Highlights:
- Boba Bhai, a bubble tea QSR brand, raised Rs 12.5 crore in its seed round led by Titan Capital and Global Growth Capital UK.
- Prominent investors such as Arjun Vaidya, Marsshot VC, and others also participated in the funding round.
- The funds will be used for hiring, expanding the product line, and nationwide expansion.
- Within six months of its inception in October 2023, Boba Bhai has processed over 50,000 monthly orders across 25 outlets in seven cities.
- The company aims to achieve a revenue target of Rs 60-65 crore by December 2024.
- This achievement reflects the vibrancy of India’s startup ecosystem and the growing momentum in the QSR sector, as seen with recent investments in similar ventures like Wow! Momo.
Boba Bhai, a rising star in the quick-service restaurant (QSR) landscape, has just secured a significant boost to fuel its expansion plans. The bubble tea brand successfully raised Rs 12.5 crore in its recent seed round, spearheaded by Titan Capital and Global Growth Capital UK.
Notably, this round also attracted investments from a constellation of prominent backers including Arjun Vaidya, Marsshot VC (backed by RazorPay founders), DEVC, Warm up Ventures, and a host of high-profile angel investors like Asit Oberoi, Peercheque, and Varun Alagh, among others.
According to a press release issued by the company, the infusion of funds will be strategically deployed towards bolstering team strength, broadening the product line, and extending its footprint across India. This development marks Boba Bhai’s inaugural institutional fundraising endeavor, following its inception in October 2023.
Impressively, within a mere six-month span, Boba Bhai has notched up over 50,000 monthly orders, leveraging its presence in 25 outlets spanning seven key cities: Delhi, Gurugram, Udaipur, Bengaluru, Mumbai, Hyderabad, and Chennai. With an average order value clocking in at Rs 400, the brand has swiftly carved out a niche for itself in the fiercely competitive QSR market.
Founded by the visionary Dhruv Kohli, Boba Bhai is not content with merely dominating the Indian market. The Bengaluru-based firm harbors ambitious plans to establish its bubble tea and K-Pop burgers QSR chain as a global phenomenon.
Financially, Boba Bhai boasts an impressive annual revenue run rate (ARR) of Rs 24 crore, complemented by a monthly revenue run rate (MRR) of Rs 2 crore. Looking ahead, the company sets its sights on a lofty revenue target of Rs 60-65 crore by December 2024.
This milestone achievement by Boba Bhai adds to the growing momentum within the QSR sector, as evidenced by the recent funding secured by Kolkata-based Wow! Momo, which netted Rs 70 crore ($8.3 million) from Z3 Partners earlier this month.
As Boba Bhai continues to chart its upward trajectory, it not only underscores the vibrancy of India’s startup ecosystem but also serves as a beacon of entrepreneurial ingenuity and resilience in the face of challenges.
