Home-grown audio brand boAt on Friday announced it has received funding from Qualcomm Ventures, the investment arm of chip-maker Qualcomm.
The investment, for which the company did not divulge more details, will be utilized to roll out next-generation audio and lifestyle products across geographies.
“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,” said Sameer Mehta, Co-founder, boAt.
In January, boAt raised approximately $100 million (over Rs 731 crore) from an affiliate of Warburg Pincus, a leading global private equity fund, towards ramping up manufacturing and go global.
Currently, the top brand in the earwear (headphones, earphones, sound-related accessories) and TWS (True Wireless) category in India, boAt has also emerged as the 5th largest wearable brand globally, according to the latest IDC data.
Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free
“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,” said Rajen Vagadia, Vice President and President, Qualcomm India Pvt Ltd.
In the past year, boAt has doubled its employee strength and has built up a local R&D in Bengaluru.
Launched in 2016 by Aman Gupta and Sameer Mehta, the company has also expanded into newer categories like smartwatches, besides launching over 20 new products in the audio category in FY21.