Audio-tech brand boAt raises Rs 50 crore from Qualcomm Ventures
Delhi-based boAt, an earwear audio-tech brand, raised Rs 50 crore from Qualcomm Ventures, the investment arm of Qualcomm Incorporates, an industry leader in wireless technologies. The company uses the capital to build the next generation of audio and lifestyle products across geographies.
The products of boAt include earware (headphones, earphones, sound-related accessories) and TWS (True Wireless) category in India. The brand was developed with a mission to make better listening products every day with smooth performance, attractive products, and an accessible price range.
The boAt has consistently been breaking barriers in a sector dominated by large global brands. As a digitally native brand in India, the company has put Indian brands on the global map. In addition to securing its spot in the Indian market, boAt has risen to become the world's fifth-largest wearable brand.
The company continues to expand at a fast pace, with sales increasing by 100% in the last few years. It has doubled its employee base and opened a local R&D center in Bengaluru in the last year. In addition to releasing over 20 new audio items in FY21, the company has grown into newer categories such as smartwatches.
“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” says Sameer Mehta, Co-founder, boAt.
“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. The 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 $100 million from an affiliate of Warburg Pincus, a leading multinational private equity firm focused on growth investing.
The products of boAt include earware (headphones, earphones, sound-related accessories) and TWS (True Wireless) category in India. The brand was developed with a mission to make better listening products every day with smooth performance, attractive products, and an accessible price range.
The boAt has consistently been breaking barriers in a sector dominated by large global brands. As a digitally native brand in India, the company has put Indian brands on the global map. In addition to securing its spot in the Indian market, boAt has risen to become the world's fifth-largest wearable brand.
The company continues to expand at a fast pace, with sales increasing by 100% in the last few years. It has doubled its employee base and opened a local R&D center in Bengaluru in the last year. In addition to releasing over 20 new audio items in FY21, the company has grown into newer categories such as smartwatches.
“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” says Sameer Mehta, Co-founder, boAt.
“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. The 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 $100 million from an affiliate of Warburg Pincus, a leading multinational private equity firm focused on growth investing.
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