boAt, the home-grown audio brand, has received Rs 50 crore in funding from Qualcomm Ventures, the investment arm of chip-maker Qualcomm.
This investment will be utilized by the company to roll out next-generation audio and lifestyle products across geographies.
Sameer Mehta, Co-Founder, 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.”
In January, boAt raised over Rs 731 crore from an affiliate of Warburg Pincus, a leading global private equity fund, towards ramping up manufacturing and go global.
boAt is presently the top brand in the earwear and TWS (True Wireless) category in India.
Rajen Vagadia, Vice President and President, Qualcomm India Pvt Ltd, stated, “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.”
Started by Aman Gupta and Sameer Mehta in 2016, boAt has also expanded into newer categories such as smartwatches, apart from introducing more than 20 new products in the audio category in FY21.