The consumer technology Boat brand said Friday it has received funding from Qualcomm Ventures, the investment arm of Qualcomm Incorporated.
Although Boat has not disclosed the amount of funding received, the investment will support the brand’s plans to roll out new audio and lifestyle products in all regions and build R&D and manufacturing capabilities.
Qualcomm is a world leader in wireless technologies and Boat has a shared vision of building world-class products for India and the world, Boat co-founder Sameer Mehta said in a statement.
“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 expand our efforts to manufacture products in India. believe this relationship will contribute to greater technology collaboration and faster implementation, and refine the product portfolio across price points, ”he added.
Boat has clocked rapid sales growth, witnessed by more than 100 percent in recent years. In the past year, it doubled its workforce and built a local R&D in Bengaluru.
The company also expanded into newer categories such as smartwatches, in addition to launching more than 20 new products in the audio category in 2020-21.
In January of this year, Boat had announced it would raise $ 100 million (approximately Rs 731.6 crore) in funding from a subsidiary of Warburg Pincus, a global private equity firm.
Rajen Vagadia, Vice President and President of Qualcomm India, said India is one of the world’s largest consumer markets with untapped potential.
Qualcomm Ventures’ investment in Boat is one of many steps we are taking to strengthen India’s dual mission of Aatmanirbhar Bharat (a self-reliant India) and Make-in-India-for-the-world through advanced technological innovation and R&D in India, ”he said.
As a technology enabler and investor with a long-standing presence in India, Qualcomm is looking forward to being part of Boat’s growth and strengthening its vision to deliver world-class products to consumers not only for India, but also to support their vision of global expansion. , he added.