Brand of Bubble Tea Boba Bhai Launches New Korean Offerings with INR 30 Cr

Nitin Konde, Varun Bhardwaj

Jan 14, 2025 — 2 min read

Boba Bhai Expands Menu with New Korean Offerings and INR 30 Cr Investment

Based in Bengaluru, in a Series A fundraising round headed by 8i Ventures, Boba Bhai, a quick-service restaurant (QSR) brand that specialises in bubble tea and other culinary products, has raised INR 30 Cr, or roughly $3.4 million. Numerous current investors, including DEVC, Global Growth Capital, and Titan Capital Winners Fund, also participated in the round. The firm intends to use the extra revenue to scale operations, introduce new Korean products, create new sub-brands, and enter more recent cities like Pune and Ahmedabad. With the most recent round, the business has raised a total of INR 42.5 Cr ($4.9 Mn) so far. Boba Bhai was established in 2023 by Dhruv Kohli and offers K-Pop burgers with an Indian touch along with 45 types of bubble tea.

Previous Funding Rounds and Further Expansion Plans

Together with participation from other investors, such as V3 Ventures cofounder Arjun Vaidya, Marsshot VC (RazorPay founders’ fund), DEVC, Warm Up Ventures, Mamaearth cofounder Varun Alagh, and PeerCheque, Boba Bhai raised INR 12.5 Cr in April of last year. Bengaluru, Hyderabad, Mumbai, Delhi, Gurugram, Noida, Mangalore, Udaipur, and Chennai are among the nine locations where the brand is currently present. Its goal is to quadruple its footprint. By the end of this year, the business hopes to add more than 150 locations, according to Kohli. According to Kohli, the startup has made INR 8 Cr in its first six months of business.

Currently Processing Over 85,000 Monthly Orders

Speaking about the funding, Kohli stated that the brand's remarkable success over the last nine months can be attributed to its dedication to quality, innovation, and customer pleasure. The business is in a strong position to grow, launch innovative new products, and position Boba Bhai as the preferred QSR brand for the upcoming generation of Indian customers thanks to the strategic support of its investors. Boba Bhai has 42 locations in nine cities and processes more than 85,000 orders every month, with an average order value (AoV) of about INR 400 per order. The firm has a 48% recurring customer rate and an average order value of around INR 400. According to the founder, he wants to own 75–80% of the bubble tea market in India.

About 30% of the brand's orders originate from its physical locations, with the remaining 70% coming via its website and online marketplaces like Zomato, Swiggy, and ONDC. Additionally, the brand intends to launch sales via fast commerce platforms shortly. According to Kohli, the firm anticipates that rapid commerce would account for 25–30% of its sales once its platforms are launched.

Vishwanath V, general partner at 8i Ventures, commented on the investment, stating that Boba Bhai is a popular brand among India's Gen Z and the undisputed market leader in the bubble tea category. It was impressed by Kohli and his team's speed and operational expertise, and they are a pleasure to work with.