Imagine Marketing India, the parent company of BoAt, a maker of smartwatches and audio products, is in discussions with three investors to raise money.
CEO and co-founder of BoAtboAt Datalabs_in-article-icon Sameer Mehta told the Economic Times that the fundraiser would be “strategic” rather than merely raising money.
Mehta stated that there isn’t a “pressing need” for funding for the audio technology startup, but there are some inbound interests from a major global fund, a sovereign fund, and one strategic investor. We’re not desperate yet; it’s still early in the process.
According to the cofounder, boAt’s priorities are enhancing its financial metrics and returning to profitability in the current fiscal year (FY25). He continued by saying that the startup achieved profitability in earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the fiscal year 2023–24 (FY24) and anticipates returning to net profitability in the current fiscal year.
On the ongoing price war in the wearables segment, with entry prices plunging to record low, Mehta said that the market is challenging right now. He, however, expects it to pick up pace and get back into an upswing in the next one to two years.
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