Sameer Mehta, Co-founder, boAt, said, “We are delighted to secure a debt investment from InnoVen Capital, as it gives us the opportunity to raise growth capital without diluting equity. As we scale greater heights, we will continue to focus on profitability and sustainable growth while minimising our cash burn.”
boAt was founded by Aman Gupta and Sameer Mehta in 2016. It is a new-age consumer tech brand, which manufactures electronic products through contract manufacturing in India and China.
Its product offerings include earphones, headphones, speakers, sound bars, travel charges, and premium rugged cables.
“India stands at an inflexion point of an S-shaped consumption curve, where discretionary consumer spending will increase disproportionately with the increase in the national GDP. New-age consumer startups are well-poised to capitalise on this opportunity. They are already breaking the barriers of traditional distribution channels by adopting omnichannel strategies and are making deeper inroads into the market by innovating and curating products based on consumer feedback,” Ankit Agarwal, Director, Innoven Capital, said.
The company claims that it has registered impressive growth since its inception and has clocked Rs 100 crore in gross sales in FY18, and is eyeing Rs 500 crore in the next couple of years.
The brand sells over 8,000 units per day, and an average five units every minute.