Boba Bhai, an India-based quick service chain specialising in bubble tea and Korean foods, has raised Rs300m ($3.47m) in a Series A funding round.
The investment will propel the brand's expansion into new Indian cities, enhance operations in existing markets and develop innovative menu offerings and sub-brands that cater to evolving consumer preferences, as reported by the Hindu Businessline.
Founder and CEO Dhruv Kohli announced plans to recruit senior talent to strengthen the leadership team.
Currently operating in six cities, Boba Bhai is targeting the top 20 cities in India as part of its growth strategy.
The aim is to enhance operational capabilities and improve customer experiences across all outlets.
The funding round was led by early-stage venture capital firm 8i ventures and saw contributions from investors including Titan Capital, Winners Fund, Global Growth Capital, DEVC and previous backers.
This follows a Rs125m seed funding round led by Titan Capital and Global Growth Capital UK.
8i Ventures general partner Vishwanath V stated: “Boba Bhai is the clear market leader of the bubble tea category and is a much-loved brand among Gen Z in India.
“We were struck by the velocity and the operational excellence demonstrated by Dhruv and the team and are delighted to partner with them.”
Founded in 2023, Boba Bhai’s outlets offer bubble tea and K-pop Burgers.
The brand is preparing to launch a Korean-inspired ice cream range nationwide. The launch is currently in the pilot stage, reported the Economic Times.
Kohli expressed confidence that the new ice cream vertical would significantly boost the brand's revenue streams.
With 70% of orders coming from its website and partner platforms such as Zomato, Swiggy and ONDC, and the remaining 30% from physical stores, Boba Bhai processes more than 80,000 orders monthly with an average order value of Rs400.
Boba Bhai founder and CEO Dhruv Kohli stated: “We see huge potential in Tier 2 and Tier 3 cities in India. Over the next few years, we aim to expand our presence to about 30 cities across the country.”
Looking ahead, Boba Bhai is also gearing up to venture into quick commerce platforms as part of its strategic growth plan.
