Audio gear, wearable tech firm boAt raises $60 mn, defers IPO plan

The parent company of boAt, the audio gear and wearables brand, has raised $60 million from an affiliate of Warburg Pincus, which is its existing shareholder, a private equity fund and new investor Malabar Investments. The firm has deferred its plan for listing.

Imagine Marketing said the funding will be used for the company’s plans to lead the smartwatch category in India, strengthen its position in audio, research and development, and to support local manufacturing under the government’s Make-in-India initiative.

“We now want to make smartwatches our second core and will replicate the boAt digital playbook to become global leaders in this category as well.