Boba Bhai: Bringing Korean-Inspired Bubble Tea & Burgers to India | Shark Tank India

Introduction

Boba Bhai, a rapidly growing Quick Service Restaurant (QSR) brand, made a strong impression on the Shark Tank India stage. Founded by Dhruv Kohli, the Bengaluru-based brand specializes in Bubble Teas, Korean Burgers, and K-Poop Ice Creams, offering a unique fusion of global flavors with an Indian twist.

The Boba Bhai Story

Launched in October 2023, Boba Bhai has grown at an astonishing pace, expanding to 40+ outlets in just a year. The company serves over 70,000+ orders per month and has gained massive popularity for its 100% Made in India bubble teas, including desi flavors such as:

• Jamun Kala Khatta
• Chilli Guava
• Tangy Kokum

Boba Bhai also focuses on eco-friendly practices, using biodegradable straws and sustainable packaging solutions.

The Ask

Dhruv entered the Shark Tank with an ambitious ask of:
💰 ₹50 lakh for 0.3% equity, valuing Boba Bhai at ₹166.7 crore

Rapid Growth & Funding History

One of the key highlights that impressed the sharks was Boba Bhai’s incredible growth trajectory:

📈 Sales Growth:

• October 2023: ₹40 lakh
• November 2023: ₹60 lakh

💰 Funding Raised:

• Nov 2023: ₹10 Cr
• July 2024: ₹30 Cr
• Total Raised: ₹40 Cr

Despite being a young brand, Boba Bhai has already secured substantial investor backing, making it one of the fastest-scaling QSR brands in India.

Business Model & Financials

Boba Bhai operates small-format QSR outlets (150-200 sqft) and offers three main product categories:

• Bubble Tea: 20 SKUs
• Burgers: 15 SKUs
• Ice Cream: 7 SKUs

💸 Monthly Burn Rate: ₹30 lakh
🔥 Total Burn (FY23-24): ₹1.8 crore

📊 Unit Economics:

• COGS (Cost of Goods Sold): 35%
• Rent: 8%
• Salaries: 12%
• Aggregator & Commission: 16%
• Marketing: 7%
• Other Expenses: 2%
• EBITDA: 20%

The Shark Tank Negotiation

As Kunal Bahl was an existing investor, he opted out of the pitch. However, the remaining sharks actively engaged in the discussion.

• Aman Gupta praised the founder but opted out of the deal, stating that Dhruv didn’t need additional investment at this stage.
• Anupam Mittal also opted out, expressing concerns over the product’s long-term scalability and the low equity being offered.
• Viraj Bahl made an offer:
  👉 ₹90 lakh for 1% equity
• Namita Thapar joined Viraj’s offer, modifying it to:
  👉 ₹90 lakh for 1% + 0.5% royalty until ₹45 lakh is recouped

Founder’s Counteroffer & Final Deal

Dhruv declined the royalty clause and countered with:
👉 ₹1.2 Cr for 1% equity

After negotiations, the final deal was:
✅ ₹90 lakh for 1% equity (Viraj & Namita, 50% each)

Conclusion

Boba Bhai has positioned itself as a high-growth QSR brand with a strong community and unique product offerings. With its bold flavors, scalable model, and rapid expansion, the company is on track to becoming a dominant player in the bubble tea & Korean street food space in India.

The Shark Tank deal will further accelerate its expansion, making Boba Bhai a name to watch in the F&B industry. 🚀