U.S. private equity firm Warburg Pincus has invested $100 million in India’s consumer tech products brand boAt, the latter said on Wednesday.
The consumer electronics firm is known for its budget-friendly Bluetooth speakers and wireless earbuds. As per the PitchBook data, the company was last valued at nearly $283 million after it received an investment of $59.6 million as funds in December.
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 it’s 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. 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.
Avendus Capital acted as the exclusive financial advisor to boAt and its shareholders on the transaction.