Own audio brand BoAt announced on Friday that it has received funding from Qualcomm Ventures, the investment arm of chip manufacturer Qualcomm.
The investment, for which the company has not disclosed more details, will be used to roll out the next generation of audio and lifestyle products in all regions.
“As we enter 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”, said Sameer Mehta, co-founder of BoAt.
In January, BoAt raised approximately $ 100 million (more than Rs 731 crore) from a subsidiary of Warburg Pincus, a leading global private equity fund, to ramp up production and go global.
Currently boAt is the top brand in the earbuds (headphones, earphones, sound-related accessories) and TWS (True Wireless) category in India, and has also become the 5th largest wearable brand in the world according to the latest IDC data.
“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 just for India, but also for their vision of global expansion, ” said Rajen Vagadia, Vice President and President, Qualcomm India Pvt Ltd.
In the past year, boAt has doubled its workforce and built a local R&D in Bengaluru.
Launched in 2016 by Aman Gupta and Sameer Mehta, 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.