The consumer electronic and lifestyle brand that sells a wide range of wireless high-quality audio products has recently announced to have raised another USD 100 billion worth funding from a New York-based private equity firm, Warburg Pincus. The funding has been raised by an affiliate of the foreign company that also funded boAt’s complete Series B financing round.
Having said that, when asked about the latest funding, the company mentioned that this latest infusion of funding from Warburg Pincus will enable the company to manufacture products in India, therefore enabling the ‘Make in India’ initiative by the brand. Other than this, with this investment boAt, will set deeper roots into the Indian market onto a leading market position. In the same breath, the company added that it will utilise these funds to improve its product portfolio and Research and Development capabilities to create an efficient product manufacturing ecosystem in India.
Founded back in 2016 by Sameer Mehta and Aman Gupta, boAt deals with fashionable consumer electronics including travel chargers, speakers, headphones, earphones and premium rugged charging cables.
According to the company profile on CrunchBase, the electronics company has till date raised total funding worth USD 109.6 million in over five financing rounds with the latest one concluding on January 5, 2021, as Series B funding from Warburg Pincus.
In another report, boAt is the fifth largest wearable brand in the world as it makes efforts to strengthen its roots in the Indian market, says IDC.
Commenting on the investment, Vishal Mahadeva, Managing Director and Head of Warburg Pincus India says that their company sees a compelling growth story in the consumer electronics company which is well-posed to build a strong leadership position that it has carved out from within the industry. He further added that the company stands to benefit the secular tailwinds of electronic-commerce growth in India.
This investment from Warburg Pincus will enable boAt to begin its manufacturing operations in India under the ‘Make in India’ movement of the Indian government.