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    QONEQT in News

    28-Oct-2022 10:50 AM


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    boAt Raises Rs 500 Crore From Existing Shareholder, New Investor

    Sources said boAt has raised funds via private placement through preference shares.
    Imagine Marketing, the parent company of wearables brand boAt, on Friday said it has raised Rs 500 crore from existing shareholder, a Warburg Pincus affiliate, and new investor Malabar Investments.
    The company is likely to reconsider IPO plans in the next 12-18 months, sources said.
    Along with driving growth in the core audio category and adding smartwatches as a second core, the company said it is making "significant progress" in diversifying its manufacturing footprint via partnerships with various leading Electronics Manufacturing Services or EMS players in India, including Dixon, with whom it has also created a manufacturing joint venture.
    A significant proportion of boAt's products are now being produced in India (about 1 million units every month currently).
    Source: NDTV
    #boAt