boAt's product portfolio comprises headphones, earphones, smartwatches, speakers, travel chargers and premium cables.
Homegrown headphones and speakers maker boAt (Imagine Marketing Private Limited) today announced that it has raised approximately $100 million funding from an affiliate of Warburg Pincus, a global private equity firm.
“The investment by Warburg Pincus will enable the company to further fortify its leading market position, widen its R&D capabilities and product portfolio, and build on boAt’s efforts to create and support a manufacturing ecosystem under the Make-in-India initiative, enabling the manufacture of products in India,” the company said in a statement.
boAt’s product portfolio comprises 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 approximately 150 employees across their offices in Delhi and Mumbai.
The company said that it continues to achieve rapid revenue growth (100 per cent+ over the past several years) and exhibits a strong profitability profile.
In addition to solidifying its position in the Indian market as the No. 1 player, boAt has also emerged as the fifth largest wearable brand globally, the company said citing data by IDC.
“We welcome Warburg Pincus as a new investor into the company. This is a vote of confidence for our business model and growth prospects. The investment is great news for not only the company but for the entire D2C sector,” boAt co-founder Aman Gupta said in a statement.
Sameer Mehta, the other co-founder of the company said, “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.”
Vishal Mahadevia, Managing Director and Head of Warburg Pincus India said, “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 and stands to benefit from the secular tailwinds of e-commerce growth in India.”
Avendus Capital acted as the exclusive financial advisor to boAt and its shareholders on the transaction.
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