boAt has raised $100 mn from an affiliate of Warburg Pincus, the New York-based private equity firm. The round values the company at $300 mn. Besides the focus on production, the funding would be utilised for research and development (R&D) push into new device categories and other aspects.
In FY2020, boAt crossed Rs 500 crore in revenues and the startup is expected to double the number in FY2021. The company has become a leading personal audio brand in India with a rapidly emerging presence in adjacent consumer-focused and lifestyle electronics categories. boAt has also emerged as the 5th largest wearable brand globally, according to IDC data.
An early investor in boAt, Kanwaljit Singh, Founder & Managing Partner at Fireside Ventures, said, “boAt has grown to become the market leader in the lifestyle accessories segment. It’s the perfect example of a consumer brand built successfully on quality, consumer insights, smart pricing, and focused marketing. Given our interest in the consumer brand category, we spotted and saw the prospects of a high-growth consumer startup addressing the audio needs of millennials and Gen Z. An investment by Warburg Pincus is a testament to the long-term growth potential of India-made consumer startups.”