boAt started in 2016 and deals in selling earphones, headphones, and other such lifestyle products. InnoVen Capital, Asia’s venture debt and specialty lending firm, recently invested Rs 25 crore in consumer electronics startup boAt.
Ashish Sharma, the 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.”
As per a PTI report, Boat Lifestyle registered gross revenue of over Rs 500 crore in FY20 and aims to double the topline by FY24. “We had a target of Rs 500 crore revenue in FY22. We have already crossed that; we had an outstanding year in FY20. We have grown 2.5X from the previous year…since inception, our financial performance has been strong and we have been EBITDA positive,” Boat Co-founder Aman Gupta told PTI.
The company has a wide fan base and community with over two million ‘boAtheads’ (consumers) and sells between 14k-15k units a day.