InnoVen Capital Invests INR 25 Cr In Consumer Electronics Startup boAt
boAt enjoys 20 per cent market share in earwear segment, as per data released by International Data Corporation
InnoVen Captial, a leading venture debt and specialty lending firm, on Tuesday announced it has invested INR 25 crore in boAt, a consumer electronics startup.
“The recent investment underlines the firm’s commitment to back promising consumer brands that are disrupting their categories,” the venture capital said in a statement.
boAt started as a lifestyle brand four years ago and over the years has expanded its product portfolio from headphones and earphones to wearable speakers, travel changers and premium cables. The company claims its audio devices have been gaining traction while riding the waves of Nirvana. The company said all its products are designed keeping in mind both Indian and western music.
According to a PTI report, the consumer electronics brand has registered gross revenue of INR 500 crore in financial year 2019-20. The company’s co-founder Aman Gupta had then told the news agency that their target of INR 500 crore in revenue was for the financial year 2020 -21. He said the company has grown 2.5 times and is aiming to generate INR 1,000 crore in revenue in financial year 2023-24. The company currently sells 14,000-15,000 units per day. The company currently holds 20 per cent market share in earwear segment, according to data released by leading IT market research and advisory firm International Data Corporation (IDC).On the recent investment, Sameer Mehta, co-founder, boAt, said, “We are delighted to strengthen our partnership with InnoVen Capital. We continue to stay focused on delivering on our brand promise to our boAtheads. It’s been an exciting journey to build one of the leading homegrown digitally native brands from India but we are more excited about the next phase as we expand our product offering.”
Ashish Sharma, chief executive officer, InnoVen Capital India, added, “boAt is one of the high-performing companies in our portfolio, which has not only grown over 3X since we started the relationship but has managed to do that while being profitable. It’s a perfect case-study on how to build a new-age brand, through superior customer insights, effective marketing and relentless execution”
Founded in 2008, InnoVen capital has till date completed over 250 transactions and has infused capital in some of the successful startups such as Oyo Rooms, Swiggy, Byjus and CureFit, among others.