Imagine Marketing - makers of the boAt audio products along with Dixon Technologies have signed a joint venture agreement to design and manufacture wireless audio solutions in India. In an interview to CNBC-TV18, Atul Lall, managing director of Dixon Technologies and Vivek Gambhir, chief executive officer of Boat gave the fine print of this deal.

First up, Lall said, “It’s one of the largest and fastest-growing brands in digital devices. It’s a 50:50 joint venture between Imagine and Dixon and the mandate for this joint venture is to set up a design-oriented manufacturing facility.”

The initial investment said Lall, in the joint venture, will be Rs 10 crore and will scale up to Rs 40 crore over a period of time.

“The revenues in next 2-3 years is going to touch Rs 1,000 crore in this JV,” he said.

Also Read: Startup Digest: boAt to file DRHP for its IPO, Chingari raises $15 million, ZingHR gets $10 million & G.O.A.T Brand acquires The Label Life

Meanwhile, Gambhir said that his company is in the process of filing a draft red herring prospectus (DRHP) for an initial public offering (IPO).

Also Read: Imagine Marketing likely to file DRHP by January end

On the business, he said, “Our expectation is 10 percent of our revenue should be international in the next 3 years.”

For more details, watch the accompanying video