Boba Bhai Secures INR 30 Cr in Series A Funding Led by 8i Ventures The fresh Funding will fuel Boba Bhai's rapid expansion, innovative menu offerings and strengthen its operational capabilities.
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Boba Bhai, a quick-service restaurant (QSR) brand specialising in bubble tea and fusion food, has raised INR 30 crore (approximately USD 3.4 million) in its Series A funding round. The round was led by 8i Ventures, with participation from existing investors Titan Capital Winners Fund, Global Growth Capital, and DEVC.
This funding marks a significant step for the startup, which had previously raised INR 12.5 crore in its seed round in April last year, led by Titan Capital and Global Growth Capital UK.
The newly secured capital will fuel the brand's expansion into new cities, strengthen operations in existing markets, and support the development of innovative menu offerings. Boba Bhai also plans to introduce sub-brands that cater to evolving consumer preferences and enhance operational efficiencies across its outlets.
Dhruv Kohli, Founder and CEO of Boba Bhai, said, "This investment marks a pivotal milestone in our journey to gain more market share in bubble tea and build the world's largest Bubble Tea and K-pop QSR chain from India. With the strategic backing of our investors, we are well-positioned to scale our operations, introduce exciting new offerings, and establish Boba Bhai as the go-to QSR brand for the next generation of Indian consumers."
Founded in 2023, Boba Bhai currently operates 42 outlets across nine cities, including Bengaluru, Mumbai, Chennai, Hyderabad, and Delhi. With plans to open over 150 stores by the end of the year, the startup aims to solidify its market presence.
Boba Bhai has achieved notable success with an average order value exceeding INR 400 and a repeat customer rate of 48%. Its innovative approach, combining bubble tea and Korean-inspired menu items like K-pop burgers, has resonated strongly with Gen Z consumers in India.
Vishwanath V, General Partner at 8i Ventures, added, "Boba Bhai is the clear market leader in the bubble tea category and a much-loved brand among Gen Z in India. We were struck by the operational excellence demonstrated by Dhruv and his team."
In addition to its expansion plans, Boba Bhai is set to roll out a Korean-inspired ice cream range nationwide, which is currently available at select Bengaluru outlets.
