boAt gets commitment of INR 20 crore in Venture debt from BAC Acquisitions
The award-winning consumer audio brand – boAt has secured a commitment of INR 20 crore in Venture debt from BAC Acquisitions. The brand will be using the funds for business operations.
In a sector dominated by established global brands, boAt has ramped up quickly in a short span of three years, through its core high-quality audio product line of smart, efficient, stylish and durable ‘hearables’. The brand has already registered INR 100 crores in FY'18 as gross sales and is eyeing INR 500 crores in the next couple of years. With a strong focus on consumer desires and aesthetics, the brand has created products that seamlessly integrate into the evolved consumer’s personal style statement. The trendy look and feel of the boAt speakers and headphones have led to the new category of ‘hearables’ akin to fashion accessories. boAt has already created a community of over 1,200,000 boAtheads (consumers) who want to be seen listening and wearing their favourite audio accessories to make a lifestyle statement. Every 3 minutes there is a new boAthead (consumer) being added to the boAt family. The brand sells over 8,000 units per day and on an average 5 units every minute.
Launched in 2016, boAt is a lifestyle brand with fashionable consumer electronics products such as earphones, headphones, speakers, sound bars, travel chargers, and premium rugged cables. On the fund raise and growth projection Aman Gupta, co-founder, boAt said, “Venture Debt definitely helps us keep the capital structure intact. boAt’s financial performance has been strong since inception. Our efficient and lean business model coupled with targeted business insights has allowed the brand to enjoy logical margins so that we can earn money and not burn money”
In May 2018, boAt raised INR 6 crore from Fireside Ventures in first round of funding.
boAt started its journey in 2016; founded by Aman Gupta and Sameer Mehta boAt today has grown to a 45 - member team with offices in Delhi and Mumbai. Its products are made through contract manufacturing in India and China. The products are available both online (Amazon, Flipkart, Myntra, Snapdeal, etc.) and offline (Croma retail, Vijay Sales, Poorvika Mobiles, etc.)
