Consumer tech lifestyle start-up boAt raises INR 6 Crores from Fireside Ventures
Consumer tech lifestyle start-up boAt has announced an investment of Rs 6 crore by Fireside Ventures today. In a sector dominated by established global brands, boAt has ramped up quickly in a short span of two years, Through its core high-quality audio product line of smart, efficient, stylish and durable ‘hearables’.
It has already created a community of over 800,000 boAtheads’’ who want to be seen listening and wearing their boAt accessories to make a lifestyle statement.
Launched in 2016, boAt is a lifestyle brand with fashionable consumer electronics products such as earphones, headphones, speakers, travel chargers and premium rugged cables.
Whether it is the use of tough fibre to considerably extend the lifespan of its connector cables, or the waterproof Bluetooth speakers or the ‘Bassheads’ series of wired headsets that were designed keeping in mind the preferences of listeners of both Indian music, as well as pop and electronic dance music.
Every boAt innovation has consumer needs and desires at the core of its design.
Co-founders Aman Gupta and Sameer Mehta bring over a decade of industry experience and complementary skill sets to create a dream crew of this boAt that aspires to sail new-age consumers toward an era where they are always connected over high-quality audio with smart, efficient, stylish and durable ‘hearables’.
Says boAt co-founder Aman Gupta: “I am thrilled to have Fireside Ventures not just as our investor but as our mentor too. We offer an experience to customers that seamlessly integrates with their lifestyle, and our products are a testament to this. Our competitive advantage lies in an agile business model with a focus on consumer needs, desires and behaviour patterns.”
boAt’s financial performance has been strong. Every 3 minutes there is a new boAthead being added to the family. The brand sells 4200 units per day and on an average 3 units every minute.
Sameer Mehta, co-founder, boAt, said, “boAt’s products top the list on several e-commerce platforms. 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.”
“boAt has the makings of a truly iconic brand,” said Kanwaljit Singh, Managing Partner, Fireside Ventures, “Our investment in boAt is in line with our investment thesis at Fireside. 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. The passion and complementary skills of Aman and Sameer also impressed us a lot. We are confident that this boAt will successfully sail through many tides.”
Launched in 2017, Fireside Ventures is an early stage venture fund with a focus on consumer rands. The fund aims to invest in consumer brands across sectors such as food and beverages, personal care, Lifestyle and home products etc. It was founded by Kanwaljit Singh, who was previously co-founder of early-stage venture firm Helion Venture Partners.
The founding team also includes Vinay Singh as Partner who has more than 10 years of experience across consumer brands & digital marketing (HUL, Bank Bazaar, Stepni.com) and VS Kannan Sitaram as Venture Partner who has more than 36 years of experience across Business, Brands & Investing (HUL, Dabur, India Equity Partners, Innovative Foods) Fireside Ventures current portfolio includes Yoga Bar, Samosa Singh, Goodness Beverages, Design Café, Bombay Shaving Company, Mama Earth, Vahdam Teas, Kwik 24, Magic Crate, Pipa Bella and Alpha Vector.