New Delhi: Consumer electronics startup boAt has raised Rs 440 crore in its Series B round from Cayman Islands-based South Lake Investment Limited. Regulatory filings show that boAt has allotted 15,507 Series B preference shares at an issue price of Rs 2,83,749 to raise the sum.
The four-year-old company’s portfolio includes headphones, earphones, earbuds, speakers, travel chargers, and premium cables. In November, it also forayed into the wearable segment with the launch of its smart band. boAt sells its product through e-commerce platforms such as Amazon and Flipkart alongside its own platform and has a presence in more than 5,000 retail stores.
boAt has been able to gain ground among millennials and has emerged as a promising direct to consumer or D2C brand in the headphone and earbuds segment. To understand local contours and decrease component imports, the company had also set up a research and development wing in the country.
To expand its product offering across newer segments, boAt had made four key appointments to its leadership team in October. Sushant Dalmia was appointed as CFO while former LINE India head Damandeep Soni Singh was the Vice President of the company. Divyanshu K and Pankaj Raut were appointed as VP for strategy and supply chain respectively.