Bubble tea brand Boba Bhai raised Rs 12.5 Cr Seed funding from Titan Capital, others
Titan Capital and Global Growth Capital UK led the Rs 12.5 crore seed round for Boba Bhai, a quick-service restaurant (QSR) brand that specializes in bubble tea and other food items.
Several well-known angel investors participated in the round as well, including Arjun Vaidya, DEVC, Warm up Ventures, Asit Oberoi, 1947 Rise Fund by Shiva Singh Sangwan, FinFirst, Neha Patil, Abhinav Sinha from Oyo, Peercheque, Varun Alagh, Mandeep Sodhi, and Prabhraj (Simba Beer).
According to a press release from the company, the money will go toward hiring, expanding the product line, and increasing its presence throughout India.
Since its launch in October 2023, this is the first institutional fundraising round. The startup claims that in just six months, it has grown to 25 locations across seven cities (Delhi, Gurugram, Udaipur, Bengaluru, Mumbai, Hyderabad, Chennai) and processed over 50,000 monthly orders with an average order volume of Rs 400.
Boba Bhai, a QSR chain of bubble tea and K-Pop burgers, was founded by Dhruv Kohli with the goal of becoming a global force.
The company is based in Bengaluru and generates an annual revenue run rate (ARR) of Rs 24 crore in addition to Rs 2 crore in monthly revenue run rate (MRR). It wants to reach between Rs 60 and Rs 65 crore by December 2024.
