boAT raises ₹25 crore from InnoVen Capital1 min read . Updated: 01 Sep 2020, 08:49 AM IST
- In July, 2019 boAt had raised ₹20 crore in venture debt from Sachin Bansal-owned BAC Acquisitions Pvt Ltd. Prior to that, in May, 2018, it had raised ₹6 crore from Fireside Ventures
Bengaluru: Consumer electronics startup boAT has raised ₹25 crore from InnoVen Capital, underlining the venture debt and specialty lending firm’s strategy to back consumer brands that are disrupting their categories.
boAT is a lifestyle brand company that manufactures and sells consumer electronics products such as earphones, headphones, speakers, soundbars, travel chargers, and premium rugged cables. The company lists its products across both online e-commerce marketplaces and offline stores.
Sameer Mehta, co-founder, boAt said, “…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."
The four-year old startup was founded by Aman Gupta and Mehta. In July, 2019 boAt had raised ₹20 crore in venture debt from Sachin Bansal-owned BAC Acquisitions Pvt Ltd. Prior to that, in May, 2018, it had raised ₹6 crore from Fireside Ventures.
“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," said Ashish Sharma, CEO, Innoven Capital India.
To date, InnoVen Capital India has done over 250 transactions with more than 180 start-ups including Byju’s, Swiggy, Oyo Rooms, CureFit, Myntra, Eruditus, DailyHunt and FirstCry.