boAt raises Rs 50 Cr from Qualcomm Ventures to fuel Make in India plans

• It has received Rs 50 crore in funding from Qualcomm Ventures.
• The fund will be used to expand its product portfolio as it has entered into newer categories like smartwatches, besides launching over 20 new products in the audio category.
• In the previous funding boAt raised approximately $100 million from an affiliate of Warburg Pincus, a leading global private equity fund focused on growth investing.

boAt Lifestyle, an audio tech firm, has announced that it raised Rs 50 crore funding from Qualcomm Ventures. . The investment will help the company continue its global rollout of next-generation audio and lifestyle products.

In India, boAt produces earwear (headphones, earphones, sound-related accessories) and TWS (True Wireless). The product range of boAt includes well-designed, aspirational goods at reasonable prices.

The boAt has consistently broken barriers in a sector dominated by proven global brands as a digitally native brand in India, putting Indian brands on the global map. In addition to strengthening its position in the Indian market, boAt has risen to become the world's fifth-largest wearable brand, according to IDC’s latest Worldwide Quarterly Device Tracker report (4Q20).

boAt continues to expand at a fast pace, with sales increasing by 100% in the last few years. It has doubled its employee base and opened a local R&D center in Bengaluru in the last year. In addition to releasing over 20 new audio items in FY21, the company has grown into newer categories such as smartwatches.

“Qualcomm is a global leader in wireless technology, and we share the goal of creating world-class products for India and the rest of the world. As boAt moves into the next phase of growth and innovation, we're excited to work with Qualcomm to expand our R&D capabilities and support our efforts to produce goods in India,” said Sameer Mehta, co-founder of boAt.

Also Read: Apple Plans To Start Manufacturing iPad, iPhone, MacBook In India By Mid-2021

"We believe this partnership would lead to greater technological collaboration, faster rollout, and product portfolio refining across price points," he added.

Prior to this round, boAt had raised $100 million from an affiliate of Warburg Pincus, a leading multinational private equity firm focused on growth investment, earlier this year.

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