Boat, an emerging electronics and lifestyle startup, has been one of India's most successful startups. Recently, it raised $100 million from Warburg Pincus in an independent financing round. The investment was made by an affiliate of Warburg Pincus, a New York-headquartered private equity firm.
With this, the valuation of the four-year-old startup has gone up to $300 million. The valuation and investment earned Warburg Pincus a "significant minority stake" in the startup. There are very few hardware-based startups in India, and those who are, like Micromax and Lava, have never raised this level of investment. Boat, which sells earphones and other lifestyle products, has been profitable too. The reason for success for Boat has been its affordable and useful products in the price-sensitive Indian market. Over the past few years, it has expanded its range of products in its short journey, including smartwatches, earbuds, charging cables, headphones, etc.
"We see a compelling growth story in Boat and believe the company is well-poised to build upon the strong leadership position it has carved out within the industry and stands to benefit from the secular tailwinds of e-commerce growth in India. Warburg Pincus is excited to partner with the management team of boAt led by Aman & Sameer in this journey, and we look forward to supporting them through the next phase of the company's growth," said Vishal Mahadevia, managing director and head of Warburg Pincus India.
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