Get All Access for $5/mo

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

By Debarghya Sil

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Entrepreneur India
(LtoR)Aman Gupta and Sameer Mehta, Co-Founders, boAt

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.

Debarghya Sil

Entrepreneur Staff

Former Correspondent

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

Business News

Apple Is Adding ChatGPT to iPhones This Week. Here's How It Works.

ChatGPT will take over questions that Siri can't answer.

Growing a Business

How to Spot Trends and Anticipate Market Shifts Before Your Competition

Discover how to identify disruptive trends before your competitors by mastering the art of anticipating market shifts. Learn strategies for staying ahead and gaining a competitive edge in business.

Growing a Business

Why Business Owners Should Streamline Their Operations Now for Success in 2025

As the holiday season and year-end approach, business owners face heightened operational demands, from inventory management to spend control. By streamlining these processes and partnering with flexible suppliers, businesses can maintain efficiency, meet customer needs and focus on growth while navigating this busy period.

Business News

How to Write a Business Plan

Learn the essential elements of writing a business plan, including advice and resources for how to write and conduct each section of your business plan.