boAt raises Rs 500 cr to expand market share in smartwatches

NEW DELHI: Imagine Marketing Limited, the parent company of consumer electronics brand boAt, is raising Rs 500 crore from its existing shareholder, an affiliate of Warburg Pincus, a leading global private equity fund and new investor Malabar Investments.

The investment will enable it to accelerate its plans to attain leadership in the smartwatches category, scale up its business both within and outside India and further strengthen its R&D and design capabilities.

‘The new funding will allow us to invest significantly to disrupt the smart watches spaces with more innovative products. And we are thrilled that investors continue to have strong conviction and confidence in the boAt story,’ said Aman Gupta, Co-founder and Chief Marketing Officer, of boAt.

The company is making significant progress in diversifying its manufacturing footprint via partnerships with various leading electronics manufacturing services (EMS) players in India, including Dixon, with whom it has also created a manufacturing joint venture. A significant proportion of boAt’s products are now being produced in India (1 million units every month currently). The company is also planning to take the boAt brand overseas. boAt closed FY 2022 with net revenue of approximately Rs 3,000 crore with 100 per cent YoY growth.