Thursday, May 19, 2022

boAt gets Rs 50 Crores investment from Qualcomm

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When it comes to Indian audio brands, you cannot forget the home-grown brand boAt that was launched back in 2016. Obviously, since then the Bengaluru-based startup has become the audio giant in India with a wide range of audio products as well as accessories.

It seems to be having a great run from 2020 onwards; amidst a pandemic, there has been a boom in the demand for TWS earbuds as well as other accessories, so boAt seems to have enjoyed it. boAt has already become the fifth-largest wearable brand globally, according to IDC and the TWS market leader in India, as its shipments grew by 723% in Q3 2020.

In 2021, it has already raised $100 million from Warburg Pincus, and now boAt has recently announced that it has received a $6.7 million funding from Qualcomm Ventures. Imagine Marketing that operates boAt has raised this funding of over INR 50 Cr as per Inc42.

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Qualcomm Ventures ended up picking 1,762 shares in exchange for INR 49.9 Cr, and it aims to use this funding to develop next-gen audio as well as lifestyle products for the Indian market. It is already launching back-to-back smartwatches, and its recent one being the boAt Watch Explorer.

“As boAt enters the next phase of growth and innovation, we look forward to building a relationship with Qualcomm to deepen our R&D capabilities and further augment our efforts to manufacture products in India,” said Sameer Mehta, the co-founder of boAt.

Obviously, boAt will continue making high-quality audio products for Indians that are both affordable and long-lasting, but the recent funding will help them in the ‘Make in India’ initiative as the pandemic has made them realize the importance of owning the supply chain in the country.

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via Beebom

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Raunak Saha
Raunak Saha
A cs engineer by profession but foodie from heart. I am tech lover guy who has a passion for singing. Football is my love and making websites is my hobby.

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