Indian brand boAt popular for its personal audio products today announced that it has raised funding from Qualcomm Ventures, the investment arm of Qualcomm Incorporated. The exact amount of investment has not been disclosed, but the reports say that it is about 50 crores ($6.7 million approx.). This comes after it raised approximately $100 million (over Rs. 731 crore) from an affiliate of Warburg Pincus earlier this year.
boAt said that the investment will support the brand’s journey to roll out the next-generation audio & lifestyle products across geographies and will help the company build momentum in the coming year as it builds up its R&D and manufacturing capabilities.
Commenting on the transaction, Sameer Mehta, Co-founder, 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.
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.