- The company said that the investment by Warburg Pincus will enable it to further fortify its leading market position, widen its R&D capabilities and product portfolio
- During the third quarter of 2020, boAt captured a market share of 32.4 per cent in the earwear category in India as per IDC data
U.S. private equity firm Warburg Pincus has invested about $100 million in India’s boAt, the company said. During the third quarter of 2020, boAt captured a market share of 32.4 per cent in the earwear category in India as per IDC data.
Aman Gupta, co-founder, 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.”
Widen its R&D capabilities and product portfolio
The company said that the investment by Warburg Pincus will enable it to further fortify its leading market position, widen its R&D capabilities and product portfolio, and build on boAt’s efforts to create and support a manufacturing ecosystem under the Make-in-India initiative.
Sameer Mehta, co-founder, boAt said, “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.