BoAt Raises Rs 6 Cr from Fireside Ventures

New Delhi, May 3 (PTI) Audio products maker boAt today said it has raised Rs 6 crore from Fireside Ventures and will use the funds towards marketing and product development.

The Delhi-based firm, which began operations in 2016, said it has seen strong growth in sales of audio products and accessories like charging cables.

"The funding will help us in expanding our portfolio and invest more in marketing," boAt co-founder Sameer Mehta told PTI.

He added that the company will add home audio products like sound bars and speakers to its catalogue next quarter.

He, however, declined to comment on the valuation of the company.

For the fiscal ended March 2017, the company's revenues stood at Rs 27 crore. boAt, however, did not disclose numbers for FY2017-18 as these are under audit.

Mehta said the company is also focussing on expanding its presence in offline retail.

"We had started as online only and gradually started with offline. We have partnered Croma and will look at similar partnerships to expand our reach in the Indian market," he said. PTI

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