Through a South Lake Investment subsidiary, Warburg Pincus actively participated in this round. Through a private issue of preference shares, the business will get this expansion capital.
In response to ongoing worries about the unpredictable stock market, wearables firm boAt postponed its intentions to sell public shares and secured $60 million (500 crores) from private investors instead.
Imagine Marketing Pvt. participated in the round together with previous investment Warburg Pincus and new investor Malabar Investments. BoAt Ltd, a manufacturer of audio equipment and smartwatches, stated.
Warburg Pincus contributed to a private issue of preference shares through its affiliate, South Lake Investment.
Under the condition of anonymity, a corporate executive stated that the deal valued the company at about $1.4 billion, which is the same as what it was anticipated to ask for in the first public offering.
The money will be used by Imagine Marketing to grow its smartwatch category across channels and markets in India and overseas.
Additionally, it intends to expand local production, strengthen its audio category, and improve research and design skills.
In order to raise 2,000 crores, the Mumbai-based business submitted its draft first share offer documents to the market’s regulator in January. However, the business put its intentions for listing on the stock market on hold due to challenging market conditions, similar to numerous other companies including PharmEasy and Droom Technologies.
“We now want to make smartwatches our second core and will replicate the boAt digital playbook to become global leaders in this category as well. The new funding will allow us to invest significantly to disrupt the smart watches space with more innovative products,” said Aman Gupta, co-founder, and chief marketing officer at boAt.
In collaboration with a number of top electronic manufacturing services (EMS) providers in India, including Dixon, with whom it has also established a manufacturing joint venture, the firm is also diversifying its production.
