Bollywood star Ranveer Singh has contributed an undisclosed sum of money to the consumer electronics company boAt. Along with this investment, boAt and Singh have announced a strategic partnership.
Ranveer Singh became one of the boAt brand ambassadors, joining the ranks of well-known individuals like Kiara Advani, Rashmika Mandanna, Hardik Pandya, KL Rahul, Indian cricketer Jemimah Rodrigues, and Shreyas Iyer.
BoAt was founded in 2015 by Aman Gupta and Sameer Mehta. The company sells wearables and headphones, among other products, in the larger audio and wearables markets.
To date, investors including Qualcomm Ventures, Warburg Pincus, InnoVen Capital, Navi Technologies, and Fireside Ventures have contributed a total of $177 million to the startup.
BoAt recorded revenue of Rs 3,377 crore in FY23, but saw its first loss in the previous fiscal year, posting a loss of Rs 129.4 crore.
It faces competition from a variety of startups, including MI, Fire-Boltt, and Noise. Recently, global audio behemoth Bose contributed $10 million to Noise, the company’s first funding round.
With a 26.6% market share in the first half of 2023, boAt was the leading wearables brand, according to International Data Corporation (IDC).
