Boba Bhai on Shark Tank India: “Main Shock Hogayi” – Namita Thapar on Boba Bhai’s ₹166 Cr Valuation

Bubble tea isn’t just a trend—it’s a cultural movement. And Boba Bhai, founded by Dhruv Kohli in 2023, has tapped into this booming market with a Gen Z-focused quick-service restaurant (QSR) brand that serves bubble teas, burgers, and ice creams.

In just over a year, Boba Bhai has expanded to 40+ outlets across India, fulfilling more than 70,000 orders per month. With a brand identity that mixes Korean and Gen Z aesthetics, the company aims to bring unique flavors, playful branding, and an experiential café culture to Indian consumers.

Click here to visit their official website: Boba Bhai 

Related: Burger Bae on Shark Tank India: How a Delivery Mishap Brought a Co-Founder

• November 2023: Raised ₹10 crore (post-money valuation of ₹30 crore)
  • Kunal Bahl invested ₹3 crore
• July 2024: Raised ₹30 crore (post-money valuation of ₹110 crore)

• October 2023: ₹40 lakh
• November 2023: ₹60 lakh
• July 2024: ₹1.7 crore

• FY2023–24: ₹5.2 Cr
• FY2024–25: ₹17 Cr (till Oct)
• Projected FY2024–25: ₹30 Cr

• EBITDA: 20%
• Rent: 8%
• Marketing Spend: 7%
• COGS: 35%
• Other Expenses: 2%
• Agg. Commission: 16%
• Salaries: 12%

Boba Bhai’s rapid growth and solid unit economics made it an attractive investment opportunity, but its valuation of ₹166 crore sparked debate among the sharks.

When Dhruv Kohli stepped into Shark Tank India, he had a bold ask, ₹50 lakh for 0.3% equity, valuing the company at ₹166 crore.

The sharks had mixed reactions. While they saw potential in the bubble tea concept, some had reservations about the food offerings and pricing strategy.

• Shark Anupam Mittal struggled with the spiciness of the burgers, unable to take a full bite.
• Shark Aman Gupta pointed out that Korean cuisine is known for spice, but found nothing extraordinary about the flavors.
• Shark Viraj Bahl, an investor in the food space, backed the trend, saying, “Korean food with high spice is becoming mainstream. It’s a Gen Z favourite.”

However, the valuation left sharks stunned. Shark Namita Thapar didn’t hold back, saying, “Main shock ho gayi aapka valuation dekh ke.”

Despite the doubts, sharks saw the potential in the brand’s appeal, community-driven approach, and growing revenues.

After grilling Kohli on his numbers and product lineup, two sharks decided to make a joint offer:

• Sharks Namita Thapar and Viraj Bahl offered ₹90 lakh for 1% equity
• They included a 0.5% royalty until ₹45 lakh was recouped

Kohli wasn’t willing to settle yet. He countered with ₹1.2 crore for 1% equity, but the sharks held firm on their original offer.

Realizing that securing two experienced investors in the food and retail industry could accelerate his business, Dhruv accepted the deal at ₹90 lakh for 1% equity.

The sharks didn’t just invest in bubble tea. They saw a scalable business model that had already proven its growth potential.

Here’s why Namita and Viraj made the deal:

1. Bubble Tea is Booming in India – The beverage segment is growing, and Boba Bhai is among the few players capturing early market share.
2. Gen Z Engagement & Digital Marketing Strength – The brand resonates with young consumers through social media-driven marketing and influencer collaborations.
3. Proven Expansion Ability – Scaling from 1 to 40 outlets in less than two years showed that the business model worked.

While concerns about food consistency remained, the sharks believed that with the right guidance, Boba Bhai could refine its menu and expand into new markets.