Boba Bhai, a category leader of the bubble tea market in India, and a Quick-Service Restaurant (QSR) chain, today announced the successful closure of a seed funding round, raising a total of INR 12.5 crores. This marks the first institutional fundraising round since its inception in October 2023. In just six months, the company has reached a remarkable milestone, processing over 50,000 monthly orders while expanding its footprint to 25 outlets across seven cities - Delhi, Gurugram, Udaipur, Bangalore, Mumbai, Hyderabad, and Chennai.
The funding round saw participation from a diverse group of investors, including Titan Capital, Global Growth Capital UK (Harsh Patel), Arjun Vaidya, Marsshot VC (RazorPay founders fund), DEVC, Warm up Ventures, Asit Oberoi, 1947 Rise Fund by Shiva Singh Sangwan, Peercheque, Varun Alagh, Mandeep Sodhi, Prabhraj (Simba Beer), FinFirst, Neha Patil, Abhinav Sinha from Oyo and other high profile angel investors. Titan Capital and Global Growth Capital UK led the round, underscoring their confidence in Boba Bhai's vision and growth potential.
"As a result of our concerted efforts to drive wider adoption of bubble tea consumption India, we have witnessed significant growth of both the category and Boba Bhai in a short span of time. 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 percent market share in India in FY24. This round is a testament to investor interest in the category, and Boba Bhai's leadership and dominance of the market" said Dhruv Kohli, Founder, Boba Bhai.
"We are impressed with Dhruv`s vision and sharp execution with intense clarity in introducing and building 'Bubble Tea based Korean cuisine food brand in India', starting with Bangalore and now expanding to Delhi-NCR and other cities. 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. We are pleased to partner with a brand with a vision to build a large food brand in India with solid taste, demand, and frugal distribution." shared, 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. We are excited to partner with Dhruv on this journey and truly help create a global brand from India".
Arjun Vaidya, Co-founder, 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 together the rising K wave with Indian flavours. They have shown exponential growth already and I am excited to see what the future holds!".
India being a Gen Z country, Boba Bhai aims to leverage the funding to bolster its research and development efforts, scale its operations, and introduce exciting new products to cater to evolving consumer preferences. |
