Home-grown audio gear brand boAt has raised close to $100 million (Rs 731.75 crore) from an affiliate of global equity firm Warburg Pincus, to diversify its portfolio in the Indian market and strengthen its R&D.
The headphones maker has a growing presence in India and was recently named the fifth largest wearable brand globally, according to International Data Corporation (IDC) data.
"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 of boAt, said in a statement.
Avendus Capital was the financial advisor to boAt for the transaction.
“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," Vishal Mahadevia, Managing Director and Head, Warburg Pincus India, said.
The New York-based private equity giant has also bet on other Indian firms such as auto retailer CarTrade, classifieds firm Quikr, trucking logistics firm Rivigo, ecommerce logistics firm Ecom Express and most recently, Perfios, a fintech startup that collects financial data to help make credit decisions.
In December, Warburg had invested Rs 140 crore in full-stack logistics and freight marketplace Rivigo through its affiliate Spring Canter Investment Ltd (SCIL).
Published 05 January 2021, 14:53 IST