boAt raises Rs 500 crore from Warburg Pincus affiliate, Malabar Investments

Imagine Marketing, the parent company of wearables brand boAt, on Friday said it has raised Rs 500 crore from existing shareholder, a Warburg Pincus affiliate, and new investor Malabar Investments.

The company has withdrawn its listing plans for now, and is likely to reconsider IPO plans in the next 12-18 months, a source privy to the development said.

In a statement announcing the fundraise, the company said the move will fuel expansion into the fast-growing smartwatches category while cementing leadership in personal audio.

“The company is raising Rs 500 crore from its existing shareholder, an affiliate of Warburg Pincus, a leading global private equity fund and new investor Malabar Investments,” the statement said.