Bubble tea brand Boba Bhai raises Rs 12.5 Cr in seed round

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

The round also saw participation from 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.

The proceeds will be used across hiring, product line expansion and presence across India, the company said in a press release.

This is the first institutional fundraising round since its inception in October 2023. In just six months, the startup claims to have processed over 50,000 monthly orders while expanding its footprint to 25 outlets across seven cities - Delhi, Gurugram, Udaipur, Bengaluru, Mumbai, Hyderabad, and Chennai with an average order volume of Rs 400.

Founded by Dhruv Kohli, Boba Bhai is building bubble tea and K-Pop burgers QSR chain to expand its presence globally. 

The Bengaluru-based firm makes an annual revenue run rate (ARR) of Rs 24 crore and a monthly revenue run rate (MRR) of Rs 2 crore. By December 2024, it aims to reach Rs 60-65 crore.

Earlier this month, Kolkata-based QSR chain Wow! Momo secured Rs 70 crore ($8.3 million) in funding from Z3 Partners.