The homegrown audio brand Boat valuation has reached close to INR 2,000 Cr. In start of this year the brand raised 100 Mn USD from Warbug Pincus. Qualcomm has invested around USD 6.7 Mn as equity funding in Boat.
This is the first major investement by Qualcomm after it has investment in Realiance Jio in 2020. The company has investmented near to 100 Mn USD in Relaince Jio.
Boat plans to utilize the investements in manufacturing and developing next-gen audio products for Indian customers.
Sameer Mehta, the co-founder of 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”.
The company started by selling USB charging cables and now it’s in audio products. Boat sells Earphones, Charging cables, Bluetooth Speakers, and earbuds. Last year, the company launched TWS earbuds in Indian market at affordable pricing.
With this investment by Qualcomm, the company will continue to develop next-generation lifestyle accessories and audio products to rule the market.