Bubble tea arrived in India as an import and got priced like one. Dhruv had built and shut two companies before this one, and localised the entire line rather than shipping pearls in from Taiwan. Revenue went from ₹5 crore in FY24 to ₹28 crore the year after, then ₹70 crore in FY26, with food and drink each carrying half of it. We led the Series A in January 2025 and co-led again fourteen months later at five times the price.