Boba Bhai, a quick service restaurant (QSR) brand known for its bubble tea and other food offerings, has secured ₹30 crore in a funding round led by early-stage venture capital firm 8i Ventures. The round also saw participation from Titan Capital Winners Fund, Global Growth Capital, DeVC (backed by Z47), and other existing investors.
The funds raised will help the company expand into new cities, strengthen operations in existing markets, diversify its menu, and explore new sub-brands.
“Along with the expansion of outlets, the funds will be used to build a strong brand presence among consumers and our audience. We will also hire some key team members, and, of course, the funds will be deployed as part of R&D, where we will introduce new flavours and products into the market,” founder and chief executive Dhruv Kohli said.
Founded in 2023, Boba Bhai focuses on offering Bubble Tea and K-pop Burgers, with plans to launch its Korean-inspired ice cream range nationwide, currently in the pilot phase. Kohli stated that the brand anticipates that the ice cream segment will drive revenue and enhance overall earnings.
The company currently has 42 outlets spread across nine cities, including Bengaluru, Mumbai, Chennai, Hyderabad, and Delhi. “Our investors have shown a great amount of trust, and the backing we received from them will help us scale beyond the current outlets and increase that number to 150 stores by the end of the year,” he said.
Approximately 70% of the brand’s orders are placed through its website and platforms, such as Zomato, Swiggy, and ONDC, while the remaining 30% come from its physical stores. The company currently processes over 80,000 orders monthly, with an average order value (AoV) of about ₹400 per order.
The brand also plans to start selling on quick commerce platforms soon. “Once we launch on quick commerce platforms, we believe that quick commerce can contribute around 25-30% of our sales,” Kohli added.
Commenting on the investment, Vishwanath V, general partner at 8i Ventures, said, “BobaBhai is the clear market leader of the bubble tea category and is a much-loved brand among the GenZ in India. We were struck by the velocity and the operational excellence demonstrated by Dhruv & team and is delighted to partner with them.”
