Qualcomm Invests Rs 50 Crores in Indian Audio Brand boAt

Qualcomm Invests Rs 50 Crores in Indian Audio Brand boAt

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.

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