boAt Lifestyle has received Rs 50 Cr in 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 makes earwear (headphones, earphones, sound-related accessories) and TWS (True Wireless) category in India. boAt’s product portfolio offers well-designed, aspirational products at attractive price points. boAt has also emerged as the 5th largest wearable brand globally,
“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.
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. boAt is a recognised 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.