boAt withdraws its IPO and raises $60M to grow the smartwatch market.
- boAt Lifestyle, a consumer electronics firm, received $60 million (Rs 500 crore) from an existing stakeholder, a subsidiary of Warburg Pincus, and new investment Malabar Investment. The funding will extend its smartwatches category and establish a local manufacturing environment.
- Media sources say the business has also pulled its Rs 2000 crore initial public offering (IPO) due to market volatility. boAt follows FirstCry, Pharmeasy, and Droom Technologies in delaying listing this year. boAt published their draught prospectus in February.
- The nine-year-old startup, which led the earbuds industry, now wants to lead smartwatches.