boAt raises funding from Qualcomm Ventures, the investment arm of Qualcomm Incorporated and an industry leader in wireless technologies.
The investment will support the brand’s journey to rollout the next-generation audio & lifestyle products across geographies, the release said.
boAt, the #1 audio wear brand in India, continues to achieve rapid revenue growth – 100%+ over the past several years. In the past year, it has doubled its employee strength and has built a local R&D in Bangalore. The company has also expanded into newer categories like smart watches, besides launching over 20 new products in the audio category in FY21, the company said.
“boAt is a recognized brand leader in audio, wearable, and consumer lifestyle products. 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”, said Rajen Vagadia, Vice President and President, Qualcomm India Private Limited.
“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.
In January 2021, boAt had raised approximately $100 million from an affiliate of Warburg Pincus, a leading global private equity fund focused on growth investing.
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