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Boba Bhai — Year Three: Revenue Up 145% in FY2026, but Losses Also Widened 32%

2026.03.26

Article summary

Boba Bhai is a QSR chain founded in 2023 in Bengaluru that combines bubble tea with Korean street food. Its founder is Dhruv Kohli. Revenue for FY2026 (year ended March 2026) grew 145% year on year to ₹70 crore (1 crore = 10 million rupees) from ₹28 crore, while the net loss widened 32% from ₹9.5 crore to ₹12.5 crore. As of March 2026, it has more than 92 stores and over 80,000 monthly orders. It raised ₹40 crore in March 2026, bringing cumulative funding to about $9.85 million at a valuation five times its prior round. It targets 200-250% revenue growth for FY2027. It pairs more than 45 bubble tea varieties with Korean-style burgers and fried chicken, shifting from a drinks-only shop to a place people can also eat a meal.

This article is based on what we could verify As of September 19, 2026 This page is based on the disclosures and news reports from each company that we were able to confirm as of that date. Amounts in the text follow the notation commonly used in India, with ₹1 crore = 10 million rupees, and yen figures are approximations calculated at a little over 1.7 yen to the rupee. Store counts, funding raised, and results at Indian companies change over short periods, so when making a business decision, please check the latest information in primary sources such as each company's own announcements.

Boba Bhai is a QSR chain that combines bubble tea with Korean street food. Since it was founded in 2023 it has passed 92 outlets, and revenue for FY2026 (the year ended March 2026) rose 145% year on year to ₹70 crore.

Company profile

Item	Details
Legal name	Boba Bhai
Year founded	2023
Headquarters	Bengaluru (Karnataka)
Founder	Dhruv Kohli
Revenue	₹70 crore (FY2026, year ended March 2026; up 145% from ₹28 crore the prior year)
Net loss	₹12.5 crore (FY2026; widened 32% from ₹9.5 crore the prior year)
Number of stores	More than 92 stores (as of March 2026), over 80,000 monthly orders
Total funding raised	About $9.85 million (most recently a ₹40 crore round in March 2026)

Building a meal around bubble tea

A bubble tea-only shop has a low ticket size and short dwell time. Boba Bhai added Korean-style burgers, Korean fried chicken, rice and noodle bowls, and fries alongside more than 45 bubble tea varieties. It's shifting from a drinks-only shop into a place where people can eat a meal.

Korean food has started selling in India because more people are exposed to Korean dramas and music through streaming. The fact that Korean spiciness isn't far from Indian taste preferences is also part of why it has been accepted.

Growth and losses are widening together

Revenue grew 145% from ₹28 crore in FY2025 (year ended March 2025) to ₹70 crore in FY2026 (year ended March 2026). At the same time, the net loss widened 32% from ₹9.5 crore to ₹12.5 crore. The company attributes this to upfront investment in new stores.

In March 2026 it raised ₹40 crore (about 4.3 million dollars), bringing total funding to about 9.85 million dollars. 8i Ventures and Titan Capital (Winners Fund) took part, and the valuation came in at five times the previous round. Monthly orders exceed 80,000. For FY2027 it has set a target of 200 to 250% revenue growth.

Reaching 92 stores three years after founding is possible because the stores are small and the kitchen process is simple. Bubble tea is a matter of combining a brewed base with toppings and doesn't require skilled cooking.

Points for Japanese companies

This shows a way to launch a new category for young consumers in urban India: rather than replacing an existing eating habit, bring in a foreign food that's already familiar through streaming media and adapt the taste to local preferences.

Japanese food can use the same path. But whether the spice profile fits needs to be checked. Behind Korean food's acceptance was a common thread of chili-based dishes. Japanese food centers on the umami of dashi and is often perceived as bland as it is.