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Personal audio company boAt has raised about $100 million from an affiliate of global PE firm Warburg Pincus.
A boAt press statement said its product portfolio consists of headphones, earphones and sound-related accessories. According to IDC data, boAt is the fifth largest wearable brand globally. The investment by Warburg Pincus will enable the company to strengthen and widen its R&D capabilities and product portfolio.
“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,” said Sameer Mehta, who co-founded boAt in 2016 with Aman Gupta. The company now has around 150 employees.
Avendus Capital acted as the financial advisor to boAt and its shareholders on the transaction.
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