Qualcomm Ventures invests $6.7m in Indian audio accessory maker boAT
Photo: Bruce Mars / Unsplash
April 16, 2021
American chipmaker Qualcomm’s investment arm, Qualcomm Ventures, has made an equity investment in Indian audio accessory manufacturer boAT.
While the company didn’t reveal the exact amount, a company executive told Mint the amount stands at ₹50 crore. The audio accessory maker had also raised $100 million (approximately ₹750 crore) from private equity firm Warburg Pincus, which took its valuation to around ₹2,000 crore. The executive said Qualcomm’s investment has been made at the same valuation.
“Qualcomm Ventures’ investment in boAt is one of the many steps we are taking to reinforce India’s twin missions of Atmanirbhar Bharat (a self-reliant India) and Make-in-India-for-the world, by enabling cutting edge technology innovation and R&D in India,” said Rajen Vagadia, vice president and president, Qualcomm India.