The investment will support the brand’s journey to rollout the next-generation audio and lifestyle products across geographies
Qualcomm Ventures, the investment arm of semiconductor company Qualcomm, has invested funds in Indian audio electronics brand boAt, an official statement from boAt informed. The company did not reveal the investment amount.
The statement further added that the investment will support the brand’s journey to rollout the next-generation audio and lifestyle products across geographies.
“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”, said Rajen Vagadia, Vice President and President, Qualcomm India Private Limited.
Founded in 2013 and launched in 2016, boAt was founded by Sameer Mehta and Aman Gupta as a lifestyle electronics brand and has grown to become a pioneer in the consumer electronics market all over the world.
In the past year, it has doubled its employee strength and has built a local R&D in Bangalore. The company has also expanded into newer categories like smart watches, besides launching over 20 new products in the audio category in FY21.
“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”, says Sameer Mehta, Co-founder, boAt.
In January 2021, boAt had raised approximately $100 million from an affiliate of Warburg Pincus, a leading global private equity fund focused on growth investing.