boAt, an Indian audio accessory brand, has raised Rs 50 crore from Qualcomm Ventures. The startup revealed the information in the latest statement. This is the second fundraising done by boAt in the last 4 months. The company also raised $100 million from Warburg Pincus in 2021. Experts predict that boAt will double its revenue in FY2021. The startup is observing a surge in its order value during the pandemic.
boAt Fund Raising Details
the boAt is continuously strengthening its operations worldwide. The firm has become a known name in the audio accessory field within a limited period. The company announced that it raised Rs 50 crore from Qualcomm Ventures that is an investment firm of Qualcomm, a US-based chipmaker giant.
In 2021, this is the second fundraising event completed by boAt. The firm collected a hefty amount of $100 million in January from Warburg Pincus, a private equity firm. The audio accessory maker also raised Rs 20 crore from Sachin Bansal, the Flipkart co-founder.
With the current funding, boAt plans to strengthen its Research and Development unit further. The company also wants to invest in the Manufacturing unit to increase its capabilities.
Answering a question related to Qualcomm investment, Sameer Mehta, co-founder of boAt said:
“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.”
Talking about the recent partnership with Qualcomm, he further added:
“We believe this relationship will contribute to greater technology collaboration, quicker deployment, and refining of product portfolio across price points.”
Recent Growth of boAt and Qualcomm Statement about Current Investment
Talking about the recent investment in boAt, 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.
He further added:
“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.”
the boAt has its R&D unit in Bengaluru. The company claimed that it has recruited more staff in 2020 due to the immense growth of the brand. The firm has also started offering new products like Smartwatch to strengthen its new categories. In 2020, boAt has launched 20 new products.
The company has to attract more investors due to the surge in its product demands in the last two years. As per the HDFC Securities report dated December 17, 2020, boAt will double its revenue in Financial Year 2021.
The company recorded a revenue of Rs 5 billion in FY20. Experts believe that it will reach around Rs 10 billion in FY21. The company has further claimed that its average order value has jumped from Rs 450 to Rs 750. Recently, boAt also became the 5th largest wearable brand in the world.
