Qualcomm Ventures Invests in Boat to Empower 'Make in India' Plan

Boat, a tech products brand has announced that it has secured funding from Qualcomm Ventures, the investment wing of Qualcomm Incorporated.

However, Boat has not disclosed the quantum of funding received, it has further revealed that the investment would aid the brand's idea of rolling out new audio and lifestyle products across geographies and the building up R&D and manufacturing capabilities.

Qualcomm is a world leader in wireless technologies and Boat it has also shared vision of building world-class products for India and the world, Boat co-founder Sameer Mehta said in a statement.

Sameer Mehta, Co-founder, Boat says, “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 portfolio across price points.”

Boat has recorded rapid revenue growth, and has see more than 100 percent over the past several years. However, in the past year, it has doubled its workforce and reinforced a local R&D in Bengaluru.

The company has also expanded into newer categories like smartwatches, besides launching more than 20 new products in the audio category in 20202-21.

In January this year, Boat had announced securing $100 million (about Rs.731.6 crore) in funding from an affiliate of Warburg Pincus, a global private equity firm.

Rajen Vagadia, Vice President and President of Qualcomm India, states that India is one of the largest consumer markets across the globe, with untapped potential.

He adds, “Qualcomm Ventures investment in Boat is one of the many steps we are taking to reinforce India's twin missions of Aatmanirbhar Bharat (a self-reliant India) and Make-in-India-for-the world, by enabling cutting edge technology innovation and R&D in India.”

As a technology enabler and an investor with a long-standing presence in India, Qualcomm is showing keen interest of being part of Boat's growth and powering, however, its vision of delivering world-class products to consumers, are not just for India but for aiding them reach their vision of global expansion, he adds.