A Story of Innovation and Strategy : How boAt is Redefining the Audio Technology

Introduction to boAt

boAt is an Indian consumer electronics company that sells audio products and accessories, in the tech industry specializes in marketing an impressive array of audio-centric electronic gadgets, that offers well-designed, aspirational products at accessible price points, and provide affordable, durable, and fashionable audio products and accessories to millennials.

Incorporation – The company was founded in 2016 by Sameer Mehta and Aman Gupta.

Mission and Vision of boAt

The mission of boAt company is to provide audio and wearable solutions that enhance the quality of life for its customers. The brand aims to create products that not only deliver superior sound quality but also reflect the unique style and personality of the user. boAt’s vision is to be a global leader in the audio and wearable industry, known for its commitment to innovation, quality, and customer satisfaction.

Founder Details of BoAt

Sameer Mehta and Aman Gupta are the co-founder and CMO of Indian electronics brand boAt Lifestyle. Sameer Mehta owns Redwood Interactive, which has computer gaming peripherals under the brand RedGear. Aman Gupta is an Indian entrepreneur and angel investor.

• Aman Gupta Education

Aman Gupta completed his early education from Delhi Public School, R. K. Puram. Graduated from Shaheed Bhagat Singh College under Delhi University with a Bachelor of Commerce degree and Aman then joined Institute of Chartered Accountants of India. He holds an MBA in General Management and Marketing from Northwestern University as an exchange student at the Kellogg School of Management and an MBA in Finance and Strategy from the Indian School of Business.

• Aman Gupta Career

Aman Gupta started his career with Citi as the Assistant Manager from March 2003 to August 2005. He co-founded Advanced Telemedia Pvt. Ltd. and served as its CEO from September 2005 to March 2010, from June 2011 to February 2012, Gupta served as the senior management consultant at KMPG, and associated with Harman International, a Samsung company, as its India sales director from March 2012 to December 2013. He co-founded Imagine Marketing in April 2014. Sameer Mehta and Aman Gupta co-founded BoAt in January 2016 and is currently serving as its CMO. Aman Gupta served as a judge show Shark Tank India & also the first entrepreneur to walk the red carpet at Cannes in 2023.

• Awards and Recognitions

He received the Business World Young Entrepreneur Award in 2019 and was inducted into the Entrepreneur India Tech 25 Class. In 2020, he bagged another award, being featured in the Super 30 CMO’s and awarded “Entrepreneur of the Year”, whereas “40 Under 40 Achievers” includes him in the list from Business World. In addition, he received the Economic Times’ 40 Under 40 award in 2021 and the Lokmat Most Stylish Entrepreneur of the Year award. Most recently, he earned the National Creator Award for Celebrity Creator in 2024.

Funding Rounds of boAt

boAt has raised a total amount of $177 million in funding over 8 funding rounds.

 IPO Details of boAt

boAt has selected ICICI Securities, Goldman Sachs, and Nomura as bankers for its $300-500 million public offering planned for FY25. The company may aim for a valuation of over $1.5 billion. After delaying its IPO in 2022 due to market conditions, boAt raised $60 million in private funding at a $1.2 billion valuation. Despite a 5% revenue dip to INR 3,285 crore for FY24, the company reduced its losses to INR 70.8 crore with positive EBITDA.

boAt – Acquisitions

boAt has acquired two companies to date: KaHa Pte on January 15, 2022, and TAGG on June 9, 2021.These strategic acquisitions reinforce boAt’s commitment to innovation and market expansion in the audio technology sector.

 Financials of boAt

 As per regulatory filings, boAt’s audited revenue dropped by 5% to INR 3,122 crore in FY24 from INR 3,285 crore in FY23, while the company reduced its loss by 47% to INR 54 crore in FY24 from INR 101.1 crore the previous year. Also, boAt achieved a positive EBITDA in FY24, signaling a return to profitability and stronger unit economics than FY23.

boAt – Growth and Revenue

boAt’s Annual Revenue stood at ₹3,140 Cr ($379M) as on Mar 31, 2024BoAt has gathered a community of more than 3 million customers, whom they proudly call ‘boAtheads’. It claims to add one boAthead to its family within every 3 minutes that pass. The company sells four units every minute and over 6,000 units each day as it reported in 2022. boAt became the 5th largest wearables brand globally, as per a news report of December 2020. And  has surpassed Xiaomi and Samsung to become the 2nd-largest wearable brand after Apple, according to the IDC (International Data Corporation) report for Q3 2023.

boAt – Awards and Recognitions

In Q3 of CY21, boAt became the “Number 1 brand for truly wireless and earwear in India, the company was recognized as the “5th largest wearable brand in the world in 2020” boAt served as the official audio partner for six Indian Premier League (IPL) teams in 2021,and 16th season of the IPL, boAt became the official wearable partner for RCB and GT and the official audio partner for KKR. Celebrities and cricket players that the brand has partnered with include Hardik Pandya, Diljit Dosanjh, and Kiara Advani.

Competitors of boAt

• Noise
• Fire-Boltt
• OnePlus
• Ubon
• Xiaomi

 Conclusion

boAt has been able to capture the world of electronic gadgets in a mesmerizing way. It has established itself as the 5th largest brand of wearables in the world and the number ‘1’ audio earwear brand in India. By putting all the branding strategies properly, and selecting their target audience carefully, boAt has achieved an immense level of success and it is only going to get bigger and better in the future.

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