boAt funding

 The homegrown audio tech company, boAt Lifestyle, has raised Rs 50 crore in funding from Qualcomm Ventures. The investment will strengthen the brand’s journey to launch the next-generation audio and lifestyle products.  

boAt manufactures earwear (headphones, earphones, sound-related accessories) and TWS (True Wireless) category in India. Its product portfolio offers well-designed, aspirational products at attractive price points. 

As a digitally indigenous Indian brand, boAt has consistently been shattering walls in a sector traditionally controlled by established global brands, placing Indian brands on the global map. Besides strengthening its position in the Indian market, boAt has also emerged as the 5th largest wearable brand globally, according to IDC’s latest Worldwide Quarterly Device Tracker report (4Q20).

boAt continues to see rapid revenue growth — 100 percent over the last several years. In the last year, it doubled its employee strength and built a local R&D center in Bengaluru. The company has also ventured into newer categories like smartwatches, besides launching more than 20 new products in the audio category in FY21. 

Commenting on the development, Sameer Mehta, Co-founder of boAt said, “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 augment our efforts to manufacture products in India.”  

“We believe this relationship will contribute to greater technology collaboration, quicker deployment, and refining of product portfolio across 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 the many steps we are taking to reinforce India’s twin missions of Atmanirbhar Bharat (a self-reliant India) and Make-in-India-for-the world, by enabling cutting-edge technology innovation and R&D in India. boAt is a recognized brand and a leader in audio, wearable, and consumer lifestyle products. As a technology enabler and an investor with a long-standing presence in India, we look forward to being part of boAt’s growth and powering its vision of delivering world-class products to consumers, not just for India but for supporting their vision of global expansion.”  

Earlier this year, boAt raised nearly $100 million from an associate of Warburg Pincus, a leading global private equity fund focused on growth investing.

boAt is taking homegrown brands global and with the latest developments would be able to strengthen its presence and create new jobs for the youth of the country.

Shishir Gupta, Founder and CEO, StartupLanes

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