Warburg Pincus invests $100 million in Indian consumer electronics firm BoAt

 U.S. private equity firm Warburg Pincus has invested about $100 million in India's BoAt, the consumer electronics firm has said.

BoAt, known for its budget-friendly bluetooth speakers and wireless earbuds was last valued at nearly $283 million after a $59.6 million funding round in December, according to a PitchBook data.

Personal electronics products like headphones have seen a revival in sales since the onset of the COVID-19 pandemic with homebound users looking for means to aid their remote work and to keep themselves entertained.

During the third quarter of 2020, boAt captured a market share of 32.4 per cent in the earwear category in India.

The company the products of which compete with JBL and Realme had an annual revenue of 7.01 billion Indian Rupees ($95.86 million), as of March 2020.