Imagine Marketing Pvt Ltd — the parent company of boat — has signed an agreement to acquire Singapore-based KaHa Pte Ltd. to augment its wearable product offerings in terms of the concept, design, electronic firmware, algorithm development etc. KaHa is an end-to-end smart IoT product development company.
The homegrown consumer electronics startup claimed that this acquisition will enable it to scale up its smart and holistic wellness wearables platform and offer features with the Indian consumer in mind.
“Our acquisition of KaHa will capture all aspects including vitals, fitness, social and mental health along with providing lifestyle features like gamification, enabling payments etc. By leveraging KaHa’s capabilities, we will be able to create a smart wearables ecosystem with powerful functionality at affordable prices that truly benefit the consumers,” said Sameer Mehta, Co-Founder and Chief Product Officer, Imagine Marketing.
KaHa, according to a company statement, has a technology-focused platform for wearables through patented AI and ML capabilities, end-to-end smart wearable solutions (hardware and software), and data-driven smart IoT platforms.
Pawan Gandhi, CEO and Co-founder of KaHa, said, “Our DNA lies in cutting edge product development and building smart IoT products that solve consumer problems. We look forward to working with the boAt team to make wearable technology an enriching and life-changing part of the consumer’s everyday life and building a vibrant wearables ecosystem.”
Meantime, Imagine Marketing claimed that the wearables (smartwatch and activity bands) market in India is expected to grow more than 10 times to approximately $2-4 billion in size by 2025 from nearly $0.2 billion three years back. Within a year of launch, the brand boAt has become one of the top two players in the smartwatch category with over 20 per cent market share, the company has claimed.