Warburg Pincus infuses $100 Million into Homegrown Consumer Electronic Brand boAt
2021 is off to a great start for consumer electronics brand boAt as it raises approximately $100 million from an affiliate of Warburg Pincus, a New York based global private equity fund focused on growth investing. However, the valuation of boAt post the funding round remains undisclosed.
Headquartered in Mumbai boAt was founded by Aman Gupta and Sameer Mehta in 2016. The D2C brand is mostly known for its fashionable consumer electronic products such as earphones, headphones and speakers. The company also manufactures travel charger and premium rugged cables. The brand has created a splash in the consumer electronic space that is largely dominated by global bigwigs. According to company statements boAt had crossed Rs 500 crore in revenues and had emerged as the fifth largest wearable brand globally according to data by IDC.
In a company statement Aman Gupta, Co-Founder, boAt said, “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”.
The fresh infusion of funds will enable the company 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. According to Sameer Mehta, Co-Founder, boAt, the company is going to leverage the Government’s support and will on building capabilities in domestic R&D and undertake vertical integration across both the hearable and wearable space.
Speaking about the investment, Vishal Mahadevia, Managing Director & 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.”
Headquartered in Mumbai boAt was founded by Aman Gupta and Sameer Mehta in 2016. The D2C brand is mostly known for its fashionable consumer electronic products such as earphones, headphones and speakers. The company also manufactures travel charger and premium rugged cables. The brand has created a splash in the consumer electronic space that is largely dominated by global bigwigs. According to company statements boAt had crossed Rs 500 crore in revenues and had emerged as the fifth largest wearable brand globally according to data by IDC.
In a company statement Aman Gupta, Co-Founder, boAt said, “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”.
The fresh infusion of funds will enable the company 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. According to Sameer Mehta, Co-Founder, boAt, the company is going to leverage the Government’s support and will on building capabilities in domestic R&D and undertake vertical integration across both the hearable and wearable space.
Speaking about the investment, Vishal Mahadevia, Managing Director & 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.”
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