Consumer electronics startup boAt on Friday said it has raised Rs 16 crore (~ US $2.32 Million) in debt investment from lending platform InnoVen Capital.
“We are delighted to secure a debt investment from InnoVen Capital, as it gives us the opportunity to raise growth capital without diluting equity. As we scale greater heights, we will continue to focus on profitability and sustainable growth while minimizing our cash burn,” Sameer Mehta, Co-founder – boAt, said in a statement.
Launched in 2016, boAt manufactures electronic products like earphones, headphones, speakers, travel chargers, and premium rugged cables through contract manufacturing in India and China. Last year in May, boAt had raised Rs.6 crore in a round led by early-stage venture capital firm Fireside Ventures.
“InnoVen Capital has recently invested Rs 16 crore in consumer electronics start-up boAt,” InnoVen Capital said in a joint release said. Since its inception the company has clocked business of over Rs 100 crore in domestic sales alone.
“India stands at an inflexion point of an S-shaped consumption curve, where discretionary consumer spending will increase disproportionately with the increase in the national GDP. New-age consumer startups are well-poised to capitalize on this opportunity. They are already breaking the barriers of traditional distribution channels by adopting omnichannel strategies,” Ankit Agarwal, Director – Innoven Capital, said.