Imagine Marketing Pvt Ltd, the parent company of consumer electronics brand, boAt, has signed a definitive agreement to acquire Singapore-based KaHa Pte Ltd for an undisclosed amount.
KaHa Pte Ltd is an end-to-end smart IoT product development company.
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.
Founded in 2015, KaHa has its operations across Singapore, India and China and has over 90 dedicated professionals and domain experts. The acquisition will help increase Imagine Marketing’s product offering capabilities fuelling the next generation IoT enabled smart wearables that are more versatile, personalized and affordable, the statement added.
Pawan Gandhi, CEO and Co-founder of KaHa Pte Ltd, said “We are delighted to become part of the boAt family. 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.”