BoAt’s parent business, Imagine Marketing Limited, is raising Rs 500 crore from its current stakeholder, a Warburg Pincus subsidiary, a top-tier global private equity firm, as well as from new investor Malabar Investments.

According to the firm, the investment would allow it to expand its operations both inside and outside of India, further improve its R&D, and advance its goals to achieve leadership in the wristwatch category.

Through relationships with other top electronics manufacturing services (EMS) businesses in India, such as Dixon, with whom it has also formed a manufacturing joint venture, the company is making great headway toward expanding its production base.

India currently produces a sizable share of boAt’s goods (1 million units every month). The business stated that it also intends to export the boAt brand.

With a 100% YoY increase, boAt ended FY 2022 with net sales of almost Rs 3,000 crore.