– The latest funding also marks an impressive addition to InnoVen’s portfolio of consumer brands, comprising companies such as Vahdam Teas and Svarochi
New Delhi/ Mumbai, July 26, 2019: In line with its commitment to support emerging brands, InnoVen Capital – Asia’s leading venture debt and lending platform – has recently invested INR 16 crore in consumer electronics start-up boAt. 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 consumer brands. The platform 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.
The investment in boAt also strengthens InnoVen’s impressive investee portfolio in the consumer space, which already includes names such as Epigamia, Raw Pressery and Licious.
Commenting on the funding, Mr. Ankit Agarwal, Director – Innoven Capital, said, “India 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. They are already breaking the barriers of traditional distribution channels by adopting omnichannel strategies and are making deeper inroads into the market by innovating and curating products based on consumer feedback. We, at InnoVen Capital, believe that insurgent brands in India have a huge growth potential and will achieve rapid scale in the near future. Our past and current transactions in the sector reflect our faith in its future growth trajectory.”
Sameer Mehta, Co-founder – boAt, said, “We 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.”
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. Bringing affordable, durable and fashionable audio products to the market, the company has registered impressive growth since its inception and has clocked over INR 100 crore in domestic sales alone.