InnoVen Capital, Asia’s venture debt and specialty lending firm, has now infused INR 25 crore in the consumer electronics startup boat.
Started in the year 2016, Boat Lifestyle portfolio includes the speakers, earphones, travel chargers, headphones, and premium cables.
Last month, the lifestyle brand forayed into the wearable segment with the launch of its smart band.
Ashish Sharma, CEO, Innoven Capital India, said, “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.”
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.”