Imagine Marketing Pvt. Ltd, which operates audio gear and wearables brand boAt, raised $60 million in funds led by its existing backer Warburg Pincus and new investor Malabar Investments.
The funding will primarily be used to accelerate the company’s plans to expand its smart watches category and expand its business across channels and geographies (both within and outside India). It also intends to expand its audio category, improve its R&D and design capabilities, and expand local manufacturing. The company is also expanding its manufacturing footprint through collaborations with various leading EMS players in India, including Dixon, with whom it has also formed a manufacturing joint venture.