Boba Bhai Secures Rs 12.5 Crores in Seed Funding Round to Fuel Rapid Expansion

• ByStartupStory     |    April 25, 2024

Boba Bhai, a dynamic quick-service restaurant (QSR) brand renowned for its delectable bubble tea offerings, has successfully closed a seed funding round, securing a substantial Rs 12.5 crores. This pivotal investment marks a significant milestone for the company, solidifying its position as a frontrunner in the rapidly evolving landscape of QSR and beverage sectors.

Since its inception in October 2023, Boba Bhai has swiftly ascended to prominence, captivating the palates of consumers nationwide with its innovative and diverse range of bubble tea flavors. Within a mere six months, the company has achieved remarkable success, processing over 50,000 monthly orders and establishing an impressive presence with 25 outlets spanning across seven major cities, including Delhi, Gurugram, Udaipur, Bangalore, Mumbai, Hyderabad, and Chennai.

The seed funding round witnessed robust participation from a diverse consortium of investors, including prominent entities such as Titan Capital, Global Growth Capital UK, and an array of esteemed angel investors. Titan Capital and Global Growth Capital UK spearheaded the investment round, signaling their unwavering confidence in Boba Bhai’s visionary leadership and exponential growth trajectory.

In a statement issued by Dhruv Kohli, Founder of Boba Bhai, he expressed profound gratitude for the overwhelming support garnered from investors and articulated the company’s ambitious expansion plans. Kohli remarked, “As a result of our concerted efforts to drive wider adoption of bubble tea consumption in India, we have witnessed significant growth of both the category and Boba Bhai in a short span of time. We have already expanded rapidly in India, and with this fresh fund, we will expand to 100 stores across the country by December 2025. We aim to capture 75-80 percent market share in India in FY24. This round is a testament to investor interest in the category, and Boba Bhai’s leadership and dominance of the market.”

Bipan Shah, Partner at Titan Capital, commended Boba Bhai’s innovative approach to catering to the diverse preferences of Indian consumers, stating, “The team’s commitment to tailor-make a range of bubble teas to cater to the varied palates and preferences of Indian consumers has helped it gain immense popularity in a short span of time. We are pleased to partner with a brand with a vision to build a large food brand in India with solid taste, demand, and frugal distribution.”

Harsh Patel, Managing Partner at Global Growth Capital, echoed similar sentiments, emphasizing the tremendous growth potential of the bubble tea market in India and praising Boba Bhai’s rapid ascent to dominance within the sector. Patel stated, “Bubble tea is a very exciting market category globally, and is gaining popularity in India at a rapid pace. In a very short span, Boba Bhai has dominated the India market, and has shown the headroom for long-term growth.”

Arjun Vaidya, Co-founder of V3 Ventures and founder of Dr. Vaidya’s (Acquired), lauded Boba Bhai’s unique fusion of Korean influences with Indian flavors, underscoring his excitement for the brand’s future trajectory. Vaidya expressed, “Since the first time I met Dhruv I was intrigued by Boba Bhai. It perfectly blends together the rising K wave with Indian flavours. They have shown exponential growth already and I am excited to see what the future holds.”

Follow Startup Story