What Makes boAt The World’s 5th Largest Wearable Brand? Decoding Its Business & Revenue Model

When it comes to a wearable brand in India, there will be one name among people which is boAt. The products’ quality, integration of advanced features, and affordability make it the first choice of buyers in India. Launched in 2016, the brand has emerged to be a market leader in India’s wearable and personal audio segment. Indeed, the company has witnessed remarkable growth in its pursuit of customer satisfaction, innovation, and cost-effectiveness and has become the 5th biggest wearable brand in the world. Considering its growth, the company generated Rs. 2,873 crore in revenue from its operations in FY22, as opposed to Rs. 1314 crore in FY21. boAt success story is an enticing case study for real investors who want to be a part of its growth by investing in boAt unlisted shares

In this blog, we will walk you through the business and revenue model of the company to understand the brand’s phenomenal success.

How boAt Became The 5th Largest Wearable Brand In The World?

In December 2020, Imagine Marketing, the parent company of boAt, was recognised as the “World’s 5th largest wearable brand,” according to the research and advisory firm International Data Corporation (IDC). Imagine Marketing company led the True Wireless Category (TWS) with an Indian market share of 40% in July 2022. boAt secured 2.6% of global wearable shipments in September 2020 to share the fifth position with Google’s owned Fitbit, as per the same research report. Moreover, the success of boAt also came due to their robust marketing campaign and partnerships with IPL cricket teams. In fact, the company signed Indian cricketers to be their brand ambassadors, such as Shikhar Dhawan and KL Rahul. 

The good thing about boAt is that it follows an omnichannel marketing strategy and makes its products available across marketplaces such as Flipkart, Myntra, Paytm, Amazon India, and many more. Moreover, boAt’s products are available in more than 20,000 stores like Chroma, Vijay Sales, Reliance Digital etc. 

An Overview Of The boAt Business Model

boAt focuses on the target audience, value proposition, multi-channel distribution strategy, customer relationships, and community building. The company targets youth and offers pocket-friendly, stylish, advanced, high-quality wearable and audio devices. With this segment, the company has established a robust brand identity which helped them create a loyal customer base. Further, the company sells earphones which are available between Rs. 350 and Rs. 550. Social media engagement is another crucial segment which helps the company engage with its customers. Moreover, the company continues to organise events and meetups to develop a sense of belonging among its customers and solve related queries. Such events help the brand connect with its target audience on a personal level and create a loyal community. 

Run-Through The Revenue Model 

The primary source of revenue of boAt comes from its sale of wearable and personal audio devices. The company follows a competitive pricing strategy which allows it to capture and grasp a vital market share while maintaining profitability. Further, the company has launched many products in its portfolio, including power banks, charging cables, and mobile cases, which further increases its revenue potential. In June 2023, the company launched Nirvana 525, ANC, the world’s first wearable neckband earbuds powered by Dolby Audio. As per the company’s official financial report, it earned Rs. 81.5 crore in revenue from the sale of cables, chargers, gaming equipment, and men’s grooming kits in FY22. 

boAt IPO Journey

In 2022, boAt filed a DRHP with SEBI worth Rs. 2,000 crores. The company expected to seek a valuation of 15.2 billion dollars with its IPO launch. boAt IPO will be a combination of fresh stock issues and an offer for sale. The launch of an IPO will be a great opportunity for real investors as they can earn high ROI in the future. However, people must make an early investment before the company goes public. 

Is Buying boAt Unlisted Shares Profitable?

Without any doubt, investment in boAt unlisted shares is profitable for people who want to be a part of boAt success. The company has been growing since its inception and has made a valuable place in the hearts of people. In the competitive landscape, where the established traditional players dominate the market, boAt performed well and emerged as a contender. If you want to invest in boAt unlisted shares or any other pre-IPO company, connect with India’s leading online stock broking platform, Stockify. The expert brokers will guide you throughout the trading process to provide you with a seamless experience. Connect with the broker at the earliest. 

Frequently Asked Questions

  1. What does the revenue model of boAt look like?

Ans. boAt earns revenue from various sources like competitive pricing strategy, paid partnership, events, community engagement, etc. 

  1. What is the current price of boAt unlisted shares?

Ans. Currently, boAt unlisted shares are available at Rs. 930. The prices fluctuate based on the company’s performance and market trends. 

  1. Is buying boAt unlisted shares a worthy option?

Ans. Yes, buying boAt unlisted shares is a good investment option for people who want to earn a high return on their investment in the long run. 

  1. Is it legal to trade in unlisted shares in India?

Ans. It is 100% legal to buy pre-IPO stocks in India. Without any tension, you can buy and sell unlisted shares. 

  1. How to buy boAt unlisted shares?

Ans. You can count on Stockify to buy and sell unlisted shares of boAt or other top pre-IPO companies in India. Connect with the expert brokers at Stockify today. 

Table of Contents

boAt revenue crossed Rs. 1500 cr in FY21 and earned Rs. 2,873 crore in FY22. Read here about the business and revenue model of the company in detail.


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Piyush Jhunjhunwala
Piyush Jhunjhunwala
CA, CPA, Ex. PepsiCo, Reckitt, Coty
CEO & Founder
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Rahul Khatuwala
Rahul Khatuwala
Ex. Wipro & Finaco Founder
Bangalore, India.