BoAt, a name which became quite known to all for their super affordable earphones, is unlocking new achievements every now and then. Just some months ago, the company added the feather of the first Indian brand to be in the top 5 global wearables, to their crown. Now, they are all set to add another one.
The well-known private equity firm Warburg Pincus has contributed a whopping $100 million to the company’s growth which would help the brand reach out more and better in the market.
BoAt is just a four-year-old startup, but already its current value has reached $300 million. The hard work and dedication of the company has made it a huge success story in the hardware market and has made India proud in so many ways.
The Delhi based company, founded by Aman Gupta and Sameer Mehta, started its journey four years back in 2016 with charging cables and adapters but has now become one of the most popular brands of earphones, headphones, and other audio accessories.
It was founded by Aman Gupta and Sameer Mehta. The fund-raise is not only a testimony to the company’s growth over the past four years, but also a way to boost its R&D efforts, bring more production to India (partner with local manufacturers), and expand to new locations and dimensions.
“The investment is great news for not only the company but also for the entire direct-to-consumer (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, the co-founder of boAt.
Warburg Pincus is said to have picked up a significant minority stake in the company. Prior to this investment, BoAt had only raised $3 million in equity and debt financing. This is a major step towards the road to their success.
Also, an Indian Company rising to such heights is a matter of appreciation. They are focussing on the Research and Development Department more.
The company also recently emerged as the leading player in the TWS earbuds market. boAt commands control over 18% of the TWS market, with earbuds available for as low as Rs. 1,300 in India.
The main reason being they are quite affordable and cost-efficient. We were lacking a pocket-friendly reliable brand and here it is. The boAt is now aiming at making smartwatches and aims to use a piece of the funds to expand to the gaming accessories market.