In its Series A round, led by 8i Ventures, Boba Bhai, a quick-service restaurant (QSR) brand that specializes in bubble tea and other food items, has raised Rs 30 crore, or approximately $3.4 million.
A number of previous backers, including DEVC, Global Growth Capital, and Titan Capital Winners Fund, also participated in the round.
Titan Capital and Global Growth Capital UK led the startup’s seed round, which raised Rs 12.5 crore earlier in April of last year.
The money raised will be utilized to scale operations in current markets, introduce creative menu items, investigate new sub-brands, and increase the brand’s visibility in new cities. Boba Bhai also intends to improve customer experiences throughout all of its locations and bolster its operational capabilities.
Boba Bhai, which was founded by Dhruv Kohli, is developing a bubble tea and K-Pop burger QSR chain in an effort to increase its global footprint. At the moment, the company operates 42 stores across nine cities, including Delhi, Hyderabad, Chennai, Mumbai, and Bengaluru. By the end of this year, Kohli says, the company intends to open more than 150 stores.
The startup claims to have a 48% repeat customer rate and an average order value of over Rs 400.
According to the company, its website and platforms like Zomato, Swiggy, and ONDC account for about 70% of the brand’s orders, with the remaining 30% coming from its physical locations.
