BoAt Lifestyle
 | |
| Company type | Private |
|---|---|
| Industry | Consumer electronics |
| Founded | November 14, 2016 |
| Founder | |
| Headquarters | Mumbai, Maharashtra, India |
Area served | Worldwide |
Key people |
|
| Products |
|
| Revenue | ₹3,122 crore (US$360 million) (FY24) |
Number of employees | ~150 |
| Parent | Imagine Marketing Services Pvt. Ltd. |
| Website | www |
boAt Lifestyle is an Indian consumer electronics company headquartered in Mumbai, Maharashtra. Founded in 2016 by Aman Gupta and Sameer Mehta, it specializes in audio and wearable technology, offering products like wireless earphones, headphones, smartwatches, and speakers. Known for affordable, stylish, and durable products, boAt targets millennials and has become a leading brand in India’s audio market, holding a significant market share. The company operates under Imagine Marketing Services Pvt. Ltd. and has raised $171 million in funding. In FY24, boAt reported revenues of ₹3,122 crore, with a focus on expanding domestic manufacturing and preparing for an initial public offering (IPO) within 18 months.[1][2]
Founders & Leadership
- Aman Gupta (Co-founder, CMO): A Chartered Accountant and B.Com graduate from Delhi University, Gupta holds an MBA in Finance and Strategy from the Indian School of Business. He previously worked as an Assistant Manager at Citigroup and as Director of Sales at Harman International, managing brands like JBL. Gupta gained public recognition as a judge on Shark Tank India.[3]
- Sameer Mehta (Co-founder, CEO): A commerce graduate from Narsee Monjee College of Commerce and Economics, Mehta is an entrepreneur with experience as the owner of Redwood Interactive, which distributes gaming peripherals under the Redgear brand. He also serves as Executive Director at Kores India.[3]
- Vivek Gambhir (CEO): Holds degrees from Lafayette College and an MBA from Harvard Business School. Previously, he was CEO at Godrej Consumer Products and a partner at Bain & Company.[4]
Origin & Founding Story
boAt Lifestyle was founded in 2016 by Aman Gupta and Sameer Mehta with an initial investment of ₹30 lakh. The duo identified a gap in the Indian market for affordable, stylish audio products targeting millennials. Starting as a cable manufacturer, boAt pivoted to audio devices, launching earphones and headphones. The brand’s name, inspired by the idea of “riding the waves of life,” and its tagline, “Plug into Nirvana,” reflect its focus on immersive audio experiences. By leveraging digital marketing and partnerships with e-commerce platforms like Amazon India and Flipkart, boAt rapidly gained traction, establishing itself as a lifestyle brand rather than a traditional electronics company.[5][3]
Timeline
| Year | Milestone |
|---|---|
| 2013 | Imagine Marketing Services Pvt. Ltd. incorporated.[6] |
| 2016 | boAt Lifestyle founded by Aman Gupta and Sameer Mehta; launched earphones and headphones.[3] |
| 2018 | Secured ₹6 crore from Fireside Ventures; revenues reached ₹108 crore.[7] |
| 2020 | Became the fifth-largest wearable brand globally, per IDC.[8] |
| 2021 | Raised $100 million from Warburg Pincus; revenue reached ₹1,531 crore.[9] |
| 2022 | Filed for IPO with SEBI; later deferred.[10] |
| 2023 | 70% of products manufactured in India; revenue hit ₹4,000 crore.[11] |
| 2024 | Achieved EBITDA profitability; revenue at ₹3,122 crore.[2] |
Funding
| Date | Round | Amount | Investors |
|---|---|---|---|
| May 2018 | Equity | ₹6 crore | Fireside Ventures[7] |
| January 2021 | Series B | $100 million | Warburg Pincus[9] |
| April 2021 | Debt | ₹50 crore | Qualcomm Ventures[12] |
| 2022 | Debt | ₹500 crore | Undisclosed[11] |
| Total | $171 million | Multiple[1] |
Business Model
boAt Lifestyle operates a direct-to-consumer (D2C) model, focusing on online sales through e-commerce platforms like Amazon India, Flipkart, and its own website, which account for over 80% of its revenue. The company also sells through offline retail stores such as Croma and Vijay Sales. Its primary revenue comes from audio products (70%), with wearables and accessories contributing the rest. boAt targets millennials with affordable, stylish products, emphasizing digital marketing and celebrity endorsements to build brand loyalty. Partnerships with events like Lakmé Fashion Week and sports teams enhance its lifestyle branding. The company is transitioning to premium audio products and increasing domestic manufacturing to improve margins.[2][8]
Products / Services
boAt offers a range of consumer electronics, including:
- Rockerz Series: Wireless headphones and earphones with up to 30 hours of playback.[5]
- Airdopes: True wireless stereo (TWS) earbuds with features like active noise cancellation.[13]
- Stone Series: Waterproof portable Bluetooth speakers designed for outdoor use.[5]
- Nirvana Series: Premium audio devices with advanced features like AMOLED displays.[4]
- Smartwatches: Include Bluetooth calling and fitness tracking.[3]
- Accessories: Travel chargers, power banks, and rugged cables.[14]
Growth & Metrics
As of 2023, boAt has served over 20 million customers and sells approximately 15,000 units daily. It holds a 30.6% market share in India’s audio wearable segment and ranks as the fifth-largest wearable brand globally, per IDC. In FY24, boAt reported revenues of ₹3,122 crore, a slight decline from ₹3,285 crore in FY23, but reduced its net loss by 47% to ₹81.7 crore. The company employs around 150 people across offices in Mumbai and Delhi. boAt has expanded to 5,000+ retail stores and is focusing on premium audio to drive future growth.[3][2][8]
Legal Entity Information
| Parameter | Details |
|---|---|
| Legal Name | Imagine Marketing Services Pvt. Ltd. |
| Foundation Date | 14 November 2013 |
| Registrar of Companies (ROC) | RoC-Mumbai |
| Corporate Identification Number (CIN) | U74120MH2013PTC249758 |
| Registered Address | 501b, Shri Guru Har Krishan Bhavan, Charat Singh Colony Road, Chakala, Andheri East, Mumbai, Maharashtra 400093, India |
| Email ID | info@imaginemarketingindia.com |
| Company Status | Active |
| Directors |
|
| Authorized Share Capital | ₹15 crore |
| Paid-up Capital | ₹9.61 crore |
Acquisitions and Investments
boAt acquired:
- KaHa Pte Ltd (2021): A Singapore-based IoT wearable startup to enhance smartwatch development.[15]
- Tagg Digital (2021): An Indian consumer electronics startup focused on smartwatches and audio products.[15]
Media & Public Recognition
boAt has received significant media coverage, with 77 events reported in 2024, including 50 company updates and 10 partnerships.[1] The company was featured in Forbes India for its revenue growth and in Business Standard for its IPO plans. boAt won awards for innovation and was recognized as the top earwear brand in India with a 27.3% market share in FY19. Its co-founder, Aman Gupta, gained prominence through Shark Tank India, boosting brand visibility.[12][16]
FAQs
- What is boAt Lifestyle known for?
- boAt is known for its affordable, stylish audio and wearable products, including earphones, headphones, smartwatches, and speakers, targeting Indian millennials.[14]
- Who founded boAt Lifestyle?
- The company was founded by Aman Gupta and Sameer Mehta in 2016.[3]
- What is boAt’s market position?
- boAt is India’s leading earwear brand and the fifth-largest wearable brand globally, per IDC.[8]
- Is boAt planning an IPO?
- Yes, boAt plans to launch an IPO within 18 months from June 2024, aiming to raise ₹2,000 crore.[2]
External Links
Related Startups
References
- ↑ 1.0 1.1 1.2 "boAt - 2025 Company Profile". Tracxn. Retrieved 26 May 2025.
- ↑ 2.0 2.1 2.2 2.3 2.4 Mehta, Sameer (5 June 2024). "BoAt to scale down wearables biz, focus on high-end audio products". Business Standard. Retrieved 26 May 2025.
- ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 "boAt Success Story". StartupTalky. 8 April 2025. Retrieved 26 May 2025.
- ↑ 4.0 4.1 4.2 "BoAt In depth company deep dive report". Altius Investech. 2 September 2024. Retrieved 26 May 2025.
- ↑ 5.0 5.1 5.2 "BoAt Success Story". Traffic Tail. 23 February 2023. Retrieved 26 May 2025.
- ↑ 6.0 6.1 "BoAt (company)". Golden. Retrieved 26 May 2025.
- ↑ 7.0 7.1 "How consumer electronics startup boAt rode millennial India's music obsession". YourStory. 28 January 2019. Retrieved 26 May 2025.
- ↑ 8.0 8.1 8.2 8.3 "boAt Marketing Strategy". Buildd. Retrieved 26 May 2025.
- ↑ 9.0 9.1 Singh, Manish (6 January 2021). "Boat raises $100 million from Warburg Pincus". TechCrunch. Retrieved 26 May 2025.
- ↑ Singh, Manish (27 January 2022). "Boat files for an IPO". TechCrunch. Retrieved 26 May 2025.
- ↑ 11.0 11.1 "70% Of boAt Products Are Now Made In India". Inc42. 2 September 2023. Retrieved 26 May 2025.
- ↑ 12.0 12.1 "boAt Case Study and Marketing Strategy". CIIM. 5 February 2022. Retrieved 26 May 2025.
- ↑ "Boat Nirvana Crystl TWS Earbuds Launched in India". Gadgets 360. 21 March 2025. Retrieved 26 May 2025.
- ↑ 14.0 14.1 "boAt Lifestyle Company Profile". YourStory. Retrieved 26 May 2025.
- ↑ 15.0 15.1 "boAt Success Story & Business Model". Finology Insider. 23 May 2022. Retrieved 26 May 2025.
- ↑ Gupta, Aman (20 March 2025). "Indian Consumers Have Shed Colonial Hangover of Foreign Brands". Outlook India. Retrieved 26 May 2025.
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