According to our source, India’s home-grown brand boAt (Imagine Marketing Private Limited) has raised approximately $100 million from an affiliate of Warburg Pincus. Avendus Capital acted as the exclusive financial advisor to boAt and its shareholders on the transaction.
boAt boasts a rapidly emerging presence and apparently is #1 brand in India under Personal Audio segment. It offers several products like headphones, earphones and sound related accessories, all at an attractive price-tag.
boAt as a digitally native brand in India, has constantly broken barriers in Audio sector, placing Indian brand on a global map. Apart from solidifying its No. 1 position in Indian market, it has also managed to stand as 5th largest wearable brand globally (according to IDC data).
With a $100 Million investment of Warburg Pincus, boAt hopes to further fortify its leading market position, widen its product portfolio and expand its R&D capabilities. Company also hopes to create and support a manufacturing ecosystem under Make-in-India initiative by manufacturing products in India.
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. The investment has come at the right time as we make efforts to ramp up our manufacturing and global supply chain.
Aman Gupta, Co-Founder, boAt
As boAt enters the next phase of growth and innovation, we look forward to benefitting from Warburg’s pedigree, collective experience and resources in helping us scale. 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.
Sameer Mehta, Co-Founder, boAt