Imagine Marketing Pvt. Ltd, which operates audio gear and wearables brand boAt, is raising around $60 million ( ₹500 crore) in a fresh round of equity funding led by its existing backer Warburg Pincus and new investor Malabar Investments. The company has withdrawn its listing plans due to concerns related to market conditions.
Warburg Pincus has participated on this spherical by certainly one of its associates South lake Investment. The firm will safe this development capital in as non-public placement by choice shares.
The transaction will worth the corporate round $1.4 billion, the identical which it was seemingly to search throughout its IPO.
The infusion is primarily meant for the corporate to speed up its plans to ramp up its sensible watches class and scaling up enterprise throughout channels and geographies (each inside and outdoors India). It additionally seeks to additional enhance its audio class, improve its R&D and design capabilities, and construct up native manufacturing.
The Mumbai-based company had filed its DRHP in January this year to raise ₹2,000 crore through an initial public offering (IPO). However, just like several other startups including PharmEasy and Droom Technologies, the company too put the listing plans on the backburner due to tough market conditions.
The company is also diversifying its manufacturing footprint via partnerships with various leading EMS players in India, including Dixon, with whom it has also created a manufacturing joint venture. In past, the startup has entered into similar arrangement with leading global companies like Qualcomm (also a shareholder in boAt), Dolby, Dirac to make its products more competitive and of superior quality.
The brand claims that it has closed financial year 2021-22 with a revenue of nearly ₹3,000 crore.