Apoorv Anupam
04 May 2018, India:
Consumer-tech lifestyle startup boAt has raised ₹6 crore in a funding round. The funding round was led by Fireside Ventures. The fresh capital will be used for marketing and product development.
The development was first reported by Livemint.
Sameer Mehta, co-founder, boAt said, “Our products top the list on several e-commerce platforms. The company’s products have consistently performed well due to considerable importance to quality and positive word of mouth marketing driven with our passion for meaningful innovation as we expand our community of boAtheads (users).”
Kanwaljit Singh, managing partner at Fireside Ventures said, “Our investment in this startup is in line with our investment thesis at Fireside. We look for brands that have identified white spaces and come up with solutions and products that cater to these target audiences. boAt as a brand is doing exactly that. They have created a product line-up that caters specifically to how the Indian consumer wants to listen to music.”
Aman Gupta, co-founder, boAt said, “I am thrilled to have Fireside Ventures not just as our investor but as our mentor too. We offer an experience to customers that seamlessly integrates with their lifestyle, and our products are a testament to this. Our competitive advantage lies in an agile business model with a focus on consumer needs, desires and behaviour patterns.”
boAt was founded by Aman Gupta and Sameer Mehta in 2016. It is owned and operated by Imagine Marketing Pvt. Ltd. The startup claims to have about 800,000 users.
(Image – boAt Lifestyle)