boAt, a home-grown Indian audio brand, has secured around $100 million from an affiliate of Warburg Pincus.
The fresh capital will be used by the company to further fortify its leading market position, widen its R&D capabilities and product portfolio. Additionally, the brand will utilise the funds to build on its efforts to create and support a manufacturing ecosystem under the Make-in-India initiative, enabling the manufacture of products in India.
Aman Gupta, Co-Founder of 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.”
Vishal Mahadevia, Managing Director and Head, Warburg Pincus India, stated, “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 and Sameer in this journey and we look forward to supporting them through the next phase of the company’s growth,” he further added.
Avendus Capital acted as the exclusive financial advisor to BoAt and its shareholders on the transaction.