boAt Lifestyle, the Indian audio accessory manufacturing company, secured Qualcomm Inc, which powers most of the Android smartphones as its investor. “boAt raises funding from Qualcomm Ventures, the investment arm of Qualcomm Incorporated and an industry leader in wireless technologies,” boAt said in a statement on Friday.
While the company declined to disclose the amount of funds received from the new investor, sources hint at ₹50 crore investment. Rajen Vagadia, vice president and president of Qualcomm, said that the company’s investment in boAt is among the many steps they had taken to reinforce Atmanirbhar Bharat and Make-in-India missions.
The homegrown brand has planned to invest the funds in expansion across companies and improve its R&D and manufacturing capacity. Qualcomm also caters to support boAt in expanding its presence than being limited to India. The native audio tech manufacturer has become one of the most successful start-ups since its start in 2016. It has recently raised Rs 750 crore funding from private firm Warburg Pincus and ₹20 crore from Flipkart.
“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.
boAt has doubled its human resources, built local R&D in Bengaluru and has also launched 20 new audio products and smartwatches. IDC’s latest Worldwide quarterly device tracker report has also mentioned boAt as the 5th largest wearable brand in the world.
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Image Source: boAt