<div><br></div><div>Imagine Marketing Ltd., which owns the wearables and audio equipment brand boAt, is receiving around<b> $60 million (500 crores) </b>in a new round of equity fundraising that is being co-led by Warburg Pincus, an existing investor, and Malabar Investments, a brand-new investor. Through one of its affiliates, South Lake Investment, Warburg Pincus took part in this round. This growth capital will be obtained by the company through a private issue of preference shares.<b> The deal will give the firm a value of about $1.4 billion,</b> which is the same as what it probably sought during its initial public offering.</div><div>The company would use the investment primarily to expedite ambitions for ramping up the smartwatch category and expanding business across channels and geographies (both within India and abroad). Additionally, it aims to strengthen its R&amp;D and design capabilities, expand local manufacturing, and further advance the audio category.</div><div>The Mumbai-based business filed its DRHP in January of this year in order to raise 2,000 crores through an IPO (IPO). However, because of the challenging market, it has decided to postpone the preparations for listing.</div><div>Through collaborations with a number of top EMS companies in India, including Dixon, with whom it has also formed a manufacturing joint venture, the company is also broadening its production footprint.</div>

Click the link to know the details about the boat.  BOAT to raise $60 million ₹500 crores from Warburg and others as it abandons IPO plans.