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.
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.