Boat's parent brand Imagine Marketing India in talks with investors to raise funds
Boat’s parent company, Imagine Marketing India is in talks with three investors to raise funds which co-founder and CEO Sameer Mehta said will be more strategic in nature instead of just raising capital. He said the focus is now on improving financial parameters of the company such as getting back to net profit this fiscal before going ahead with the initial public offering (IPO) to raise about Rs 2,000 crore.
Modi 3.0 Live
Modi 3.0 is here! Familiar faces, fresh additions, and the big portfolio puzzle
Modi-fying growth: India plans policy twist for jobs & investment
No place for losers: Modi sends a clear message with Cabinet 3.0
Imagine Marketing's IPO plans were shelved in 2022. Mehta said the company has no pressing need of capital and hence is not doing any roadshows to raise funds. “However, there are some inbound interests from a large global fund, sovereign fund and one strategic investor. It’s still early days and we are not desperate,” he said.
Mehta said the promoters want to make Boat the poster boy of the Indian electronics industry since no commendable domestic brands are available in the market in the last 15 years.
At present, the two promoters – Mehta and Aman Gupta own 54% while the rest is owned by investors like Qualcomm Ventures, Fireside Ventures, Malabar Investments and Warburg Pincus. In 2022-23, the company plunged into net losses of Rs 101 crore which Mehta said is due to investments into local manufacturing which it has now got a hang on how to produce profitably.
He said the company has
