Warburg Pincus invests $100 million in Indian consumer electronics firm boAt | Tech News

Warburg Pincus invests $100 million in Indian consumer electronics firm boAt

boAt, whose products compete with JBL and Realme, had an annual revenue of 7.01 billion Indian Rupees ($95.86 million), as of March 2020.

By:REUTERS
| Updated on: Aug 21 2022, 14:02 IST
Aman Gupta, co-founder of boAt.
Aman Gupta, co-founder of boAt. (MINT_PRINT)
Aman Gupta, co-founder of boAt.
Aman Gupta, co-founder of boAt. (MINT_PRINT)

U.S. private equity firm Warburg Pincus has invested about $100 million in India's boAt, the consumer electronics firm said on Wednesday.

BoAt, known for its budget-friendly bluetooth speakers and wireless earbuds, was last valued at nearly $283 million after a $59.6 million funding round in December, according to PitchBook data.

Personal electronics products like headphones have seen a revival in sales since the onset of the COVID-19 pandemic, with homebound users looking for means to aid their remote work and to keep themselves entertained.

During the third quarter of 2020, boAt captured a market share of 32.4% in the earwear category in India, according to IDC data.

The company, whose products compete with JBL and Realme, had an annual revenue of 7.01 billion Indian Rupees ($95.86 million), as of March 2020.

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First Published Date: 06 Jan, 11:09 IST
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