Imagine Marketing Pvt. Ltd, the Mumbai-based startup that makes consumer electronics products under the boAt brand, has raised 25 crore (approx. $3.43 million at current exchange rates) in debt funding from InnoVen Capital.

InnoVen said in a statement that the investment in boAt is in line with its strategy of backing consumer brands disrupting their respective categories.

“It’s a perfect case study on how to build a new-age brand, through superior customer insights, effective marketing and relentless execution,” Ashish Sharma, CEO, InnoVen Capital India. He also added that the startup is one of the high-performers in its portfolio. Sameer Mehta, Co-Founder, boAt stated that the debt from InnoVen will help the company in its product expansion phase.

boAt was set up in 2016 by Sameer Mehta and Aman Gupta. The company’s product catalogue includes headphones, earphones, wearable, speakers, and related accessories such as chargers and cables.

In a separate statement, boAt claimed it has a 20 percent share in the earwear segment according to data from the International Data Corporation (IDC). It claims to have generated more than Rs 500 crore in gross revenue for 2019-20.

According to VCCEdge, the data research arm of Mosaic Digital, the company registered net sales of 239.44 crore for the financial year ended March 2019 and a profit after tax of Rs 8.73 crore.

The company had received a commitment of 20 crore in venture debt from the investment arm of Flipkart Co-Founder Sachin Bansal last year, according to media reports at the time. In May 2018, boAt received 6 crore ($900,000) in funding from early-stage venture firm Fireside Ventures.