Qualcomm Invests Rs 50 Crores in Indian Audio Brand boAt
Since its inception back in 2016, boAt went on to become one of the most successful accessory brands in India. The Bengaluru-based company recentlyraised $100 millionfrom Warburg Pincus, a private equity firm. And today, boAt has announced that it has received a hefty investment from Qualcomm Ventures, the investment wing of global chipmaking giant Qualcomm.
The company did not reveal much about the investment from Qualcomm. However, as per reports, the amount of investment is speculated to be Rs 50 crores (~$6.7 million). boAt plans to utilize this funding to develop next-gen audio and lifestyle products 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,”said Sameer Mehta, the co-founder of boAt.
Now, for the uninitiated, boAt is an Indian earwear audio brand that has gained a ton of popularity in the market. The company started out the journey with chargers and cables but shifted tovalue-for-money audio accessoriesgoing forward. Last year, the company becamethe TWS market leader in Indiaas its shipments grew 723% in Q3 2020.
So, with the recent investment from Qualcomm, boAt will continue todevelop high-quality audio and lifestyle accessoriesto cater to the middle-class consumers in India.
The company, apart from selling Bluetooth speakers and TWS earbuds at affordable price points, also launchedits first smartwatch at Rs 1,999 (~$27)last year. Further, as per our earlier reports, boAt also aims to venture into the gaming-accessory market to compete with other budget-centric brands in India.
Beebom Staff
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