Imagine Marketing, which operates the consumer-tech lifestyle startup boAT, has raised Rs 16 crore (approximately $2.31 million at the current exchange rate) from venture debt firm InnoVen Capital.
InnoVen said in a statement that the move is in line with its strategy of capitalising on rising consumer spending in India.
“We believe that insurgent brands in India have huge growth potential and will achieve rapid scale in the near future,” Ankit Agarwal, director of InnoVen Capital, said. “Our past and current transactions in the sector reflect our faith in its future growth trajectory.”
Last week, boAt secured a commitment of Rs 20 crore in venture debt from Bengaluru-based BAC Acquisitions.
boAt was launched in 2016 by Aman Gupta and Sameer Mehta. It is a 45-member team with offices in Delhi and Mumbai. Its products like earphones, headphones, speakers and travel chargers are made through contract manufacturing in India and China.
“We are delighted to secure a debt investment from InnoVen Capital as it gives us the opportunity to raise growth capital without diluting equity,” Mehta said. “As we scale greater heights, we will continue to focus on profitability and sustainable growth while minimising our cash burn.”
Its products are available both online (Amazon, Flipkart, Myntra & Snapdeal) and offline (Croma Retail, Vijay Sales & Poorvika Mobiles).
The startup had raised Rs 6 crore from Fireside Ventures in the first round of funding in May 2018.