A Quick service Restaurant brand Boba Bhai, which is specialized in Bubble tea has recently raised 12.5 crore fresh fund in its seed funding round which was led by the Snapdeal founders' venture fund, Titan Capital and Global Growth Capital UK. Their current valuation after the funding is Rs.50crore.
The funding round also witnessed the participation of V3 Ventures cofounder Arjun Vaidya, Marsshot VC (RazorPay founders fund), DeVC, Warm Up Ventures, Mamaearth cofounder Varun Alagh and Peercheque, among others.

The founder of Boba Bhai, Dhruv Kohli told in a media statement, "We are building the brand for today’s youth. They eat what's trending and want to try new things. I believe foreign cuisines, especially Korean food, are going to have a lot of market in India.”

Currently the startup is operating 25 QSR outlets across metro cities like Bengaluru, Delhi, Hyderabad, and Chennai. All the outlets are company owned.

Kohli said that with this newly fetched fund they will open 100 more outlets within the next 12 months. He also added that their goal is to expand in tier-1 cities within the next six months and then they would go to tier-2 and tier-3 cities.

He also explained that, the company is bearing an annual revenue run rate (ARR) of Rs. 24 crore. Their projected annual revenue based on the current performance with an average monthly order volume of 50,000. In the next 12 months, it aims to reach an ARR of Rs. 100 crore.

More than 70% of Boba Bhai’s orders they receive online through the company website and online platforms such as Zomato, Swiggy and ONDC, with the remaining 30% from its outlets.

The company is willing to increase the workforce and they want to integrate advanced technologies. Boba Bhai holds a dominant market share of 90% in the bubble tea industry in cities like Bengaluru.

The funding round blends well with the broader trend where numerous homegrown food and beverage brands are attracting investments from early-stage institutional investors and wealthy individuals.