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Dhruv Kohli, founder of Boba Bhai
Boba Bhai, a quick-service restaurant chain focused on bubble tea and Korean-inspired food, has secured Rs 30 crore in a Series A funding round led by 8i Ventures.
The round also included participation from existing investors such as Titan Capital, Winners Fund, Global Growth Capital and DEVC, marking another significant milestone for the brand.
In April 2024, the startup raised Rs 12.5 crore in a seed funding round led by Titan Capital and Global Growth Capital UK.
Purpose of fundraising
Boba Bhai plans to use the raised capital to expand its footprint across new cities, scale operations in existing markets, introduce innovative menu offerings, launch new sub-brands tailored to consumer trends and also to strengthen its operational capabilities and deliver enhanced customer experiences across its outlets.
The brand also has its sights set on entering tier-two and tier-three cities, with plans to reach around 30 cities in the coming years.
Since Boba Bhai already operates more than 40 outlets across nine cities—including Bengaluru, Mumbai, Chennai, Hyderabad, Delhi, Gurugram, Noida, Udaipur and Mangalore—the startup expects the chain to surpass 150 stores by the end of the year.
Boba Bhai's market presence
The startup, which was founded in 2023 by Dhruv Kohli, has rapidly gained popularity by combining bubble tea with K-pop-inspired burgers and other menu items that cater to India’s growing interest in Korean culture. It currently averages over 80,000 monthly orders and boasts a repeat customer rate of 48%.
Additionally, Boba Bhai is looking to roll out its Korean-inspired ice cream range nationwide. It is currently available in select Bengaluru outlets.
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."