- Sachin Bansal, founder, Flipkart has committed Rs 200 million in venture debt
- Boat has been operational in India since 2016
After consumer electronics startup Atomberg make news earlier in the year, another has drawn a lot of eyes towards itself. Boat, also know as Boat Lifestyle, has said that Sachin Bansal’s investment firm has committed Rs 20 crore as venture debt for the company.
“Venture Debt 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 through a statement.
Rs 1000 million revenue in 2017-18
Primarly dealing in headphones and speakers, the company said that it had generated Rs 100 croe in revenue in 2017-18. The company is now eying to generate revenue worth Rs 500 crores in the next few years.
Boat also said that it retails an average of five units every minute. The number of products it retails in a day is a staggering 8,000 units. It said that it has served more that 1.2 million consumers in India.
Interestingly, Boat had raised Rs 60 million from Fireside Ventures in May 2018. The company has been operational since 2016. The funding of Rs 20 Crore by Sachin Bansal will be used of Boat’s day to day operations, said an official statement by the company.
Boat was founded in 2016 by Aman Gupta and Sameer Mehta. The company currently has around 45 team members on its team. The offices are located in Delhi and Mumbai. Its products are made through contract manufacturing in India and China.