Consumer electronic startup boAT has raised about Rs 6 crore in its first institutional round led by early-stage venture capital firm Fireside Ventures.
The Delhi-based startup will use the capital infused in marketing and product development.
boAT makes an assortment of consumer durable audio products, including, earphones, headphones, stereos, travel chargers and premium rugged cables. With the backing from Fireside, the startup aims to foray into home audio – soundbars, speakers.
So far boAT has been selling its product via online platforms such as Flipkart, Amazon, and Snapdeal has now begun selling through offline channels including Croma and Apple stores.
Founded with a seed capital of Rs 30 lakh by Aman Gupta, and Sameer Mehta in 2016, boAT currently claims to have over 800,000 users and claims to sell 4,200 units per day.
The company has research and design unit in India, while it manufactures the products in China. It plans to cover all metros and then move into tier II cities.
This is the fourth bet for Fireside ventures in 2018. Founded by former Helion Venture Partners’ senior managing director Kanwaljit Singh, Fireside had recently closed its first fund with a corpus of Rs 340 crore.
Fireside closed its maiden fund in June last year since then the VC firm has invested in startups counting Pipa Bella, Yoga Bar, Goodness Beverages, Vahdam Teas, Mama Earth and Bombay Shaving Company, and others.
Last month, it invested in fashion accessories e-talier Pipa Bella. Last year, Delhi-based MamaEarth, and premium tea e-tailer Vahdam Teas also raised funds led by the VC firm.
Besides, Fireside counts Samosa Singh, Design Café in its portfolio companies.
