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    Wednesday, January 6, 2021

    boAt Raises $100 million in Funding from Warburg Pincus

    Indian electronics and lifestyle startup Boat raises $100 million from Warburg Pincus.

    Boat, an electronics and lifestyle startup in India, has raised $100 million in a new financing round that many independent investors termed as the most successful hardware startup story to date in the world’s second-largest internet market.

    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 COVID-19 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.

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