New Delhi, Jan 6, 2020: Indian based famous electronic gadgets brand boAt has raised $100 million (about Rs 731.6 crore) in funding from an affiliate of Warburg Pincus, a global private equity firm.
While boAt did not disclose the valuation at which the funds were raised, it said the fresh capital will enable it to further fortify its leading market position and widen its Research and development (R&D) capabilities and product portfolio.
The funding will also help build on boAt’s efforts to create and support a manufacturing ecosystem under the Make-in-India initiative, a statement said.
The product portfolio of boAt includes headphones, earphones, smartwatches, speakers, travel chargers and premium cables.
Launched in 2016, boAt currently has approximately 150 employees on its team across its offices in Delhi and Mumbai. In 2018, it had announced raising 1 million in funding from Fireside Ventures.
The consumer tech products firm continues to achieve rapid revenue growth (more than 100 per cent over the past several years) and exhibits a strong profitability profile, the statement said.
According to boAt co-founder Sameer Mehta, going forward, with the government’s support, the company 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.