boAt‘s parent company Imagine Marketing raises Rs 500 crore from their existing shareholder Warburg Pincus affiliate, and new investor Malabar Investments on Friday.
The company received a nod from the Securities and Exchange Board of India (SEBI) for its INR 2,000 Crore public issue a few months ago. It has delayed its public listing plans for now, and is likely to reconsider IPO (Initial public offerings) plans in the next 12 to 18 months, a confidential source familiar with the process said. Sources said boAt has raised funds via private placement through preference shares.
This fund will enable the company to accelerate plans to attain leadership in the smartwatches category, scale up its business across channels and India and the world, strengthen its category leadership within audio, enhance its R&D and design capabilities, and support build a local manufacturing ecosystem under the Make-in-India initiative.
Aman Gupta, The founder and chief marketing officer of boAt, said on the investment, “The new investment will allow us to invest significantly to disrupt the smartwatch spaces with more innovative products. And we are thrilled that investors continue to have strong conviction and confidence in the boAt story.”
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