American Multinational company Qualcomm, the industry of Telecommunication equipment and semiconductors, has invested 50 crore Rupees in well-known music and electronic firm BOAT. This is the second investment in BOAT of 2021. However, the company has not disclosed the amount.
The company is focussing on R&D, as stated by the Boat’s co-founder Sameer Mehta. “As Boat enters the next phase of growth and innovation, we look forward to building a relationship with Qualcomm to deepen our R&D capabilities and further augment our efforts to manufacture products in India. We believe this relationship will contribute to greater technology collaboration, quicker deployment, and refining of product portfolios across price points,” he added.
Boat attaining extreme heights.
BoAt reached the top fifth position of global wearable brands in December 2020 and the only Indian company to achieve this spot. The founders also declared to shift their manufacturing from China to India. Boat has been achieving immense heights, and in the coming years, they will be launching more quality wearables and achieving revenue.
They even crossed their expected target before the deadline. “We had a target of ₹500 crore revenue in FY 21-22. We have already crossed that. We had a great year in FY20. We have grown 2.5X from the previous year…Since inception, our financial performance has been strong and has been EBITDA positive,” co-founder Aman Gupta said.
Qualcomm in headlines.
Qualcomm has been in a headline in the previous month as the demand for Qualcomm chips looms in 2021, and finding it challenging to fulfill the demand due to an inadequacy of sub-components. Due to this, Samsung also faced a shortage of chips and was concerned about the new snapdragon 888 processor upgrading from Snapdragon 750 G processor. Qualcomm is also in the headlines for the deployment of 5G networks.
Previous investments in BOAT.
In January of the ongoing year, BOAT was highlighted when it received a tremendous amount of funding of $100 million from Warburg Pincus. This was the first funding in the audio firm of the year 2021. The company will use the capital to invest in R&D and to set up local manufacturing, said Aman Gupta, co-founder, and CMO, boAt.
Warburg Pincus’s investment will help the company further fortify its leading market position, invest in widening its R&D capabilities and product portfolio, and build on efforts to create and support a manufacturing ecosystem under the Make-in-India initiative, the company said.