Results · Commerce & Consumer Brands

Boba Bhai revenue surges 145% but losses widen

What they do

Boba Bhai sells bubble tea and Korean burgers to Gen Z consumers across eight cities

FY26 net revenue rose 145% to ₹70 Cr but the company posted a ₹12.5 Cr net loss

The firm targets 200-250% top line growth in FY27 while pausing expansion until profitable

Boba Bhai reported ₹70 Cr net revenue for FY26 which is a 145% year-on-year increase.
The company recorded a ₹12.5 Cr net loss that widened by 32% compared to the previous fiscal year.
Revenue was split evenly between food and beverages including its flagship bubble tea and Korean burgers.
Same store sales grew by 30-40% year-on-year indicating strong demand from existing locations.
Raw material costs stood at approximately ₹24 Cr while other expenses like salaries were undisclosed.
The brand holds a 60-70% market share over three years in the bubble tea and Korean food segment.
Founders are targeting Gen Z consumers through physical retail stores and quick commerce channels.
The company has raised over $9 Mn total from investors including Titan Capital and DeVC.

The business operates in a niche market where it currently dominates with significant market share.
Growth strategy focuses on strengthening quick commerce presence rather than traditional FMCG distribution channels.
Management aims to achieve company-level profitability before resuming geographic expansion plans.

Boba Bhai offers bubble tea and Korean burgers as its core product offerings to customers.
The company targets Gen Z consumers who prefer trendy food and beverage options.
It operates across 8 cities in India focusing on urban markets with high youth density.
Sales channels include both physical retail outlets and partnerships with quick commerce platforms.
The firm recently launched new products like coconut jelly beverages and Korean chips ranges.
Raw material costs account for a significant portion of expenses totaling around ₹24 Cr.
The business model relies on high same-store sales growth driven by popular menu items.
Expansion plans are paused for six months to focus on achieving operational profitability first.
Future targets include entering new markets like Kolkata and Ahmedabad after becoming profitable.

The company targets 200-250% top line growth for the upcoming fiscal year FY27.
Management plans to attain company-level profitability before initiating any new geographic expansion.
Post-profitability goals include expanding into new markets like Kolkata and Ahmedabad.
The firm will strengthen its presence on quick commerce platforms versus traditional retail channels.

Titan Capital (investor) — Invested in recent funding rounds and total capital raised exceeds $9 Mn.
DeVC (investor) — Participated in total capital raised exceeding $9 Mn for the company.
Warmup Ventures (investor) — Provided capital as part of the total funding raised by Boba Bhai.
Varun Alagh (investor) — Angel investor from Honasa who contributed to the total funds raised.
8i Ventures (lead) — Co-led a recent ₹40 Cr funding round alongside other institutional investors.
Global Growth Capital (co-lead) — Co-led the recent ₹40 Cr funding round with 8i Ventures.

Product: fusion food brand
Customers: Young consumers buying quick-service food and beverages
How it makes money: Operates QSR outlets and cloud kitchens selling food, drinks and packaged products
What sets it apart: Built around Korean-inspired fusion cuisine and bubble tea, with both food and drinks contributing meaningfully to revenue