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.