Warburg Pincus invests $ 100 million in Indian company BOAT
Headphones and speaker maker boAt (Imagine Marketing Pvt Ltd) announced today that boAt has raised nearly $ 100 million in funding from an affiliate of global private equity firm Warburg Pincus.
Investment by Warburg Pincus BoAt’s efforts to help the company further strengthen its leading market position, enhance its R&D capabilities and product portfolio, and create and support a manufacturing ecosystem under the Make-in-India initiative Will be able to build on. The company said in a statement.
boAt’s product portfolio includes headphones, earphones, smartwatches, speakers, travel chargers, and premium cables. The company was launched in 2016 by Aman Gupta and Sameer Mehta, and they currently have around 150 employees in Delhi and Mumbai.
Apart from strengthening its position as the No. 1 player in the Indian market, boAt has emerged as the fifth largest wearable brand globally, the company said citing data by IDC.
“We welcome Warburg Pincus as a new investor in the company.
This is a vote of confidence for our business model and growth prospects.
The investment is very good news not only for the company but for the entire D2C sector, ”boAt co-founder Aman Gupta said in a statement.