Imagine Marketing Pvt Ltd, the parent company of consumer electronics brand, boAt, has signed an agreement to acquire Singapore-based KaHa Pte Ltd (Cove IoT), a wearable smart IoT (internet-of-things) product development startup for an undisclosed amount.
Imagine Marketing said this acquisition will enable it to augment its wearable product offerings in terms of the concept, design, electronic firmware, algorithm development, Android/ iOS applications, new feature integration, social engagement and analytics. It will also allow it to scale up its smart and holistic wellness wearables platform.
“Our acquisition of KaHa, a technology-focused platform for wearables through patented AI and ML capabilities 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 Pvt. Ltd, in a statement.
The wearables market in India is expected to grow to $ 2-4 billion in size by 2025 from around $ 0.2 billion in size in 2018. The company said that boAt has now become one of the top 2 players in the smartwatch category with over 20 per cent market share.
Imagine Marketing has been increasing its R&D focus through boAt Labs. The acquisition is expected to increase its product offering capabilities fueling the next generation IoT enabled smart wearables that are more versatile, personalised and affordable.