Popular audio brand and smart accessories maker boAt today announced it has received funding from Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies. The investment will support the brand’s journey to roll out the next-generation audio and lifestyle products across geographies.
boAt is now the No. 1 brand in the earwear (headphones, earphones, sound-related accessories) and TWS (True Wireless) category in India. As a digitally native brand in India, boAt has consistently been breaking barriers in a sector traditionally dominated by established global brands, placing Indian brands on the global map. In addition to solidifying its position in the Indian market, boAt has also emerged as the fifth largest wearable brand globally, according to IDC’s latest Worldwide Quarterly Device Tracker report (4Q20)
boAt 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 up a local R&D in Bangalore. The company has also expanded into newer categories like smartwatches, besides launching over 20 new products in the audio category in FY21.
“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,” said Sameer Mehta, Co-founder, boAt.
“We believe this relationship will contribute to greater technology collaboration, quicker deployment, and refining of product portfolio across price points,” he added.
Rajen Vagadia, Vice President and President, Qualcomm India, 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.”
Earlier this year boAt raised approximately $100 million from an affiliate of Warburg Pincus, a leading global private equity fund focused on growth investing. The equity investment from Qualcomm Ventures will help the company build momentum in the coming year as it builds up its R&D and manufacturing capabilities.