Warburg Pincus invests USD 100 mn in boAt


PTI, Jan 6, 2021, 10:18 AM IST

Source: Official Website

New Delhi: Consumer tech products brand boAt on Wednesday said it has raised USD 100 million (about Rs 731.6 crore) in funding from an affiliate of Warburg Pincus, a global private equity firm.

While boAt did not disclose the valuation at which the funds were raised, it said the fresh capital will enable it to further fortify its leading market position and widen its Research and development (R&D) capabilities and product portfolio.

The funding will also help build on boAt’s efforts to create and support a manufacturing ecosystem under the Make-in-India initiative, a statement said.

The product portfolio of boAt includes headphones, earphones, smartwatches, speakers, travel chargers and premium cables.

Launched in 2016, boAt currently has approximately 150 employees on its team across its offices in Delhi and Mumbai. In 2018, it had announced raising Rs 6 crore in funding from Fireside Ventures.

The consumer tech products firm continues to achieve rapid revenue growth (more than 100 per cent over the past several years) and exhibits a strong profitability profile, the statement said.

In addition to solidifying its position in the Indian market as a leading player, boAt has also emerged as the 5th largest wearable brand globally, the company said citing IDC data.

“This (funding) is a vote of confidence for our business model and growth prospects… The investment has come at the right time as we make efforts to ramp up our manufacturing and global supply chain,” boAt co-founder Aman Gupta said.

According to boAt co-founder Sameer Mehta, going forward, with the government’s support, the company 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.

Avendus Capital acted as the exclusive financial advisor to boAt and its shareholders on the transaction.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Balasore tragedy result of composite negligence of railway officials: Orissa High Court

Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN

Three convicted for 2016 Kollam collectorate blast case

Expect Canadian government to ensure justice, uphold rule of law: PM Modi

Lone tusker spotted on NH-166 near Karkala, disrupts traffic

Lokayukta police summon Karnataka CM Siddaramaiah for questioning in MUDA case on Wednesday

Not ‘kaun banega mukhyamantri’ contest; MVA to name CM pick after polls: Jairam Ramesh

Related Articles More

SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees

Sensex plunges 942 points to settle at nearly 3-month low; RIL, HDFC Bank biggest drag

Equity investors become poorer by Rs 7.37 lakh crore during morning trade as markets tumble

Maruti Suzuki looks to cash in on ‘few lakh marriages’ in Nov to carry festive sales momentum

Mcap of 6 of top-10 most valued firms jump Rs 1 lakh cr; State Bank, ICICI Bank top gainers

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Balasore tragedy result of composite negligence of railway officials: Orissa High Court

Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN

Three convicted for 2016 Kollam collectorate blast case

Expect Canadian government to ensure justice, uphold rule of law: PM Modi

Group clash in Indore after argument over bursting firecrackers: NSA slapped against 2 accused

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.