boAt, the D2C electronics company, has secured INR 500 Cr ($61 million) from existing investors, a Warburg Pincus affiliate, and new investor Malabar Investments.
The D2C electronics brand intended to use the incoming funding to support company growth. The company aims to scale up domestically and internationally through all channels and regions.
In 2016, Aman Gupta and Sameer Mehta introduced boAt. A young, broadly addressable audience in India was the target market for the company’s well-designed, original, and unique, trendy lifestyle-oriented products offered at appealing pricing points.
boAt will also improve its design and research departments and promote the local manufacturing sector. The business presently produces about 1 million units a month in India.
“Make-In-India is an interesting concept. We have started our journey and recently manufactured 1 Mn (indigenous pieces) in one quarter. Now we want to grow it to 1 Mn-2 Mn per month from September 2022,” Aman Gupta said in an earlier summit conducted by INC 42.
The needs and preferences of Indian consumers were taken into consideration when designing the wide variety of headphones, earphones, smart watches, speakers, travel chargers, and luxury cables that makeup boAt’s product line.
Incidentally, the manufacturer of audio devices first entered the smartwatch market about two years ago. On its website, it now features a range of about 40 smartwatches.
The D2C brand is advancing R&D with boAt labs, a 120-person internal team, and acquisitions of KaHa Technologies.
The D2C startup reported INR 1,313.7 Cr in operating income and INR 86.5 Cr in overall profit after tax in FY22.