Imagine Marketing, which operates the audio gear and wearables brand boAt, is raising $60 million (500 crore) in a new round of equity funding led by Warburg Pincus and new investor Malabar Investments. Because of market conditions, the company has withdrawn its plans to list.
Warburg Pincus took part in this round via one of its affiliates, South Lake Investment. The company will raise this capital through a private placement of preference shares.
In January of this year, the Mumbai-based company filed its DRHP to raise 2,000 crore through an initial public offering (IPO). However, due to the difficult market conditions, the company, like several other startups such as PharmEasy and Droom Technologies, put its listing plans on hold.
“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,” said Aman Gupta, co-founder and chief marketing officer at boAt.
The company claims to have made nearly 3,000 crore in revenue during the fiscal year 2021-22.
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