Imagine Marketing, the parent company of boAt earwear, announced on Friday that it will purchase KaHa Pte, a Singapore-based end-to-end smart IoT product development firm, for an undisclosed sum. According to a statement from Imagine Marketing, it has inked a definitive agreement to purchase KaHa, which will aid in the development of next-generation IoT-enabled wearable goods and ecosystems.
“This acquisition is expected to allow Imagine Marketing to scale up its smart and holistic wellness wearables platform, and further innovate to come up with features with the Indian consumer in mind,” the company said.
KaHa, founded in 2015, has operations in Singapore, India, and China. It has patented artificial intelligence (AI) and machine learning (ML) capabilities and can develop products in the internet of things (IoT) domain. It also offers a technology-focused platform for wearables.
Imagine Marketing co-founder and Chief Product Officer Sameer Mehta said, “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.”
He went on to say that by utilizing KaHa’s capabilities, the firm will be able to establish a smart wearables ecosystem with advanced capabilities at low pricing that will benefit consumers.
From around USD 0.2 billion in 2018, India’s wearables (smartwatches and activity bands) industry is predicted to expand more than tenfold to USD 2-4 billion by 2025.