Published
Oct 28, 2022
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Boat raises Rs 500 crore from Warburg, Malabar Investments

Published
Oct 28, 2022

Imagine Marketing, parent company of lifestyle brand Boat has raised Rs 500 crore ($60 million) from an affiliate of Warburg Pincus and Malabar Investments.


Boat raises Rs 500 crore from Warburg, Malabar Investments - Boat


The company will use the funds to strengthen its foothold in the smartwatches category, scale up its business across channels and geographies, and to boost local manufacturing ecosystem under the Make-in-India initiative.

Commenting on the investment, Aman Gupta, co-founder chief marketing officer of Boat in a statement said “We have established clear leadership in our core personal audio category and are the number two player globally in earwear. 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. The new funding will allow us to invest significantly to disrupt the smart watches spaces with more innovative products.”

Sameer Mehta, co-founder & chief product officer of Boat added, “We are very excited about the potential of smartwatches. The market today is in the early stages of evolution and most players don’t have control over the end-to-end stack to offer compelling features to consumers. There is a significant opportunity to build the category and launch more distinctive and technologically advanced products.”

Boat, launched in 2016 by Aman Gupta and Sameer Mehta is one of the largest players in the lifestyle market in India with a strong millennial customer base.

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