Business

Warburg Pincus invests $ 100 million in Indian company BOAT

Published

3 weeks ago

January 7, 2021

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.

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Business

Gujarat government ties up with Adani Port to set up largest multi-modal logistics park

Published

1 day ago

January 24, 2021

The Newzly desk

The Gandhinagar, Gujarat government on Friday signed a memorandum of understanding with private infrastructure company, Adani Port & SEZ Limited, for the establishment of the country’s largest multi-modal logistics park, which will have an estimated investment of Rs 50,000 crore.

The proposed 1,450-acre park will have a dedicated air cargo complex with a 4.6 km long runway to handle large-size cargo planes and will offer direct air, rail and road connectivity. It will also have provision for direct rail connectivity with the Dedicated Freight Corridor, which is part of the Delhi-Mumbai Industrial Corridor (DMIC).
It will have the capacity to generate direct and indirect employment for 25,000 persons.

According to the state government, the multi-modal logistics park will be completed in three years in a phased manner as the work will start within six months after obtaining the necessary clearances and permits.
The park will have a 9 million sq ft warehouse zone with facilities like air freight station, grade-A ware, cold storage. The warehouse will have 38 lakh square feet of textile, wholesale, e-commerce, boulder warehouse for nine million square feet of space, four lakh grade-A palatized facility and 60,000 temperature controlled palatized facility. Against a capacity of 3.3 lakh, this park will have four handling lines with TEU (twenty feet equivalent) in a container yard.
The park will have three lakh square feet of space for a business and skills development center.

The central government has sanctioned 2 lakh crores to establish multi-modal logistics park in 34 cities of the country. Cities like Vijayawada, Chennai, Nagpur, Bengaluru, Surat, Hyderabad and Gauhati have been selected among others. Six cities of Gujarat are selected, Ahmedabad, Vadodara, Surat, Bharuch, Valsad and Kandla, where these projects will be set up on a Public Private Partnership (PPP) model.
60 percent of the goods in the country are transferred via road.
Transportation costs in the country are 14% of GDP, which the central government wants to bring to 7%.