The round was led by Titan Capital and Global Growth Capital UK
The startup plans to deploy the fresh proceeds to expand into 100 stores across the country by December next year
The company's ARR currently stands at INR 24 Cr and plans for INR 60-65 Cr by this year-end
Bengaluru-based Boba Bhai, a quick-service restaurant (QSR) brand specialising in bubble tea and other food items, has raised seed funding of INR 12.5 Cr ($1.5 Mn) at a valuation of INR 50 Cr ($6 Mn).
The round was co-led by Titan Capital and Global Growth Capital UK, with participation from other investors, including V3 Ventures cofounder Arjun Vaidya, Marsshot VC (RazorPay founders fund), DeVC, Warm Up Ventures, Mamaearth cofounder Varun Alagh and Peercheque, among others.
Founded by Dhruv Kohli in 2023, Boba Bhai aims to capture the hearts of tea enthusiasts and is introducing India to its first bubble tea and K-Pop burgers chain, infusing Bubble tea flavours with an Indian twist, besides aiming for global expansion.
“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 % market share in India in FY24,” said Kohli.
“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,” said Bipan Shah, partner, Titan Capital.
Harsh Patel, Managing Partner, Global Growth Capital, said “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, cofounder, V3 Ventures & Founder of Dr Vaidya’s (Acquired), said, “Since the first time I met Dhruv I was intrigued by Boba Bhai. It perfectly blends the rising K wave with Indian flavours.”
Boba Bhai claims to process over 50,000 monthly orders and has expanded its presence to 25 outlets across seven cities: Delhi, Gurugram, Udaipur, Bengaluru, Mumbai, Hyderabad and Chennai.
The company boasts an annual revenue run rate (ARR) of INR 24 Cr and a monthly revenue run rate (MRR) of INR 2 Cr. By December 2024, it aims to reach INR 60-65 Cr.
Besides, the startup plans to capture 75–80% of the market share in India in FY2024. In Bengaluru, it holds a 90% market share in the bubble tea industry with an average order value exceeding INR 400.
India’s QSR market size is estimated at $25.46 Bn in 2024 and is expected to reach $38.71 Bn by 2029, growing at a CAGR of 8.74% during the forecast period (2024-2029), as per a report by Mordor Intelligence.
Earlier this month, the Kolkata-based QSR chain Wow! Momo secured INR 70 Cr ($8.3 Mn) in funding from the Indian investment firm Z3Partners.
Meanwhile, last year in December, Burger Singh announced the successful closure of pre-Series B funding round, led by trading company Turner Morrison Ltd, with participation from Homage Ventures LLP – Office of Aditya Ghosh.
