Fireside Ventures makes investment in boAt from Rs 340 cr fund

New Delhi-based consumer tech startup, boAt, has raised a new investment round to further develop products among other purposes, according to the startup.

The company founded by Aman Gupta and Sameer Mehta which sells 4,200 items on a daily basis, has raised funds worth Rs 6 crore, according to news reports.

“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 (users),” a statement by Mehta said.

The company develops and sells a variety of consumer-based electronics such as charging devices, headphones and other similar products.

The most recent round of funding was led by Fireside Ventures, which has previously invested in companies with a focus on consumer-based products and services. The funds for the investment in boAt came from the Bengaluru-based venture capital company’s Rs 340 crore fund.

BoAt has accumulated 800,000 uses since its founding in 2016, according to the startup, which uses online retail websites such as Amazon and Flipkart to reach its customer base.

“Our investment in boAt is in line with our investment thesis at Fireside.” Managing Partner at Fireside Ventures, Kanwaljit Singh, said. “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.”

(Picture courtesy: https://www.flipkart.com/)

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