The company did not reveal much about the investment from Qualcomm. However, as per reports, the amount of investment is speculated to be Rs 50 crores (~$6.7 million). boAt plans to utilize this funding to develop next-gen audio and lifestyle products for the Indian market. “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, the co-founder of boAt. Now, for the uninitiated, boAt is an Indian earwear audio brand that has gained a ton of popularity in the market. The company started out the journey with chargers and cables but shifted to value-for-money audio accessories going forward. Last year, the company became the TWS market leader in India as its shipments grew 723% in Q3 2020. So, with the recent investment from Qualcomm, boAt will continue to develop high-quality audio and lifestyle accessories to cater to the middle-class consumers in India. The company, apart from selling Bluetooth speakers and TWS earbuds at affordable price points, also launched its first smartwatch at Rs 1,999 (~$27) last year. Further, as per our earlier reports, boAt also aims to venture into the gaming-accessory market to compete with other budget-centric brands in India.
