BENGALURU: U.S. private equity firm Warburg Pincus has invested about $100 million in India’s boAt, the consumer electronics firm said on Wednesday.
BoAt, known for its budget-friendly bluetooth speakers and wireless earbuds, was last valued at nearly $283 million after a $59.6 million funding round in December, according to PitchBook data.
Personal electronics products like headphones have seen a revival in sales since the onset of the pandemic, with homebound users looking for means to aid their remote work and to keep themselves entertained.
During the third quarter of 2020, boAt captured a market share of 32.4% in the earwear category in India, according to IDC data.
The company, whose products compete with JBL and Realme, had an annual revenue of 7.01 billion Indian Rupees ($95.86 million), as of March 2020.
($1 = 73.1264 Indian rupees)
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