A month after unveiling his new venture, OffBeat Studios, boAt co-founder Aman Gupta confirmed that it has raised ₹100 crore in seed funding led by Bessemer Venture Partners, the firm behind Anthropic, Shopify and Canva.
In an announcement on LinkedIn, Gupta was candid about his motivations for choosing Bessemer over a straightforward capital infusion.
"Having built from scratch before, I know what capital can do and what it cannot. This time, I was looking for partners with a global perspective who can help me leverage technology and AI, because that's where the future lies. Bessemer's track record with companies like Anthropic, Shopify, Canva, and LinkedIn says it all," he wrote.
He added, “I didn't raise capital because I needed the cheque. I raised it because Anant, Vishal, and Bessemer's partners across the world bring speed, credibility, network, and strategic support that money alone cannot buy. Announcing this on my wedding anniversary because taking on an investor is like choosing a life partner. You need to get it right. You will live with them through the highs and the lows. You need someone who understands both.”
Anant Vidur Puri, Partner, Bessemer Venture Partners, said, “We back founders who see around corners. Aman saw how a new India would come to think about aspiration, identity, and quality, and built boAt as proof. He is now applying that same instinct to a market being reshaped by AI and by a generation with entirely new expectations. That is exactly the intersection Bessemer exists to back.”
What Is OffBeat Studios?
Gupta introduced OffBeat Studios on 3 March, signalling a new direction in his entrepreneurial journey after transitioning to a non-executive role on boAt's board.
Details about OffBeat Studios remain limited. Gupta has not disclosed the venture’s business model, sector focus, funding structure, team or launch timeline.
The branding shared in his post featured a stylised “OFF/BEAT” logo but did not provide further clarity on the nature of the business.
It remains unclear whether OffBeat Studios will have any strategic association with BoAT or operate independently as a founder-led initiative.
Gupta has been closely associated with boAt’s brand-building journey since its inception and played a key role in shaping its marketing strategy. He is also widely recognised as a judge on Shark Tank India, which expanded his visibility among entrepreneurs and young consumers.
What is Bessemer Venture Partners?
Bessemer Venture Partners is an American venture capital firm headquartered in San Francisco, with offices in India, Israel, Hong Kong and the United Kingdom. Its roots stretch back to 1911, when Henry Phipps Jr, a co-founder of Carnegie Steel, established Bessemer Trust to manage his family's assets, making it one of the oldest venture capital operations in the world.
In 2024, Venture Capital Journal ranked it the third-largest venture capital firm based on total fundraising over the most recent five-year period.
With more than 145 IPOs and 300 portfolio companies across enterprise, consumer and healthcare sectors, Bessemer Venture Partners manages over $18 billion in assets, with a global portfolio that has included Shopify, LinkedIn, Pinterest, Twilio and DocuSign.
Bessemer Venture Partners also has invested in companies such as Anthropic through its Grace Ma-led AI deployment arm, which has deployed more than $400 million into AI-focused companies.
Leadership Changes at boAt
Meanwhile, the leadership reshuffle at boAt has been significant. Co-founder Sameer Mehta has moved to an executive director role, while Chief Operating Officer Gaurav Nayyar has taken over as CEO.
boAt IPO approval in place
The development comes as boAt’s parent, Imagine Marketing, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering.
The Warburg Pincus-backed company confidentially filed for an IPO in April and is reportedly targeting a valuation of around ₹13,000 crore.
This marks Boat’s second attempt to go public. In January 2022, it had filed draft papers for a ₹2,000 crore IPO, comprising a fresh issue of equity shares worth …
The changes come as boAt continues to defer its IPO plans, which had initially aimed to raise INR 1,500 crore — comprising INR 500 crore in fresh shares and INR 1,000 crore from existing investor sales.
