TechSamvadJan 06, 2021 15:37:52 IST
New York-based private equity fund Warburg Pincus has invested approximately $100 million (around Rs 731.6 crore) in homegrown headphones and speakers brand boAt, the company said in a blog post. boAt hasn't yet disclosed its current valuation or the quantum of equity dilution. The company will use the investment to fortify its market position, widen its R&D capabilities and product portfolio and build and support a manufacturing ecosystem under the Make in India initiative.
“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", said Aman, co-founder, boAt.
Vishal Mahadevia, Managing Director and Head, Warburg Pincus India, said, “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 & Sameer in this journey and we look forward to supporting them through the next phase of the company’s growth.”
Sameer Mehta, Co-Founder, boAt commented: “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.”
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