boat focusing into consumer electronics, focused into wearable segments uncluding headphones, earphones, earbuds, speakers, travel chargers and premium cables, has raised Rs 440 crore in its Series B round from Cayman Islands-based South Lake Investment Limited.The fresh funding from South Lake has come at a time when Warburg Pincus was reportedly in talks with boAt to acquire a 40% stake in the Delhi-based company.
boAt sells its product through e-commerce platforms such as Amazon and Flipkart alongside its own platform and has a presence in more than 5,000 retail stores. Speaking on the investment, promoters of boAt — Sameer Mehta and Aman Gupta — have diluted their shareholding from 90.72% to 70.8%. Both Mehta and Gupta hold an equal stake of 35.04% stake in the company.
South Lake Investment has acquired 21.05% equity stake in boAt, while other investors, including angels, collectively hold 7.25% stake. The investment has been done at a post-money valuation of nearly ₹2,100 crore.
