Consumer electronics brand boAt has raised an undisclosed funding from bollywood actor Ranveer Singh. With this investment, boAt has also announced a strategic partnership with Singh.
Ranveer Singh joined a group of brand ambassadors for boAt, alongside notable personalities such as Indian cricketer Jemimah Rodrigues, Kiara Advani, Rashmika Mandanna, Hardik Pandya, KL Rahul, and Shreyas Iyer.
Founded by Aman Gupta and Sameer Mehta in 2015, boAt operates in the larger audio and wearables markets and sells products such as headphones, smart watches and speakers.
The startup has raised a total funding of $177 million till date from investors such as Qualcomm Ventures, Warburg Pincus, InnoVen Capital, Navi Technologies, and Fireside Ventures.
In FY23, boAt registered a revenue of Rs 3,377 crore while it slipped into losses for the first time and posted Rs 129.4 crore loss in the last fiscal year.
It competes against startups like Noise, Fire-Boltt, and MI, among others. Recently, Noise raised $10 million in its maiden funding from global audio giant Bose.
According to International Data Corporation (IDC), boAt was the top wearables brand with a 26.6% market share in the first half of 2023.