Since its inception again in 2016, boAt went on to turn into some of the profitable accent manufacturers in India. The Bengaluru-based firm just lately raised $100 million from Warburg Pincus, a non-public fairness agency. And immediately, boAt has introduced that it has acquired a hefty funding from Qualcomm Ventures, the funding wing of worldwide chipmaking big Qualcomm.
The firm didn’t reveal a lot concerning the funding from Qualcomm. However, as per studies, the quantity of funding is alleged to be Rs 50 crores (~$6.7 million). boAt plans to make the most of this funding to develop next-gen audio and life-style merchandise for the Indian market.
“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,” mentioned Sameer Mehta, the co-founder of boAt.
Now, for the uninitiated, boAt is an Indian earwear audio model that has gained a ton of recognition out there. The firm began out the journey with chargers and cables however shifted to value-for-money audio equipment going ahead. Last 12 months, the corporate turned the TWS market chief in India as its shipments grew 723% in Q3 2020.
So, with the latest funding from Qualcomm, boAt will proceed to develop high-quality audio and life-style equipment to cater to the middle-class shoppers in India.
The firm, other than promoting Bluetooth audio system and TWS earbuds at inexpensive price factors, additionally launched its first smartwatch at Rs 1,999 (~$27) final 12 months. Further, as per our earlier studies, boAt additionally goals to enterprise into the gaming-accessory market to compete with different budget-centric manufacturers in India.