boAt Success Story - How the Brand Entertains People and Resets Minds!

Purbalee Dutta Purbalee Dutta Anik Banerjee Anik Banerjee
Jan 18, 2022 11 min read
boAt Success Story - How the Brand Entertains People and Resets Minds!

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by boAt.

Music systems are not portable! Hence, as a matter of fact, we all want such devices that can easily be carried with us while traveling. This is the idea that gave rise to headphones and earphones as a portable alternative to the traditional music systems. These devices can easily be carried from one place to another, thereby offering the same feel as the speakers and music systems.

With the emergence of headphones, music lovers, listeners of music, and other professionals can now listen to their favorite tracks, watch the movies of their choice, and talk with their office colleagues, managers, and friends without disturbing others. Though the headphones are being used for quite some time in India, just like they are used in any other part of the world, only a handful of Indian manufacturers can be spotted. Boat is one of the leading players among them, and the brand simply steals the show!

boAt has got an astonishing collection of earphones, earbuds, headphones, and wireless speakers that stands apart due to the quality, affordability, and world-class designs that the company offers. Founded in 2016, boAt is hailed as India's no. 1 earwear audio brand. The company allows users to experience both spirit and energy at the same time.

boAt has been dubbed as the 5th largest wearables brand globally since December 2020. Β 

If you are looking to have a glimpse of the success story of boAt, then StartupTalky has brought you all about boAt, its Business model, Revenue model, Startup story, Funding, Founders and team, Investors, Growth, Competitors, Future Plans, and more.

Boat - Company Highlights

Company Name Boat
Headquarters New Delhi, India
Sector Electronics and Fashion
Founders Sameer Mehta and Aman Gupta
Founded 2016
Funding $116.3 mn (December 2021)
Valuation $299.59 mn (INR 2200 Crore) as of April 2021
Revenue $206.07 mn (INR 1531 crores in FY21)
Website boat-lifestyle.com

Boat - Latest News
Boat - About
Boat - Startup Story
Boat - Founders and Team
Boat - Name, Tagline, and Logo
Boat - Business and Revenue Model
Boat - Funding and Investors
Boat - Growth and Revenue
Boat - Startup Challenges
Boat - Acquisitions
Boat - Awards and recognitions
Boat - Competitors
Boat - Future Plans
Boat - FAQs

Boat - Latest News

January 18, 2022 - Boat is all set to file DRHP with SEBI for its IPO as early as the next week, via which it is planning to raise around Rs 2,000 crore. With this boAt turns to be the first Indian D2C brand to file for an IPO. The Boat IPO will constitute a fresh issue of shares worth Rs 1,000 crore and an offer for sale worth Rs 1,000 crore.

January 15, 2022 - Boat parent Imagine Marketing Private Limited, acquires a smart wearable startup from Singapore, KaHa Pte Ltd (Cove IoT) for an undisclosed amount. This acquisition will be helping the boAt augment its wearables with KaHa's concepts.

January 7, 2022 - boAt's revenue grew to Rs 1,531 crore in FY21, its profit surges by 61% to Rs 78.6 crore in FY21. Β 

September 10, 2021 - boAt is looking to raise up to $500 mn (Rs 3500 crores) at a valuation of $1.4 bn and list itself for IPO early next year.

April 2021 - Qualcomm Ventures has invested INR 50 crore in Boat at a valuation of INR 2,200 crore.

January 2021 - Β Warburg Pincus led Series B for $100 Million

December 3, 2020 - boAt emerges as the 5th biggest wearables brand in the world.

Boat - About

boAt is an Indian company that markets audio-focused electronic gadgets like wireless speakers, earbuds (Airdopes), wired and wireless headphones and earphones, home audio equipment, premium rugged cables, and a selection of other technological accessories.

Boat - Startup Story

The founders wanted to create a lifestyle brand, which would bring fashionable audio products and accessories for the millennials. Boat is the brainchild of this idea. The company began its journey as a cable manufacturer and seller, which had rapidly expanded its categories to serve over 800,000 customers, as reported in 2020. Boat started as a bootstrapped startup with a capital of around Rs 3000000 lacs that came from the founders.


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Boat - Founders and Team

The founders of the Boat are Sameer Mehta and Aman Gupta.

Boat Owners
Boat Founders - Sameer Mehta and Aman Gupta.

Sameer Mehta

Sameer Mehta is the co-founder and the CPO of Boat. He is also the Executive Director of Kores presently. Sameer Mehta started his career at Redwood Interactive and was the owner of the company. Mehta completed his schooling at St. Xavier School, Mumbai, and pursued his bachelor's degree in Commerce from Narsee Monjee College of Commerce and Economics. Sameer also co-founded Imagine Marketing Pvt. Ltd.

Aman Gupta

Aman Gupta is also the co-founder and the CMO of Boat. He pursued his bachelor's degree in Commerce from Delhi University after which he joined The Institute of Chartered Accountants of India. Gupta also pursued an MBA, General Management and Marketing as an Exchange student at Kellogg School of Management from Northwestern University and then went for an MBA, Finance, and Strategy at the Indian School of Business. Starting as an Assistant Manager with Citi, Aman became the CEO and Co-founder of Advanced Telemedia Pvt Ltd. He then joined as a Senior Management Consultant at KPMG, Gupta then joined as a Sales Director at Harman International. Aman Gupta ultimately co-founded boAt in 2016 with Sameer. He also co-founded Imagine Marketing India, which became the parent of Boat in 2014. Β 

The tagline of the company is, 'plug into nirvana'. Nirvana means attaining complete peace and freedom, which the company aims to extend to the audiophiles of the country and other users.

Boat logo

Boat - Business and Revenue Model

The company focused on 3 important market strategies to create a good consumer base -

  • Consumer's Needs
  • Consumer's Desires
  • Consumer's Behaviour Pattern

The founders implemented their research on the products and made the products affordable, durable, and fashionable. boAt focuses on building a customer-brand relationship where it considers the buyers as a member of the Boat family. They also focused a lot on the brand Boat and presented it as an Indian brand. For the marketing of the brand, boAt decided to appoint cricketers and other celebrities as the brand ambassadors of Boat because the Indians are very fond of cricket and Bollywood films. All of these helped the company create a considerable consumer base and become a billion dollar company in India with smart pricing and attractive looks. Boat now claims of selling four products every passing minute.

Some other strategies that helped boAt climb the ladder of success in the audio segment of the Indian market are:

Keeping the customers first - Boat has decided to term its users "boatheads", thereby making them a part of their clan instead of keeping them anonymous.

A range of improvisations - Boat is known for its innovations and improvisations. The company carved out an indestructible cable for the Apple mobile users after discovering the endless complaints of the Apple charging cables. As soon as it sensed the urgency of sports and fall-proof headphones, boAt immediately moved out to build them, which are now available in a variety of colors.

Posing as a lifestyle brand - Boat marked them as a lifestyle brand rather than calling them as a consumer electronics brand.

An ever-expanding catalog of products - Boat products are ever-increasing. From cables to chargers to audio products, boAt is simply bringing new products powered by innovative technologies and awesome designs.

Targeting their customers - The youth and millennials are the target customers of the brand and the company is making sure to impress them at any cost. This is the way the company is speedily steering forth.

Digital marketing - The company has distinctively stayed away from the traditional media, thereby choosing the digital way for marketing. Social media platforms like Facebook and others have solely become the pillars of success for Boat.

The revenues of Boat mainly come through the sale of its products and their delivery charges. Β 


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Boat - Funding and Investors

Boat has raised a total amount of $116.3 million in funding over 6 funding rounds.

Date Transaction Name Money Raised Lead Investor
April 16, 2021 Series B $6.68 million Qualcomm Ventures
January 5, 2021 Series B $100 million Warburg Pincus
September 1, 2020 Debt Financing $3.34 million InnoVen Capital
July 26, 2019 Debt Financing $2.13 million InnoVen Capital
July 17, 2019 Debt Financing $2.67 million Navi Technologies
May 3, 2018 Venture Round $802K Fireside Ventures

boAt is eyeing IPO early next year. The company is currently looking to raise up to $500 Mn (Rs 3500 crores) at a valuation of $1.4 bn and then list itself between March and June 2022. Boat becomes the first Indian D2C brand to file for a Rs 2,000 crore-IPO, which plans to file its DRHP with SEBI in the last week of January 2022, as per the reports dated January 18, 2022. According to the sources close to the company, Boat is looking to have a fresh issue of shares and an offer for sale, both of which would be worth Rs 1,000 crore each.

Boat - Growth and Revenue

The company retails at Croma outlets and in Myntra, Amazon, Jabong, and Flipkart. Quality performance of the Boat products has helped the company a lot in achieving the growth it has witnessed over the years.

Here's a quick glance at some growth milestones of Boat:

  • Boat has gathered 800,000+ customers within a short span of 4 years
  • It claims to add one boAthead to its family within every 3 minutes that pass
  • The company sells 4 units every minute and over 6,000 units each day
  • boAt audio was declared as the leading brand in the earwear category with 27.3% of the market shares
  • The business has been profitable for 5+ years straight
  • Boat has its products in 5,000+ retail stores and is supported by more than 20 distributors

boAT posted a 2X growth in its revenues, which grew from Rs 704 crore in FY20 to Rs 1,531 crore in FY21. The revenue from operations of boAT was recorded at Rs 1,511 crore in FY21 while its other income recorded a revenue of Rs 19.57 crore. The EBIDTA of boAT was reported to be Rs 127.1 crore during FY21.

Boat increased its profits by 61% to Rs 78.6 crore in FY21 from Rs 48.85 crore, which it witnessed in FY20. However, boAt's expenditure ballooned 122%. It was last recorded at Rs 637.5 crore in FY20, which increased to Rs 1,420 crore in FY21.


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Boat - Startup Challenges

Boat started as a bootstrapped company in the initial years with a funding of around Rs 3 lacs from the founders and had to struggle initially for raising funds. Apart from this, the company faces numerous challenges day in and day out when it comes to manufacturing trendy products at affordable rates and bringing them to the market that is already packed with equally able competitors. Β  Β 

Boat - Acquisitions

boAt has acquired 2 companies - Tagg and Cove IoT. The latter is a recent acquisition made by Boat on January 15, 2022. The acquisition of the Singapore-based smart wearables IoT (internet-of-things) product development startup will help Boat enhance the development of its wearables with the help of KaHa Pte Ltd's (Cove IoT) innovative concepts and design.

boAt was set to acquire Delhi-based consumer electronics brand, Tagg Digital, according to the latest reports. Though the talks regarding the same were going on for around two months, recently the contours of the deal have been finalized. Furthermore, it has also been confirmed as part of the deal that the co-founders of the company and the Tagg Digital team would be joining boAt after the completion of the deal. The brand finally acquired Tagg on June 9, 2021.

Acquiree Name Date Price
Cove IoT January 15, 2022 -
TAGG June 9, 2021 -

Boat - Awards and recognitions

Boat was awarded and recognized on numerous occasions by a list of organizations, here's a look at some of the most prominent awards and recognition of the brand:

  • The company was declared as the "number 1 brand for truly wireless and earwear in India in 2020"
  • It was noted as the "5th largest wearable brand in the world in 2020"
  • Boat boasts of being the official audio partner for 6 Indian Premier League (IPL) teams in 2021
  • It has partnered with a wide range of celebrities and cricketers from Hardik Pandya to Diljit Dosanjh and Jacqueline Fernandez.

Boat - Competitors

The top competitors of the Boat are Gonoise, Mivi and Skullcandy.

Gonoise

Gonoise is the biggest rival of Boat. It is headquartered at Gurgaon, Haryana, India and was founded in 2014. Gonoise competes in the electronic equipment industry.

Mivi

Mivi is one of the biggest rivals of Boat. It is headquartered in Telangana, Andhra Pradesh, India and was founded in 2015. Mivi also operates in the electronic equipment industry.

Skullcandy

Skullcandy is also one of the top competitors of Boat. It is headquartered in Park City, Utah and was founded in 2003. Skullcandy also works in the electronics industry. Β 

Boat - Future Plans

The company believes that there is always a trend of buying earphones along with the new smartphones. Boat finds this concept to be a channel of success for them. According to the reports, the major phone makers are in the process of stitching new relations with audio companies. For example - Samsung has got JBL and Harman, Apple has Beats, and so on. These manufacturers are attracting consumers with hot deals so that the users don't buy earphones or headphones separately.

'That is where the market is moving', says Aman Gupta.

Video consumption would be a demand driver in the coming future.

Boat is currently aiming to provide more and more products to satisfy the increasingly high demand for technological gadgets and bring them at affordable rates to its users with style! The brand wants to help the Indians get all the quality technological devices that they need from the homegrown brand Boat, without letting them rely on the other foreign brands.

Boat - FAQs

When did Boat Company start?

Boat company started in 2016

Who are the founders of Boat?

The founders of the Boat are Sameer Mehta and Aman Gupta.

Is Boat an Indian company?

Boat is an Indian Company. It is headquartered in New Delhi, India

How much is Boat's valuation?

Boat's valuation is around Rs 2200 crore as of 2021, as of April 16, 2021.

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