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Samreen Ahmad · · 1 min readIndian D2C player eyes $1.4b valuation for 2022 IPO
“BoAt, one of the top sellers of earwear and wearable categories in India, is looking at a valuation of about US$1.4 billion for an initial public offering expected between March and June next year,” Mint reported, citing sources.
Details:
- The direct-to-consumer startup was reportedly valued at around US$280 million as of April this year. It raised US$100 million from an affiliate of Warburg Pincus in January.
- In the second quarter of the year, BoAt had the largest market share among earwear companies in India at 45.5%, as well as the second largest market share in the watches category at 26.9%, according to a report by International Data Corporation.
Dive deeper:
- BoAt has been looking to boost its capabilities in domestic research and development. It also aims to implement vertical integration across both its hearable and wearable product offerings to position India as a global supplier in the electronics market. (Read: Rocking the BoAt: How an Indian startup beat Chinese giants at their game)
- The company sells consumer electronics products such as headphones, earphones, wearables, and speakers, competing with global giants like Apple, Samsung, and Huawei.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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