The latest funding also marks an addition to InnoVen €™s portfolio of consumer brands, comprising companies such as Vahdam Teas and Svarochi.
NEW DELHI/ MUMBAI: InnoVen Capital has recently invested Rs 16 crore in consumer electronics startup boAt. InnoVen Capital has been aggressively expanding its portfolio of consumer brands and has already extended venture debt to online luxury tea brand Vahdam Teas and smart lighting company Svarochi in 2019.
Launched in 2016, boAt is a new-age consumer tech brand which manufactures electronic products through contract manufacturing in India and China. Its product offerings include earphones, headphones, speakers, sound bars, travel chargers, and premium rugged cables. The company has clocked over Rs 100 crore in domestic sales alone since its inception.
Sameer Mehta, Co-founder €“ boAt, said in a statement, €œWe are delighted to secure a debt investment from InnoVen Capital, as it gives us the opportunity to raise growth capital without diluting equity. As we scale greater heights, we will continue to focus on profitability and sustainable growth while minimizing our cash burn. €
The move is aligned with InnoVen Capital €™s objective to capitalize on the expected increase in consumer spending in India by investing in high-potential consume.
Ankit Agarwal, Director €“ Innoven Capital, said in a statement, €œIndia stands at an inflexion point of an S-shaped consumption curve, where discretionary consumer spending will increase disproportionately with the increase in the national GDP. New-age consumer startups are well-poised to capitalize on this opportunity. We believe that insurgent brands in India have a huge growth potential and will achieve rapid scale in the near future.
