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Making Wearables Accessible In India- boAt’s Journey So Far

Boat

Indian wearable market grew 47%, shipping 100 million units in 2022 –  The Economic Times report. 

The boAt is one of the leading wearable brands in India, making its place among  India’s top three wearable brands including Noise and OnePlus as per the reports. When boAt was launched in 2016, hundreds of unicorn brands were in the cluttered category, but boAt managed to capture nearly half of the market shares. With a community of over 3 million consumers, boAt is on the road to becoming an Rs. 500 crore consumer electronic company by 2024. 

Additionally, boAt’s parent company, Imagine Marketing, set the record of being the market leader in the hearable segment for the 5th consecutive quarter with a 48 percent share. The boAt also entered the top five list globally in the fifth position in the wearable segment with a 7.25 percent market share. With so much success, the company launched its IPO at a valuation of over $1.4 billion, which was quite profitable and crossed Rs. 1,500 crores in revenue in FY21. With its IPO launch, boAt unlisted shares grabbed the attention of thousands of retail investors. Let’s explore this write-up to know about the remarkable journey of boAt so far. 

How Did boAt Start?

Began as a consumer electronic startup in 2016, boAt aimed to bring affordable, durable, and, more importantly, fashionable audio accessories to gen Z and millennials. The founder, Aman Gupta, and his friend Sameer Mehta bootstrapped the company by investing 30 Lakhs of their wealth. After selling headphones, earphones, speakers, travel chargers, and premium rugged cables, the company clocked more than Rs. 100 crore domestic sales alone after two years of its launch. According to Forbes India, boAt sells over 15,000 units daily, with ten units sold every minute.

After filing with the Registrar of Companies (RoC), boAt FY2018 revenue grew to Rs. 108 crores from Rs 27 crore in FY2017, which is 3X growth every year. In FY22, boAt revenue operations shot up 2.2x to Rs. 2873 crore as opposed to Rs 1314 crore in FY21. The company is now projecting sales of Rs. 500 crores over the next five years. With so much success boAt unlisted shares are available for potential investors to earn high ROI. Check out boAt share prices today at Stockify.

Business Model Of boAt

From wired earphones to wireless ones, from speakers to headphones, smartwatches, and trimmers, boAt sells various types of products. boAt lifestyle has a market share of 27.3% in the earwear category. In FY21, the company’ gross revenue was Rs. 1531 crores, and the profit was around Rs. 127.1 crores. The aim of the company is to sell wired earphones at the lowest price possible. Therefore, their products are priced between Rs. 350 and Rs. 550. There is no brand that sells wired earphones in this price segment. Since the company has created products that led the demand-pull, it means they don’t have to market/promote its launched products. Their products have already become popular due to their premium quality and affordability. 

For instance, the company launched a portable Bluetooth speaker named ‘boAt Stone,’ which became an instant fit as they were selling it for around Rs 2000, and its competitors were selling the same speakers at Rs. 5000. Retail investors can buy boAt unlisted shares or check price boAt unlisted share price India from the leading brokerage platform like Stockify.

Let’s look at the revenue breakup of boAt company below:

Earphones and headphones Rs. 947.35 Crores 
Wireless speakers Rs. 297.40 Crores 
Wired earphones Rs. 94.92 Crores
Other accessories like chargers and more Rs. 172.03 Crores

Moved Production To India By Leveraging GOI’s PLI Scheme

In the beginning, the company didn’t have expertise in manufacturing good quality earphones in India. So, the company decided to outsource the manufacturing to Chinese companies. Due to this, they solely focussed on designing the product and building the brand with marketing and sales strategy. Later in FY21, the company received an investment of $100 from private equity major Warburg Pincus with a plan to shift its manufacturing to India. boAt founder Aman Gupta and Sameer Mehta told Times Of India that the company is looking to tap into the Indian Government’s Production Linked Incentive (PLI) scheme for smart wearable makers to produce Made-in India products. 

Future Plans Of boAt 

Undoubtedly, the company is rapidly expanding its product line as they have gained a good market share in the wearable audio market. However, the company is also focusing on personal care and smartwatches. With remarkable performance and high revenue over the years, boAt unlisted shares become the golden opportunity for investors to earn high ROI. 

Today, the company has acquired two companies named Tagg & KaHa. Tagg is an Indian consumer electronic startup established in 2016, and it deals in earphones, smartwatches, and speakers. The company was started by Rohit Dhingra, Amitesh Bhardwaj, and Saurav Prakash. 

On the contrary, KaHa is a Singapore-based smart wearable Internet of Things (IoT) development startup. By getting its acquisition, boAt can continue to build innovative products in the future.

Why Should boAt Be Your Worthy Investment?

The boAt has been one of the biggest brands in the wearable market. Since its inception, the company has demonstrated a robust financial performance and has become the first consumer electronic director-to-consumer (D2C) startup. If you want to earn a high return on your investment, then boAt unlisted shares are your worthy investment. At Stockify, the best trading platform in India, we have a team of experts who can guide you with buying and selling top unlisted shares in India. You can buy unlisted shares of top pre-IPO companies in India from Stockify. Want to know how to invest in boAt unlisted shares? Connect with us today!

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India’s Biggest Wearable Brand, boAt’s Success Model, And Journey So Far

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Piyush Jhunjhunwala
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Dubai, UAE.
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Rahul Khatuwala
Ex. Wipro & Finaco Founder
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