- 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.
“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.