Indian Consumer Electronics Maker boAt Raises Funds From Qualcomm's Investment Arm At Rs 2,200 Crore Valuation

Indian consumer electronics maker startup boAt has raised Rs 50 crore from global technology major Qualcomm's investment arm at a valuation of whopping Rs 2,200 crore, reports Economic Times.

With the latest funding from the United States (US) based Qualcomm Ventures, the startup is likely to expand its product portfolio across geographies, and bolster its manufacturing as well as research and development (R&D) capabilities.

boAt is also said to be looking at Qualcomm as a strategic partner to leverage its infrastructure and knowledge capital. According to boAt's co-founder Sameer Mehta, the relationship would contribute to greater technology collaboration, quicker deployment, and refining of the product portfolio across price points.

It should be noted that before this, in January, boAt had also raised $100 million from New York-based private equity major Warburg Pincus at the same valuation.

The company has doubled its employee strength to 150 in the last year and has also established a local R&D unit in Bengaluru. The startup already commands an 18 per cent share in the Indian true wireless stereo market, according to the Counterpoint Research, and has recently also entered the smartwatch segment.