Warburg Pincus invests $100 million in consumer electronics brand boAt
boAT said the investment by Warburg Pincus will help it widen its R&D capabilities and product portfolio.
Home-grown consumer electronics brand boAt has raised $100 million from an affiliate of Warburg Pincus.
The company said the investment by Warburg Pincus will help it 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.
"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," said Aman Gupta, Co-Founder, boAt.
Vishal Mahadevia, Managing Director and Head, 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. Warburg Pincus is excited to partner with the management team of boAt led by Aman & Sameer in this journey and we look forward to supporting them through the next phase of the company’s growth.”
boAt was launched in 2016 by Aman Gupta and Sameer Mehta and is the market leader in the personal audio category (headphones, earphones, sound-related accessories). It is also expanding to adjacent consumer-focused, lifestyle electronics categories. The company says it has seen over 100 percent revenue growth over the past several years.
boAt leads the earwear and the true wireless stereo categories in India, according to IDC data, and has also emerged as the 5th largest wearable brand globally.
First Published: Jan 6, 2021 11:07 AM IST
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