Home-grown audio brand boAt on Wednesday announced it has raised $100 million (over Rs 731 crore) from an affiliate of Warburg Pincus, a leading global private equity fund, towards ramping up manufacturing and go global.
The significant investment will enable boAt, that emerged as the leading brand in India's true wireless stereo (TWS) market with 18 per cent market share in Q3 2020, to further fortify its leading market position while widening its R&D capabilities and product portfolio.
"The investment is great news for not only the company but for the entire D2C (direct-to-consumer) sector. The investment has come at the right time as we make efforts to ramp up our manufacturing and global supply chain," said Aman Gupta, Co-Founder, boAt.
The brand was launched in 2016 by Gupta and Sameer Mehta and currently offers headphones, earphones and sound-related accessories.
The funding comes at a time when India's TWS market growth soared 723 per cent (on-year) in Q3 2020, according to the latest research from Counterpoint's IoT service.
boAt had a great start in Q3 2020 as it became the No.1 player in India by expanding its portfolio and launching many devices across price tiers during the third quarter.
The brand has also emerged as the fifth largest wearable brand globally, according to IDC data.
"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, Co-Founder, boAt.
The company currently has nearly 150 employees across its offices in Delhi and Mumbai.
"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," said Vishal Mahadevia, Managing Director and Head, Warburg Pincus India.