Indian Audio Brand boAt Raises $100 Million From US Equity Firm Warburg Pincus
boAt receives $100 million in investment.
US private equity firm Warburg Pincus has invested about $100 million in India's boAt, the consumer electronics firm said on Wednesday. BoAt, known for its budget-friendly bluetooth speakers and wireless earbuds, was last valued at nearly $283 million after a $59.6 million funding round in December, according to PitchBook data.
Personal electronics products like headphones have seen a revival in sales since the onset of the COVID-19 pandemic, with homebound users looking for means to aid their remote work and to keep themselves entertained. During the third quarter of 2020, boAt captured a market share of 32.4 percent in the earwear category in India, according to IDC data.
We've raised $100 million and are excited to welcome Warburg Pincus as a new investor in the company. Let's go 2021! https://t.co/pw6xyXKzmG— boAt (@BoatNirvana) January 6, 2021
The company, whose products compete with JBL and Realme, had an annual revenue of Rs 7.01 billion ($95.86 million), as of March 2020.