Bubble tea brand Boba Bhai raises Rs 30 Cr in Series A round

Boba Bhai,a quick-service restaurant (QSR) brand focused on bubble tea and other food items, has raised Rs 30 crore (around $3.4 Mn) in its Series A round led by 8i Ventures. 

The round also saw participation from a clutch of existing backers, including Titan Capital Winners Fund, Global Growth Capital and DEVC among others.

Earlier in April last year, the startup had raised Rs 12.5 crore in its seed round led by Titan Capital and Global Growth Capital UK.  

The proceeds will be used to expand the brand’s presence to new cities, scale operations in existing markets, introduce innovative menu offerings and look at new sub-brands. Additionally, Boba Bhai plans to strengthen its operational capabilities and deliver enhanced customer experiences across its locations.

Founded by Dhruv Kohli, Boba Bhai is building bubble tea and K-Pop burgers QSR chain to expand its presence globally. The company currently has 42 outlets in nine cities, including Bengaluru, Mumbai, Chennai, Hyderabad, and Delhi. According to Kohli, the firm plans to open over 150 stores by the end of this year.

The startup boasts an average order value of over Rs 400 and a repeat customer rate of 48%. 

As per the company, approximately 70% of the brand's orders are generated through its website and platforms like Zomato, Swiggy, and ONDC, with the other 30% coming from its physical stores.