boAt Lifestyle, the home-grown audio technology company, has announced that it has received Rs 50 crore in financing from Qualcomm Ventures, the investment arm of Qualcomm Incorporated, a leader in wireless technologies. The investment supports the brand’s journey to roll out the next generation of audio and lifestyle products in all regions.
boat makes earwear (headphones, earphones, sound-related accessories) and TWS (True Wireless) category in India. BoAt’s product portfolio offers well-designed, ambitious products at attractive prices.
As a digital brand in India, boAt has consistently broken barriers in an industry traditionally dominated by established global brands, putting Indian brands on the world map. In addition to strengthening its position in the Indian market, boAt has also emerged as the 5th largest wearable brand in the world, according to IDC’s latest Worldwide Quarterly Device Tracker report (4Q20)
Aman Gupta (left) and Sameer Mehta, co-founders, boAt
boAt continues to achieve rapid revenue growth – 100 percent in recent years. In the past year, it has doubled its workforce and established a local R&D center in Bengaluru. The company has also expanded into newer categories such as smartwatches, in addition to launching more than 20 new products in the audio category in FY21.
“Qualcomm is a world leader in wireless technologies and we have a shared vision of building world-class products for India and the world. 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 enhance our efforts to manufacture products in India, “said Sameer Mehta, Co-Founder, boAt
“We believe this relationship will contribute to better technology collaboration, faster implementation and product portfolio refinement at different price points,” he added.
Rajen Vagadia, Vice President and President, Qualcomm India Private Limited, 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 twin missions, Atmanirbhar Bharat (a self-reliant India) and Make-in-India-for-the-world, by enabling advanced technological innovation. making and R&D in India. boAt is a recognized brand and leader in consumer audio, wearable and lifestyle products. As a technology enabler and investor with a long-standing presence in India, we look 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. . ”
Earlier this year, the boAt was increased approximately $ 100 million from a subsidiary of Warburg Pincus, a leading global private equity fund focused on growth investments.