QSR chain Boba Bhai raises Rs 12.5Cr in a seed round led by Titan Capital, Global Growth Capital UK

Boba Bhai, a quick-service restaurant (QSR) brand specialising in bubble tea and other food items, recently raised Rs 12.5 crore in a seed funding round led by Titan Capital and Global Growth Capital UK.

The round also saw participation from 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 angel investors.

Focused on expansion across India 

Boba Bhai, which started its operations in October 2023, plans to leverage the new funds to expand its current footprint of 25 outlets to 100 outlets across India by December 2025. The expansion aims to include tier-1, tier-2, and tier-3 cities, building on the current presence in cities like Bengaluru, Delhi, Hyderabad, and Chennai.

It also 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.

Who is the founder?

Founded by Dhruv Kohli, Boba Bhai has quickly established a dominant position in the Indian bubble tea market, holding a 90% market share in key cities and aiming for 75-80% market share countrywide in FY24. 

The brand has captured the youth market with its trendy offerings. It plans to introduce five to six new bubble tea flavours and expanded dessert options.

Technological advancements and employee growth

To support its growth, Boba Bhai intends to integrate advanced technologies into its service offerings and increase its workforce. The company currently employs about 200 people, including kitchen staff. The investment will aid in enhancing operational efficiencies and consumer experience.

Leadership comments 

“As a result of our concerted efforts to drive wider adoption of bubble tea consumption in 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 of Boba Bhai.

What did investors say about Boba Bhai? 

"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 Indian market and has shown the headroom for long-term growth.”

Arjun Vaidya, Co-founder of V3 Ventures and Dr Vaidya’s (Acquired), said, “Since the first time I met Dhruv, I have been intrigued by Boba Bhai. It perfectly blends the rising K wave with Indian flavours. They have shown exponential growth already, and I am excited to see what the future holds.”