Boat is one of the popular brands known for its personal audio devices. The products offered by the company are budget-friendly headphones, earphones and Bluetooth speakers.
The latest investment from Warburg Pincus is aimed to further Boat’s overall growth with a major focus on research and development (R&D).
It will also enable the company to “create and support a manufacturing ecosystem under the Make-in-India initiative, enabling the manufacture of products in India,” the company says.
“This investment is a landmark deal for the direct-to-consumer (D2C) industry in India as it endorses the sector’s coming of age with consumers trusting and gravitating towards brands launched online”, the company said in a press release.
According to IDC data, Boat was the 5th largest wearable brand globally during the third quarter of 2020. The company has a total market share of 32.4% in India during the same quarter.