The firm will use the funding to widen its R&D capabilities and construct and help a producing ecosystem beneath the Make in India initiative.
New York-based private equity fund Warburg Pincus has invested roughly $100 million (round Rs 731.6 crore) in homegrown headphones and audio system model boAt, the corporate mentioned in a weblog put up. boAt hasn’t but disclosed its present valuation or the quantum of equity dilution. The firm will use the funding to fortify its market place, widen its R&D capabilities and product portfolio and construct and help a producing ecosystem beneath the Make in India initiative.
“We welcome Warburg Pincus as a brand new investor into the corporate. This is a vote of confidence for our enterprise mannequin and progress prospects. The funding is nice information for not solely the corporate however for all the D2C sector. The funding has come on the proper time as we make efforts to ramp up our manufacturing and world provide chain”, mentioned Aman, co-founder, boAt.
Vishal Mahadevia, Managing Director and Head, Warburg Pincus India, mentioned, “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.”
Sameer Mehta, Co-Founder, boAt commented: “As boAt enters the next phase of growth and innovation, we look forward to benefitting from Warburg’s pedigree, collective experience and resources in helping us scale. Going forward, with the Government’s support, we will focus on building capabilities in domestic R&D and undertake vertical integration across both the hearable and wearable space to establish India as a global supplier.”
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