Boba Bhai Brews Expansion: Secures ₹30 Cr Series A Funding to Tap New Markets
Boba Bhai, a Bengaluru-based quick-service restaurant (QSR) brand specializing in bubble tea and fusion food offerings, has raised INR 30 Cr (approximately $3.4 million) in a Series A funding round led by 8i Ventures. Existing investors, including Titan Capital, Winners Fund, Global Growth Capital, and DEVC, also participated in the round. This funding brings the company’s total capital raised to INR 42.5 Cr ($4.9 million) since its launch in 2023.
The startup plans to utilize the funds to expand its presence into cities like Pune and Ahmedabad, develop new sub-brands, and introduce additional Korean-inspired food items. Currently operating 42 outlets across nine cities, including Bengaluru, Mumbai, Delhi, Hyderabad, and Chennai, Boba Bhai aims to double its footprint by opening over 150 stores by the end of the year.
Approximately 70% of the brand’s orders are processed online through its website and platforms such as Zomato, Swiggy, and the Open Network for Digital Commerce (ONDC), while the remaining 30% are generated from physical outlets. This mix reflects the increasing reliance on digital platforms for food delivery and customer engagement.
Boba Bhai Gears Up for Expansion
Founded by Dhruv Kohli, Boba Bhai has positioned itself in the niche bubble tea market, offering 45 flavors and fusion items like K-Pop burgers tailored to local tastes. The company claims to have achieved revenues of INR 8 Cr within its first six months of operations. Currently processing over 85,000 monthly orders, the brand reports an average order value of more than INR 400, with a repeat customer rate of 48%.
In April 2024, Boba Bhai had raised INR 12.5 Cr in an earlier funding round, which included investors like Titan Capital, Global Growth Capital UK, Marsshot VC, Warm Up Ventures, and individual backers such as Mamaearth cofounder Varun Alagh and V3 Ventures cofounder Arjun Vaidya.
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With the latest funding, the brand is preparing to further solidify its presence in the Indian QSR market, particularly in the bubble tea segment, where it aims to capture a 75-80% market share.
