Consumer electronics startup boAt has brought Rs 440 crore up in its Series B round from Cayman Islands-based South Lake Investment Limited. Administrative filings show that boAt has distributed 15,507 Series B inclination shares at an issue cost of Rs 2,83,749 to raise the aggregate.
Following the new investment, promoters of boAt — Sameer Mehta and Aman Gupta — have weakened their shareholding from 90.72% to 70.8%. Both Mehta and Gupta hold an equivalent stake of 35.04% stake in the organization. South Lake Investment has procured 21.05% value stake in boAt, while different speculators, including blessed messengers, altogether hold 7.25% stake.
The four-year-old organization’s portfolio incorporates earphones, headphones, earbuds, speakers, travel chargers and premium links. In November, it likewise forayed into the wearable section with the dispatch of its brilliant band. boAt sells its item through web based business stages, for example, Amazon and Flipkart close by its own foundation and has a presence in excess of 5,000 retail locations.
boAt has had the option to make strides among recent college grads and has arisen as a promising direct to consumer or D2C brand in the earphone and earbuds fragment. To comprehend neighborhood shapes and reduction part imports, the organization had likewise set up an innovative work wing in the nation.
To extend its item offering across fresher portions, boAt had made four key arrangements to its administration group in October. Sushant Dalmia was designated as CFO while previous LINE India head Damandeep Soni Singh as the Vice President of the organization. Divyanshu K and Pankaj Raut were delegated as VP for procedure and inventory network individually.
This is the biggest investment in boAt till date which had recently raised assets, essentially as obligation. Adventure obligation firm InnoVen Capital had put Rs 25 crore in September and around Rs 16 Cr in July 2019. In the exact month, boAt had gotten Rs 20 crore in the red from Sachin Bansal’s Navi Technologies (beforehand BAC Acquisitions).
Beginning phase investment firm Fireside Ventures had moved boAt in May 2018.
While boAt is yet to record its financials for FY20, the organization professes to have enrolled net income of over Rs 500 crore in FY20 and focuses to twofold the topline by FY24. As indicated by boAt’s CMO Gupta, the organization has become 2.5X from the earlier year and since beginning, it has been EBITDA positive.