boAt raises $100 million funding from Warburg Pincus

Homegrown headphones and audio system maker boAt (Imagine Marketing Private Limited) at present introduced that it has raised roughly $100 million funding from an affiliate of Warburg Pincus, a world non-public fairness agency.
“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 corporate stated in an announcement.
boAt’s product portfolio contains headphones, earphones, smartwatches, audio system, journey chargers and premium cables. The firm was launched in 2016 by Aman Gupta and Sameer Mehta, and so they presently have roughly 150 workers throughout their workplaces in Delhi and Mumbai.
The firm stated that it continues to realize speedy income progress (100 per cent+ over the previous a number of years) and displays a robust profitability profile.
In addition to solidifying its place within the Indian market because the No. 1 participant, boAt has additionally emerged because the fifth largest wearable model globally, the corporate stated citing information 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 stated in an announcement.

Sameer Mehta, the opposite co-founder of the corporate stated, “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 stated, “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 because the unique monetary advisor to boAt and its shareholders on the transaction.