The company Imagine Marketing Pvt. Ltd, which owns the wearables and audio equipment brand boAt, raised $60 million in funding, with Warburg Pincus and Malabar Investments serving as the primary investors.
The cash will be primarily used to expedite the company’s efforts to broaden the market for smart watches and to extend its operations internationally (both within and outside India). Additionally, it plans to increase its R&D and design capabilities, boost local manufacturing, and broaden its audio category. Through partnerships with a number of the country’s top EMS providers, including Dixon, with whom it has also established a manufacturing joint venture, the company is also enlarging its manufacturing footprint.