Boba Bhai, a quick-service restaurant (QSR) brand specializing in bubble tea and other food items, has made headlines by securing Rs 12.5 crore in seed funding led by the Snapdeal founders’ venture fund Titan Capital and Global Growth Capital UK.

Arjun Vaidya (V3 Ventures Co-founder), Varun Alagh (Mamaearth co-founder), Razorpay founders’ Marsshot VC, DeVC, Warm Up Ventures, and others, also participated in the funding round.

As per the startup, the freshly raised funds will support its plan to expand to 100 outlets within the next 12 months. The startup also plans to use part of the raised capital to integrate advanced technologies into its offerings and increase its workforce.

Boba Bhai | Bubble Tea Brand

Founded by Dhruv Kohli, Boba Bhai is a quick-service restaurant (QSR) brand specializing in bubble tea and other food items. The brand offers 18 to 19 bubble tea flavors and plans to introduce five to six new flavors and expand its dessert offerings in the coming weeks.

Speaking about the development,  Dhruv Kohli, Founder of Boba Bhai, said,

“We are building the brand for today’s youth. They eat what’s trending and want to try new things. I believe foreign cuisines, especially Korean food, are going to have a lot of market in India.” 

Kohli stated that the brand’s immediate goal is to expand into tier-1 cities within the next six months, followed by expansion into tier-2 and tier-3 cities. He also noted that the brand aims to reach an annual revenue run rate (ARR) of Rs 100 crore within the coming 12 months.

Statement from the Investor

Commenting on the development, Bipan Shah, Partner at Titan Capital, highlighted the firm’s commitment to tailor-make a range of bubble teas that cater to diverse Indian preferences, which has rapidly boosted their popularity.

Bipan added,

“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.” 

Currently, the firm operates 25 outlets, all owned by the company, across cities including Bengaluru, Delhi, Hyderabad, and Chennai. The firm claims to have an ARR of Rs 24 crore, which represents its projected annual revenue based on current performance, with an average monthly order volume of 50,000.  

He added that almost 70% of the firm’s orders are received through its website and online platforms such as Zomato, Swiggy, and ONDC, while the remaining 30% originate from its physical outlets.

Follow us and connect with us on Instagram, Facebook, Twitter, and LinkedIn.

Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.