Consumer electronics startup BoAt lifestyle on Wednesday said it has raised ₹20 crore in venture debt from Sachin Bansal-owned BAC Acquisitions Pvt Ltd. Boat is a lifestyle brand company that manufactures and sells consumer electronics products such as earphones, headphones, speakers, soundbars, travel chargers, and premium rugged cables.
The company lists its products across both online e-commerce marketplaces and offline stores.
In May 2018, BoAt raised ₹6 crore from Fireside Ventures. The current funding will be used for day-to-day business operations, the company said in a statement.
Boat already claims to have generated around ₹100 crore in revenue in 2017-18 and is eyeing ₹500 crore in the next couple of years. The brand claims to sell over 8,000 units per day, on an average of five units every minute. It also claims to have a footprint of 1,200,000 consumers.
“Venture Debt definitely helps us keep the capital structure intact. BoAt’s financial performance has been strong since inception. Our efficient and lean business model coupled with targeted business insights have allowed the brand to enjoy logical margins so that we can earn money and not burn money,” BoAt co-founder Aman Gupta said in a statement.
BoAt was founded in 2016 by Aman Gupta and Sameer Mehta. The company currently has around 45 members on its team with offices in Delhi and Mumbai. Its products are made through contract manufacturing in India and China.
Source: Mint