The demand for low-cost and functional drinks is growing in most of the developing world, where starchy (mainly sugar) foods are the basic staples. In this study, the proximate composition, antioxidant, and phytochemical properties of the extracts from alkalized cocoa powder (ACP) and Carica papaya leaves were determined after blending and mixing them with aqueous and ethanol solvents. The level of crude fiber of the blends was 5-fold higher in 100% C. papaya leaves than in 75% ACP, but the ACP gave a 50% increase in protein content. Notably, C. papaya leaves in the ethanol extract gave higher free DPPH (77.54−85.5%), hydroxyl (83.86−94.16%), and radical scavenging and high metal chelating (32.35−55.82%) activities than the aqueous extract (72.07−83.26%, 71.28−89.83%, and 21.45−56.86%, respectively). On the contrary, ACP increased the phytochemical profiles (total flavonoid, tannin, and total phenols) of the extracts (1.76−2.56%, 12.47−20.58 mg/g, and 11.47−19.01 mg/g, respectively). Hence, the blends are laden with antioxidants that can provide health benefits to consumers.