Imagine Marketing Limited, boAt’s parent company, is apparently raising USD 60 million (Rs 500 crore) from its current shareholder, an affiliate of Warburg Pincus, one of the leading global private equity funds, as well as Malabar Investments, a new investor.
According to the firm, this investment will empower it to hasten its plan further to achieve leadership in the smartwatches category, scale up its business in both domestic and international markets and assist in strengthening its R&D and design capabilities.
Speaking on the latest move, Aman Gupta, Co-Founder and Chief Marketing Officer of boAt, mentioned that this new funding will empower the firm to invest significantly in smartwatch spaces with more innovative products.
Mr. Aman further stated that the firm is delighted to see the strong conviction and confidence investors put in the boAt story.
Sameer Mehta, Co-founder and Chief Product Officer of boAt added that via boAt labs (the 120-person in-house R&D team) and the firm’s acquisition of KaHa Technologies (a most renowned wearables technology & IoT platform, with 64 patents & patent applications), the company is in a strong position to develop the next generation of products.
Credible sources cite that the firm is considerably progressing in diversifying its manufacturing foothold with the help of collaborations with several leading EMS (electronics manufacturing services) players in India.
For instance, the firm has collaborated with electronic manufacturing services provider, Dixon to form a manufacturing joint venture (JV).
It has also been reported that a considerable proportion of boAt’s products are now manufactured in India (currently 1 million units every month).
In addition, the firm also plans to take the boAt brand to the international market.
For the record, boAt recorded net revenue of nearly $363 million (Rs 3,000 crore), registering a 100% growth on a year-on-year basis.