ET first reported on the brand new funding in Boba Bhai and different meals startups in March, indicating a rising investor urge for food in the direction of the phase.
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The funding spherical additionally noticed participation from V3 Ventures cofounder Arjun Vaidya, Razorpay founders’ Marsshot VC, DeVC, Heat Up Ventures, Mamaearth cofounder Varun Alagh, and others.
“We’re constructing the model for in the present day’s youth. They eat what’s trending and wish to attempt new issues. I imagine international cuisines, particularly Korean meals, are going to have numerous market in India,” Boba Bhai founder Dhruv Kohli informed ET.
Boba Bhai operates 25 shops throughout cities like Bengaluru, Delhi, Hyderabad, and Chennai. All of the shops are firm owned.
The brand new funds will assist its plan to increase to 100 shops inside the subsequent 12 months, Kohli mentioned. “Our objective is to increase in tier-1 cities inside the subsequent six months after which go to tier-2 and tier-3 cities.”
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The corporate has an annual income run charge (ARR) of Rs 24 crore — its projected annual income primarily based on the present efficiency — with a mean month-to-month order quantity of fifty,000. Within the subsequent 12 months, it goals to achieve an ARR of Rs 100 crore, he mentioned.Nearly 70% of Boba Bhai’s orders come by way of the corporate web site and on-line platforms resembling Zomato, Swiggy and ONDC, with the remaining 30% from its shops.
The corporate additionally intends to utilise the funds to combine superior applied sciences into its choices and enhance its workforce, Kohli mentioned.
It employs round 200 folks, together with kitchen employees.
In response to the corporate, Boba Bhai holds a dominant market share of 90% within the bubble tea business in cities like Bengaluru.
This funding spherical aligns with a broader pattern the place quite a few homegrown meals and beverage manufacturers are attracting investments from early-stage institutional buyers and rich people.
ETtechExamples embody Haryana-based Pizza Wings, which raised $4 million from Zerodha cofounder Nikhil Kamath’s enterprise capital fund Gruhas and angel buyers like Udaan co-founder Sujeet Kumar. Amongst others, Burger Singh’s pre-Collection-B spherical was led by Turner Morrison Ltd with participation from Homage Ventures LLP. Burger Co-backed AKU’s raised funds from Vikram Bakshi, former managing director of a McDonald’s three way partnership that operated the US chain’s shops in North and East India. Wow! Momo Meals raised Rs 350 crore in January from Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund.
Boba Bhai provides round 18 to 19 bubble tea flavours. It plans to introduce 5 to 6 new flavours and increase its dessert choices within the coming weeks.
“The workforce’s dedication to tailor-make a spread of bubble teas to cater to the numerous palates and preferences of Indian shoppers has helped it achieve immense recognition in a brief span of time. We’re happy to accomplice with a model with a imaginative and prescient to construct a big meals model in India with strong style, demand, and frugal distribution,” mentioned Bipan Shah, accomplice at Titan Capital.
