New Delhi: Home-grown Indian audio brand boAt has raised around $100 million from an affiliate of Warburg Pincus, the company said in a statement. The investment will enable the company 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, enabling the manufacture of products in India.

“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,” said Aman Gupta, co-founder of Boat.

According to Vishal Mahadevia, managing director and head, Warburg Pincus India, they 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.

“Warburg Pincus is excited to partner with the management team of boAt led by Aman & Sameer in this journey and we look forward to supporting them through the next phase of the company’s growth,” said Mahadevia.

Avendus Capital acted as the exclusive financial advisor to Boat and its shareholders on the transaction.

Boat’s product range includes an extensive catalogue of headphones, earphones, smartwatches, speakers, travel chargers and premium cables. The company currently has approximately 150 employees on its team across its offices in Delhi and Mumbai.

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