Boba Bhai's FY26 Loss Is ₹21.8 Crore in Its Statements and ₹12.5 Crore in the Founder's Account

Boba Bhai lost ₹21.8 crore in FY26, according to Entrackr's reading of the company's financial statements published October 31. In May, founder Dhruv Kohli told Inc42 the loss was ₹12.5 crore.

The gap is ₹9.3 crore on a business with roughly ₹68 to ₹70 crore of revenue. On Kohli's figure the net loss is about 18% of revenue; on Entrackr's it is about 32%. The two reports do not say what each loss is measured against, so the difference may be definition rather than error, and neither outlet says so.

Two accounts of the same year

Inc42, on May 26, quoted Kohli putting net revenue at about ₹70 crore, up 145% from ₹28 crore, with the net loss widening 32% from ₹9.5 crore to ₹12.5 crore. It said EBITDA was not disclosed.

Entrackr, writing on October 31 from financial statements it reviewed, reported revenue from operations of ₹68 crore against ₹28.44 crore, total expenses of ₹90.4 crore against ₹39 crore, and a net loss of ₹21.8 crore against ₹9.96 crore.

1. FY25, Inc429.5 ₹ crore
2. FY25, Entrackr9.96 ₹ crore
3. FY26, Inc42 (founder)12.5 ₹ crore
4. FY26, Entrackr (statements)21.8 ₹ crore

Source: Inc42 (May 26, 2026, founder figures) and Entrackr (October 31, 2026, financial statements), accessed 2026-11-01

The prior-year figures nearly agree, at ₹9.5 crore and ₹9.96 crore. The two accounts share a base year and part ways only on FY26.

What the statements show

Entrackr's table puts the EBITDA margin at negative 30.35%, against negative 34.67% a year earlier, and the return on capital employed at negative 41.12%, against negative 32.47%. Expenses ran ₹1.33 for every ₹1 of revenue, down from ₹1.37.

Line	FY26	FY25
Revenue from operations	₹68 crore	₹28.44 crore
Total expenses	₹90.4 crore	₹39 crore
Employee benefit expenses	₹13.5 crore, up 210.3%	not given
Cash and bank balances	₹2.85 crore	₹24.07 crore

Entrackr's listed expense lines (materials ₹25 crore, employees ₹13.5 crore, advertising ₹13 crore, commissions ₹11.44 crore and other ₹31.46 crore) add up to about ₹94.4 crore, against its reported total of ₹90.4 crore. One of those figures is rounded or defined differently, and the report does not say which.

The cash line and the March round

Entrackr says Boba Bhai raised ₹40 crore in March 2026 and held ₹2.85 crore in cash and bank balances at the year-end. It does not say whether the round had been paid in by March 31. Inc42 lists 8i Ventures, Titan Capital Winners Fund and Global Growth Capital as the co-leads and puts total funding at more than $9 million.

If the money arrived after the balance-sheet date, the thin cash figure is a timing artefact. If it arrived before, ₹2.85 crore against a loss of ₹21.8 crore is a cushion of roughly a month and a half at the FY26 burn.

The expansion plan

Entrackr reports 188 employees and about 100 stores across eight cities at the end of March, with a plan to reach 10 cities and add 150 to 200 stores by the end of FY27. Kohli told Inc42 in May that the company would open no new markets for at least six months, and that Kolkata and Ahmedabad would wait until it reached profitability at the company level.

The two accounts differ on pace: Entrackr's 10 cities and up to 200 new stores against Kohli's wait-for-profitability condition. The test is the FY27 filing, due in 2027, which will show how many of the 150 to 200 stores opened and whether the loss figure the company cites matches the one in its statements. For other FY26 accounts that diverge from founder claims, see our read of Yulu's loss and StockGro's tax-credit profit.