Indian brand boAt (Imagine Marketing Pvt Ltd) has raised approximately $100 million from an affiliate of Warburg Pincus.
boAt is the #1 brand in personal audio in India (headphones, earphones, sound-related accessories) with a presence in adjacent consumer-focused, lifestyle electronics categories.
boAt is as the #1 brand in India and 5th largest wearable brand globally, according to IDC data.
boAt will use the investment 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.
Aman Gupta and Sameer Mehta are the co-founders of boAt.
Vishal Mahadevia, managing director of 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.”
boAt, which was launched in 2016, currently has approximately 150 employees across its offices in Delhi and Mumbai.