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.
Somany Impresa Group has announced the appointment of Shashvat Somany as the Head of Strategy. This strategic move signifies a significant step in the Group's expansive plans across its various companies, including AGI Greenpac, Hindware Home Innovation Limited, and Hindware Limited. Shashvat will play a crucial role in shaping the long-term strategic direction, collaborating closely with business leaders for the Group's ambitious growth and diversification.
In his new role, Shashvat will take charge of steering the Group's innovation and business expansion initiatives. His primary focus will be on leading AGI's global expansion initiatives, formulating a strategic roadmap to establish a strong international presence. Shashvat will also be tasked with exploring strategic partnerships, fostering innovative collaborations, and evaluating potential ventures to further enhance the Group's presence in the building products and packaging products sector.
Beyond these strategic initiatives, Shashvat will concentrate on enhancing the capabilities of the data and analytics teams, contributing to the Group's digitalization efforts. His primary objective is to ensure a comprehensive and forward-looking integration of technology across the businesses, positioning Somany Impresa Group for success in the digital age.
"I am thrilled to embark on this new chapter with Somany Impresa Group. The Group's commitment to innovation and forward-thinking approach is truly inspiring. I am confident that my experience and collaborative spirit will contribute to our ambitious expansion and diversification goals,” said Shashvat Somany, Head of Strategy, Somany Impresa Group.
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