U.S. private equity firm Warburg Pincus has invested $100 million in India’s boAt, the consumer electronics start-up firm disclosed on Wednesday.
The company markets affordable range bluetooth speakers and wireless earbuds and had received a funding of $59.6 million in December when it was valued at $283 million.
Sales of electronics products like headphones have gone up since the onset of the COVID-19 pandemic as consumers have been working from home.
During the third quarter of 2020, boAt captured a market share of 32.4 per cent in the earwear category in India, according to IDC data.
The company, whose products compete with JBL and Realme, had an annual revenue of Rs 701 crore ($95.86 million), as of March 2020..
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