Imagine Marketing, which works the consumer tech lifestyle startup, boAT has secured INR 16 crore from the debt firm Innoven Capital.
Innoven revealed that the move is in line with its strategy of capitalizing on rising consumer spending in India.
“We believe that insurgent brands in India have huge growth potential and will achieve rapid scale in the near future,” Ankit Agarwal, director of InnoVen Capital, said. “Our past and current transactions in the sector reflect our faith in its future growth trajectory.”
Last week, boat secured a commitment of INR 20 crore in the venture debt from the Bangalore based BAC Acquisitions.
The boAt was launched in the year 2016 by the Sameer Mehta and Aman Gupta. It is a team of 45 members with the offices located in Mumbai and Delhi. Its products, which include the speakers, headphones, earphones, and travel chargers, are made with the contract manufacturing in China and India.
“We are delighted to secure a debt investment from InnoVen Capital as it gives us the opportunity to raise growth capital without diluting equity,” Mehta said. “As we scale greater heights, we will continue to focus on profitability and sustainable growth while minimizing our cash burn.”