Aman Gupta, a successful entrepreneur and a well-known judge on Shark Tank India, recently attended the National Creators Award ceremony in Delhi. He was nominated for the Celebrity Creator of the Year award. During the event, Aman shared how Make in India has played a big role in the success of boAt, which is the second-biggest audio brand in India.
How did the ‘Make in India’ initiative help the boAt?
The Indian government started the Make in India initiative in 2014 to position India as a top choice for manufacturing worldwide. Under this initiative, the government wants to support companies to start manufacturing their products in India. boAt, an Indian brand, proudly states 70% of India's manufacturing.
Aman mentioned that his company achieved this milestone after the COVID-19 pandemic. He explained that before COVID-19, their products were not made in India. However, during the pandemic, with the support of the Make in India initiative, BoAt is currently manufacturing 70% of its products in India.
He also shared his wish to see respected tech brands from India being recognized and appreciated worldwide, just like Indians appreciate global brands.
How’s boAt performing?
In 2023, the wireless Stereo market in India saw a significant 34% year-on-year (YoY) growth. Among all the brands, boAt with an impressive 39% year-on-year (YoY) growth, emerging as the market leader for the fourth consecutive year.
Several factors contribute to boAt's success. This includes its commitment to affordable quality products, effective marketing strategies targeting youth, and its focus on domestic manufacturing.
In FY 22, the operating revenue of BoAt was worth about 2900 crore Indian rupees, which rose to the highest-ever revenue of Rs 3,377 crore in FY 23.
boAt's valuation is increasing and it reflects its rising popularity and trust among consumers. The company's diverse product range consistently emphasizes innovation while maintaining lower Average Selling Prices (ASPs).
It also held a position among the top three vendors in the wearable market in India, alongside competitors like Noise and FireBolt.
Aman Gupta Becomes 'Celebrity Creator of the Year'
The event was held at Bharat Mandapam in New Delhi, where Prime Minister Narendra Modi presented awards to top creators across 23 categories.
The goal behind this initiative is to encourage people to use their creativity to make positive changes. He won the Celebrity Creator of the Year award. He also discussed in the event how the 'Make in India' initiative played a crucial role in boAt's journey to becoming the world's second-largest audio brand.
Is ‘Make in India’ just a marketing gimmick for BoAt?
Aman's statement about 70% Indian manufacturing of the company's products in India is receiving mixed reviews. Some believe it's just a marketing strategy to gain people's sentiments.
Critics claim that the company manufactures its products in China and assembles them in India. They label them as "made in India" and sell them in the market as a domestic brand.
While boAt is known for its strong marketing strategies, the truth behind its "Make in India" claims is yet to be revealed. However, the skepticism among consumers about the authenticity of the product is not good.
What is the boAt Share Price Today?
boAt planned to launch its IPO in the stock market during the financial year 2021. There was a positive response from investors, who were excited about the boAt share price. However, the company suddenly withdrew its IPO, which also affected the value of boAt's unlisted shares.
The company's primary reason for this sudden withdrawal was that they had received the required capital from their current investors. Additionally, the global market was quite volatile at that time due to factors such as war, recession, and inflation.
Furthermore, the current investors were offering a better valuation for the company, leading to an increase in boAt's valuation. However, the withdrawal does not mean that boAt will never issue its IPO. The company is planning to issue its IPO soon with a better valuation.
Where is the future for boAt?
boAt is a popular brand in India among consumers, known for its diverse product range and focus on offering affordable options to reach a wider customer base. The boAt's profits have been increasing year after year, thanks to its effective marketing strategies aimed at attracting consumers.
Overall, boAt has a bright future ahead. Regarding boAt shares, there's no clarity on when the company will issue its IPO in the stock market. However, boAt's unlisted shares are actively traded in the pre-IPO market. Investors can consider trading in boAt's unlisted shares to potentially gain good profits.
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