Warburg Pincus, a New York-based equity firm has invested $100 in the Indian electronics firm, boAt. On Wednesday, the 5-year-old startup confirmed the news of the investment. The co-founder, Aman Gupta said “The is great news not just for the whole sector but especially for the company as we plan to expand manufacturing and the global supply chain” while giving a statement.
With the investment funds, BoAt plans to allocate more to its research and development department, localize its production and widen product variety.
The India-based company was found in the year 2015 and is valued at around $283. BoAt produces mid-budget music accessories such as earphones, headphones, cables, speakers, etc. In a short span, the company has managed to garner an impressive portion of the market and popularity.
During COVID times, the company claims to have increased sales even more due to people seeking entertainment while they are isolated. According to data collected by IDC, in the first quarter of 2020, the company had garnered a market share of 32% under the earwear sector in India.
The investors at Warburg Pincus too, believe that Boat is capable of much more growth in the coming years. “We see a lot of potential in BoAt as it has strong leadership and the place that it has made for itself in the market. We also think that if provided with congenital conditions, it will benefit greatly from the e-commerce growth in India” said Vishal Mahadevia, the head and Managing Director at Warburg Pincus, India.
