Private Equity

PE Fund Investments

D2C audio products brand boAt raises $60-M; withdraws IPO

Economic Times  

Delhi-based Direct-to-consumer (D2C) audio products and wearables brand boAt has raised USD 60 million (about INR 500 crore) via convertible notes from existing investor Warburg Pincus and new investor Malabar Investments. Whenever Boat closes its next round of funding or goes for an initial public offering (IPO), Warburg and Malabar will get these notes converted into equity at a business valuation of USD1.2 Billion even if other investors come at a higher price. With this fundraise, the company's draft red-herring prospectus (DRHP) filed with stock markets regulator Securities and Exchange Board of India (Sebi) for a planned IPO stands withdrawn

From the Venture Intelligence PE-VC Deal Database: Between Apr-2018 and Apr-2021, boAt had raised about USD 110 M from Qualcomm Ventures, Warburg Pincus, InnoVen Capital, Sachin Bansal and Fireside Ventures. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)