operations and allow staff to focus on customer service during
peak hours.

2.7.2. Lead Time at Theobroma:

Theobroma operates with a 2-day lead time, which is a critical component of their inventory
and supply chain management. This means that from the moment a retail store places an
order with the central kitchen, it takes two days for those products to be delivered. This 2-day
window encompasses all the necessary steps, including order processing, production or
preparation of the baked goods, packaging, quality control checks, and finally, transportation
to the retail location. This lead time is factored into their daily ordering process, allowing
stores to anticipate their needs and ensure a consistent flow of fresh products. Managing this
2-day lead time effectively is essential for minimizing stockouts, reducing spoilage, and
maintaining the freshness and quality of Theobroma's delicate products.

2.8 Distribution strategy:

Direct-to-Consumer Retail Stores:

Theobroma's primary distribution strategy revolves around their network of company-owned

retail stores. These stores serve as the direct point of contact with customers, offering the full
range of Theobroma's products. Strategically located in high-traffic areas, malls, and
commercial centers, these stores provide a consistent brand experience, allowing customers
to browse, purchase, and experience Theobroma's offerings firsthand. This
direct-to-consumer model allows Theobroma to maintain control over product presentation,
customer service, and the overall brand image.

15
Fresh Product Focus:

A core element of Theobroma's distribution strategy is its emphasis on freshness. Products

are typically made at a central kitchen and delivered fresh to the retail stores daily, often early
in the morning before opening hours. This ensures that customers are offered the most
recently baked and prepared items. This focus on freshness dictates a relatively localized
distribution network, with the central kitchen serving a network of stores within a reasonable
radius to maintain product quality.

In-House Logistics:

Theobroma manages its distribution logistics internally, without relying on third-party

delivery services. This allows them to maintain tight control over the cold chain, ensuring
that perishable products are transported at the correct temperatures. Their fleet of
temperature-controlled vehicles and dedicated delivery personnel are crucial for preserving
product quality during transit. This in-house approach also allows for greater flexibility and
responsiveness to the specific needs of individual retail stores.

Inventory Management at Store Level:

Each retail store is responsible for managing its own inventory levels, though guided by the
central kitchen's production planning and based on sales data. Stores use a combination of
POS systems, par levels, and visual checks to monitor stock and trigger replenishment orders.
The emphasis is on maintaining optimal stock levels to meet customer demand while
minimizing waste from spoilage.

Limited Online Presence & Delivery:

While Theobroma might have a website or social media presence, their primary focus remains on their
physical retail stores. They may offer online ordering for in-store pickup or limited delivery options
through third-party aggregators in some locations, but their core distribution strategy is centered on
the in-store experience. This focus on physical retail allows them to control the quality and
presentation of their products, as well as the customer interaction.

Customer Experience:

Theobroma's distribution strategy is closely linked to their focus on customer experience. The
strategically located stores, fresh product availability, and emphasis on in-store service all contribute

16
to creating a positive and consistent brand experience for customers. Theobroma's distribution model
supports their brand image as a provider of high-quality, freshly made baked goods.

2.9. Supply chain strategy:

A push supply chain strategy for Theobroma would center around anticipating customer
demand and proactively producing goods to meet those forecasts. This involves heavily
relying on historical sales data, seasonal trends, and promotional calendars to project which
products will be popular and in what quantities. Based on these forecasts, the central kitchen
would create production schedules, manufacturing items in advance and "pushing" them out
to the retail stores. This preemptive stocking aims to ensure shelves are always full and
customers can readily find what they want. While a push strategy can offer benefits like
economies of scale in production and readily available products, it also carries the risk of
overstocking, especially with Theobroma's perishable goods. Inaccurate forecasting can lead
to significant waste and financial losses. Therefore, for Theobroma, a pure push approach is
likely not the most effective. They probably utilize a hybrid model, perhaps employing a push
strategy for more shelf-stable items while relying more on a pull strategy (producing to order)
for highly perishable goods to minimize spoilage and maintain freshness. The key for
Theobroma is to strike a balance between anticipatory production and responsiveness to
actual demand, optimizing their supply chain to minimize waste and maximize customer
satisfaction.

2.10. Challenges:

Theobroma, like any business dealing with perishable goods and a complex supply chain,
faces a unique set of challenges in managing its inventory and supply system.

2.10.1. Perishability and Spoilage:

Challenge: Theobroma's products, especially ultra-perishable items like fresh cream cakes,
have a limited shelf life. Inaccurate demand forecasting or inefficient stock rotation can lead
to significant spoilage and financial losses.

Steps to Overcome:

17
Enhanced Demand Forecasting: Implement more sophisticated forecasting models that
incorporate real-time sales data, weather patterns, local events, and even social media trends
to improve prediction accuracy.

Dynamic Pricing and Promotions: Implement systems that allow for dynamic pricing and
targeted promotions for near-expiry items to incentivize sales and reduce waste.

Strict FIFO (First-In, First-Out): Enforce strict FIFO practices in all stores, ensuring that
older products are always sold first. This requires well-trained staff and clear procedures.

Waste Tracking and Analysis: Implement systems to track and analyze waste. This data can
help identify patterns, improve forecasting, and optimize inventory management.

2.10.2. Demand Fluctuations:

Challenge: Demand for Theobroma's products can fluctuate significantly due to seasonality,
holidays, special events, and even day-of-the-week variations. This makes it challenging to
maintain optimal stock levels.

Steps to Overcome:

Agile Production Planning: Implement flexible production schedules that can quickly adapt
to changes in demand. This may involve having backup plans and readily available resources.

Inventory Optimization: Use data analytics to identify optimal stock levels for each
product, considering demand variability and lead times.

Collaborative Forecasting: Encourage communication and information sharing between

retail stores and the central kitchen to improve demand forecasting accuracy.

2.10.3. Supply Chain Disruptions:

Challenge: Delays in deliveries from the central kitchen, ingredient shortages, or unforeseen
events can disrupt the supply chain and lead to stockouts in retail stores.

Steps to Overcome:

Diversification of Suppliers: If possible, explore diversifying ingredient suppliers to reduce

reliance on a single source.

18
Contingency Planning: Develop contingency plans to address potential disruptions, such as
alternative delivery routes or backup suppliers.

Real-time Supply Chain Visibility: Implement technology that provides real-time visibility
into the supply chain, allowing for proactive identification and resolution of potential issues.

Conclusion:

Theobroma's success in the competitive bakery and confectionery market hinges on a

well-integrated and carefully managed supply chain, inventory, and distribution system. Their
focus on freshness and quality necessitates a delicate balance between anticipating demand
and minimizing waste, achieved through a combination of data-driven forecasting, efficient
production planning, and strategically timed deliveries. The 2-day lead time, coupled with
their in-house, temperature-controlled logistics network and strict adherence to FIFO
principles, ensures that products reach retail stores in optimal condition and are readily
available for customers. While challenges related to perishability and fluctuating demand
persist, Theobroma's continuous refinement of their processes, leveraging technology and
fostering strong communication between their central kitchen and retail locations, positions
them to maintain a robust and responsive system capable of meeting the evolving needs of
their customers and supporting their continued growth.

19
Annexure - Questionnaire :

1. What are the best selling products ?

All our products are key products while the brownies and fresh cream pastries are highest
selling
2. How often do you order products ?
The products are ordered daily for the ultra perishable items, the baked goods and
savouries are ordered every 2 days according to the sales and are delivered in 2 days lead
time.
3. Do you have a centralised production unit ? If yes, where is it located ?
The products are produced in a central kitchen for all the 30 stores in and around bangalore
which is located in
4. How many units are there in bangalore ?
There are around 30 stores in bangalore.
5. During occasions does your ordering quantity increase ? If yes, how much would it
increase ?
Yes, seasonal and festive items are ordered for every occasion and the quantity of the order
would be forecasted using previous season’s sales data.
6. What if a product suddenly goes out of stock ? when they will be restocked again ?
What will be the lead time for it ?
If there is a stock out and there is a sudden need we try to source it from other outlets as
the lead time for any product is around two days.
7. Do you track your order ?
The online orders are tracked real time in the website
8. Do you track your inventory level ? If yes , How ?
The inventory is usually tracked manually along with POS system to calculate the closing
and opening stock levels daily.
9. What inventory technique are you currently following ?

20
 We follow first in first out technique for the the rotation of fresh stocks due to their low
shelf life.
10. Do you maintain safety stocks ?
Due to the low shelf life there would be no safety stocks kept except for the items with
long shelf life where the cookies are maintained at the level of 30 pieces.

11. What do you do with the expired items ?

The expired items are usually sent back to the central kitchen.
12. Does the store take custom orders ?
Yes, the store take custom order for cakes and baked goods which are delivered in 2 days.
The minimum order quantity for cakes are 2 kgs and are to be collected at the store.
13. How often do you order spoons & Tissues ?
The cutleries are often checked weekly and the order is placed according to the requirement
of the store.

21
References :

uEngage. (n.d.). Menu Items of - Breads. Theobroma.

https://order.theobroma.in/products/breads

Inresto. (2019, April 5). How Torqus Helped Theobroma Manage Their Backend

Operations With Ease - inresto. Inresto.

https://inresto.com/blog/how-torqus-helped-theobroma-manage-their-backend-o

perations-with-ease/?

BrandEquity, E. (2021, August 3). Theobroma partners with Puretech Digital to ramp

up digital offerings. ETBrandEquity.com.

https://brandequity.economictimes.indiatimes.com/news/the-pitch-report/theobr

oma-partners-with-puretech-digital-to-ramp-up-digital-offerings/85003682

Punepulse, & Punepulse. (2024, November 8). Theobroma’s Journey: From One-Room

bakery to a potential Billion-Dollar exit - PUNE PULSE. PUNE PULSE -

Trusted-Connected-Targeted.

https://www.mypunepulse.com/theobromas-journey-from-one-room-bakery-to-a

-potential-billion-dollar-exit/

Theobroma reaches milestone of 100 outlets in India – THE ECONOMIC INDIA. (2022,

August 24).

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https://economicindia.co.in/business/theobroma-reaches-milestone-of-100-outlets

-in-india/?

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