Mumbai-based consumer tech lifestyle start-up boAt has announced an investment of Rs 6 crore by Fireside Ventures today.
In a sector dominated by established global brands, boAt has ramped up quickly in a short span of two years, through its core high-quality audio product line of smart, efficient, stylish and durable ‘hearables’. it has already created a community of over 800,000 'boAtheads’ who want to be seen listening and wearing their boAt accessories to make a lifestyle statement.
Co-founders Aman Gupta and Sameer Mehta bring over a decade of industry experience and complementary skill sets to create a dream crew of this boAt that aspires to sail new-age consumers toward an era where they are always connected over high-quality audio with smart, efficient, stylish and durable ‘hearables’.
Funding Amount - Rs 6 crore
Investor - Fireside Ventures
Fireside Ventures' recent investments this year - Leads $1M funding round in Pipa+Bella & $2.1M in The Healthy Billion (THB)
Says boAt co-founder Aman Gupta: “I am thrilled to have Fireside Ventures not just as our investor but as our mentor too. We offer an experience to customers that seamlessly integrates with their lifestyle, and our products are a testament to this. Our competitive advantage lies in an agile business model with a focus on consumer needs, desires and behaviour patterns.”
boAt’s financial performance has been strong. Every 3 minutes there is a new boAthead being added to the family. The brand sells 4200 units per day and on an average 3 units every minute.
Sameer Mehta, co-founder, boAt, said, “boAt’s products top the list on several e-commerce platforms. The company’s products have consistently performed well due to considerable importance to quality and positive word of mouth marketing driven with our passion for meaningful innovation as we expand our community of boAtheads.”
“boAt has the makings of a truly iconic brand,” said Kanwaljit Singh, Managing Partner, Fireside Ventures, “Our investment in boAt is in line with our investment thesis at Fireside. We look for brands that have identified white spaces and come up with solutions and products that cater to these target audiences. boAt as a brand is doing exactly that. They have created a product line-up that caters specifically to how the Indian consumer wants to listen to music. The passion and complementary skills of Aman and Sameer also impressed us a lot. We are confident that this boAt will successfully sail through many tides.”