Tapasya @ Marina will overlook the city's waterfront and serve traditional Indian dishes created with local Yorkshire produce.
It is the brainchild of Tapan Mahapatra and Mukesh Tirkoti, founders of the Tapasya Indian restaurant brand.
The venue will offer a takeaway service for boat owners in the Marina and create 30 new jobs when it launches in September.
A currently unannounced Northern Indian chef is to join the kitchen from a Michelin-starred London restaurant.
While precise menu details are yet unknown, the Tapasya brand is known for its seven-course tasting menu with a gin pairing.
The opening is part of a wider push to promote Hull as a dining centre and boost tourism as it prepares to take up the mantle of the UK’s City of Culture in 2017.
Mahapatra said: “Our latest investment is a clear sign we are making a strong commitment to support and stimulate the regeneration of the Fruit Market area... we’re excited by the vision for the renewal and the substantial investments that are being made to make the area a thriving place of culture, creativity and commercial activity.”
It comes ahead of a planned £80m investment in Hull’s Fruit Market area, including the creation of new space for independent shops, restaurants, galleries and over 100 homes, subject to planning permission.
The Tapasya group opened its first restaurant in Hull in 2013 and also runs the Tapasya Catering company.