boAt was founded in 2016 by Aman Gupta and Sameer Mehta. The company currently has around 100 members on its team with offices in Delhi and Mumbai. The company has raised venture debt from Flipkart Co-founder Sachin Bansal’s BAC Acquisitions and InnoVen Capital and equity from Fireside Ventures till date.
boAt Lifestyle has crossed INR 500 crore in gross revenues in just over 4 years. Since inception boAt’s financial performance has been strong and is EBITDA positive. The brand which started by selling charger cables now has an extensive catalogue of headphones, earphones, speakers, wireless audio accessories, fitness bands (recently debuted in the wearable category), and more. boAt has been defying barriers in a sector dominated by established global brands and was recently ranked as the No.1 brand in the earwear segment, with around 20% market share as per the data released by leading IT market research and advisory firm International Data Corporation (IDC).
boAt is targeted at tech-savvy Millennial and Gen Z, who are looking for stylish and quality products that are premium looking yet affordable. It lists its products across both online e-commerce marketplaces including Amazon, Flipkart, Myntra, etc. and offline stores including Croma, Reliance Digital, Vijay Sales, etc. boAt has already created a community of over 2 million boAtheads (consumers) and sells anywhere between 14,000-15,000 units a day.
Work from home (WFH), workout from home, the stadium at home, entertainment at home, and study from home has acted as catalyst and boAt has witnessed a 20% surge in demand for its products in COVID times.
On the growth, Aman Gupta, Co-founder, boAt Lifestyle said, “Earphones, headphones, and mobile chargers have become indispensable in these times as everyone is connected through mobiles or gadgets for day to day activities. We are witnessing a strong uptake M-o-M as we continue to expand our portfolio. As a company, we have already achieved our 2021 targets that validates our competitive advantage backed by an agile business model with a focus on consumer needs, desires, and behavior patterns.”
