Mumbai: Indian brand boAt (Imagine Marketing Private Limited) has raised around $100 million from an affiliate of Warburg Pincus, a global private equity fund.
boAt is the #1 brand in personal audio in India (headphones, earphones, sound-related accessories) with a rapidly emerging presence in adjacent consumer-focused, lifestyle electronics categories.
In addition to solidifying its position in the Indian market as the #1 player, boAt has also emerged as the fifth largest wearable brand globally, according to IDC data.
Warburg Pincus’ investment will enable the consumer tech startup to further fortify its market position, widen its R&D capabilities, product portfolio and help to create and support a manufacturing ecosystem in India.
“We welcome Warburg Pincus as a new investor into the company. This is a vote of confidence for our business model and growth prospects,” said Aman Gupta, Co-Founder, boAt.
“The investment is great news for not only the company but for the entire D2C sector. The investment has come at the right time as we make efforts to ramp up our manufacturing and global supply chain,” added Gupta.
“As boAt enters the next phase of growth and innovation, we look forward to benefitting from Warburg’s pedigree, collective experience and resources in helping us scale,” said Sameer Mehta, Co-Founder, boAt.
“Going forward, with the Government’s support, we will focus on building capabilities in domestic R&D and undertake vertical integration across both the hearable and wearable space to establish India as a global supplier,” added Mehta.
“We see a compelling growth story in boAt and believe the company is well-poised to build upon the strong leadership position it has carved out within the industry,” said Vishal Mahadevia, MD and Head, Warburg Pincus India.
“Warburg Pincus is excited to partner with the management team of Indian brand boAt led by Aman and Sameer in this journey and we look forward to supporting them through the next phase of the company’s growth,” added Mahadevia.