US 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 annual revenue of 7.01 billion Indian Rupees ($95.86 million), as of March 2020.