US non-public fairness agency Warburg Pincus has invested about $100 million (roughly Rs. 730 crores) in Boat, the India-based client electronics agency stated on Wednesday.
Boat, recognized for its budget-friendly Bluetooth audio system and wi-fi earbuds, was final valued at practically $283 million (roughly Rs. 2,070 crores) after a $59.6 million (roughly Rs. 440 crores) funding spherical in December, in line with PitchBook knowledge.
Private electronics merchandise like headphones have seen a revival in gross sales for the reason that onset of the COVID-19 pandemic, with homebound customers in search of means to assist their distant work and to maintain themselves entertained.
Through the third quarter of 2020, Boat captured a market share of 32.four % within the earwear class in India, in line with IDC knowledge.
The corporate, whose merchandise compete with JBL and Realme, had an annual income of over Rs. 700 crores as of March 2020.
In November final yr, data released by Worldwide Information Company (IDC) confirmed that Boat lead within the earwear class with 32.four % of market share within the third quarter, and Samsung got here in second with 15 % share. Narrowing it all the way down to the true wi-fi stereo (TWS) class, Boat once more led with a 26.1 % share, and Realme got here in second with 15.5 % market share.
Equally, one other report by Counterpoint revealed in the identical month confirmed that Boat emerged because the main participant within the Indian TWS earbuds market within the third quarter. The New Delhi-based firm launched an inventory of earbuds throughout value segments through the quarter that helped improve its market share to 18 % from the 10 % reported within the second quarter. Boat additionally managed to depart behind Realme that was main the market beforehand.
After Boat, Xiaomi got here second within the Indian TWS earbuds market within the third quarter. The market share of the corporate, nevertheless, dropped to 16 % from the 20 % reported within the second quarter.
© Thomson Reuters 2020
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