Indian consumer electronics startup nets nearly $60m in series B round

The latest investment brings the Delhi-based startup to a post-money valuation of nearly 21 billion rupee (US$285.4 million), said the report.

This development comes shortly after private equity firm Warburg Pincus was reportedly in talks to acquire a 40% stake in boAt.

With the series B round, the startup’s co-founders Sameer Mehta and Aman Gupta now each hold 35.04% shares in the firm, bringing down their shareholding from 90.72% to 70.8% in total. South Lake Investment has gained a 21.05% equity stake in the startup, while other investors collectively hold a 7.25% stake.

Founded in 2016, the lifestyle brand provides consumer electronics products including headphones, earphones, speakers, travel chargers, and premium cables. The firm sells its products through its own ecommerce platform, as well as Amazon and Flipkart.

The company claims that it has achieved over 5 billion rupee (US$67.9 million) in gross revenue in the year ending March 2020 and aims to double it by March 2024.

BoAt previously raised 160 million rupee (around US$2.2 million) and 250 million rupee (around US$3.4 million) in debt funding from InnoVen Capital in July 2019 and September 2020, respectively. Prior to that, it secured 200 million rupee (around US$2.7 million) in venture debt from BAC Acquisitions, the fund of Flipkart co-founder Sachin Bansal.

Currency converted from Indian rupee to US dollar: US$1 = 73.57 rupee.