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Boba Bhai secures Rs 12.5 crore in seed funding round; plans to expand to 100 stores
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Saturday, 27 April, 2024, 12 : 00 PM [IST]
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Our Bureau, Bengaluru
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Boba Bhai, a category leader of the bubble tea market in India, and a Quick-Service Restaurant (QSR) chain, announced the successful closure of a seed funding round, raising a total of Rs 12.5 crore. 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, Bengaluru, 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.
Dhruv Kohli, founder, Boba Bhai, said, “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."
Bipan Shah, partner, Titan Capital, said, "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 Bengaluru 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."
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