Boba Bhai, a quick-service restaurant (QSR) chain specializing in bubble tea and K-Pop-inspired food offerings, has raised ₹30 crore (approximately $3.4 million) in its Series A funding round led by 8i Ventures.
The round also saw participation from existing investors, including Titan Capital Winners Fund, Global Growth Capital, DEVC, and others.
This latest investment follows startup’s seed round in April last year, where it secured ₹12.5 crore from investors such as Titan Capital, Global Growth Capital UK, Marsshot VC, Warm Up Ventures, and entrepreneurs like Arjun Vaidya (co-founder, V3 Ventures) and Varun Alagh (co-founder, Mamaearth).
With this funding, Boba Bhai’s total raised capital stands at ₹42.5 crore ($4.9 million).
The startup plans to utilize the funds for geographical expansion, scaling operations, developing innovative menu items, and introducing sub-brands. Investments will also focus on enhancing operational capabilities and improving customer experiences at its outlets.
Founded in 2023 by Dhruv Kohli, Boba Bhai has quickly established itself with a presence in 9 cities, including Bengaluru, Mumbai, Chennai, Hyderabad, and Delhi, operating 42 outlets.
The company processes over 85,000 monthly orders and reports an average order value exceeding ₹400, alongside a repeat customer rate of 48%.
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Kohli aims to expand to over 150 outlets by the end of this year.
Additionally, approximately 70% of the startup’s orders are processed through its website and delivery platforms like Zomato, Swiggy, and ONDC, while the remaining 30% come from physical store visits.
The startup claims to have generated ₹8 crore in revenue within the first 6 months of operations.
Kohli stated that the company aims to capture 75-80% of the market segment.
