BoAt is a well-known brand in the Indian market that is famous for selling earphones, headphones, chargers, cables and smartwatches. In the initial days, boAt used influencer marketing by onboarding famous faces like Neha Kakkar, Hardik Pandya and Shreyas Iyer to capture a significant share of the Indian market. Indeed, it was a great marketing and promotion strategy opted for by the Indian start-up, and it gave the company the initial revenue and growth it expected from the market. With a fantastic start in the Indian market, the company further launched a few products like smartwatches, true wireless earbuds and headphones to capture the wearable market and successfully occupied a 25.6% market share. With amazing performance in the retail market, the Indian tech startup gears for an initial public offering and dominates the wearable market. In this write-up, we will discuss how boAt will lead the Indian wearable market with the M&A arms.
An Overview Of boAt
Established in 2013, boAt (Imagine Marketing Services Pvt. Ltd.) is an Indian company that started as a cable manufacturer and seller. Initially, it purchased earphones and accessories from Chinese sellers and sold them in the Indian market with the “boAt” branding. Since then, the company has emerged as a famous global brand selling fashionable audio devices, premium chargers and headsets. The company gained over 70,000 happy and satisfied customers in the next few years and became the 5th largest global brand in 2020 for wearable music gadgets.
Currently, boAt sells various products. To acquire potential customers, boAt sells products on almost all e-commerce platforms, including Amazon, Flipkart, Myntra, Reliance Retail, Croma and their official website. However, the company is believed to be virtually born from Amazon's official website. BoAt has also partnered with 6 popular IPl teams, including Mumbai Indians and Chennai Super Kings. The Indian brand also promotes products via brand endorsements with popular Bollywood and cricket personalities like KL Rahul, Shikhar Dhawan, Kartik Aryan, Kiara Advani and Jacqueline Fernandez.
Financial Stats Of boAt
In FY22, boAt was ranked as the number 1 wireless hearable brand by value and volume, and it was ranked number 2 in the smartwatch segment. Furthermore, the Indian tech company’s share in the wearable and audio market has significantly increased in the last few years and is expected to continue surging. For FY 21 and FY 22, the company multiplied its growth by two folds. But the company’s net profit shrunk by 20% in FY 22 as the procurement costs outpaced its revenue. BoAt’s revenue jumped by 2.2X to Rs 2,873 crore in FY 22, which was 1,314 crore in FY 21. The company is leading the market in multiple segments and has established itself as a one-stop brand for all needs.
How Is boAt Going To Dominate In The Wearable Market?
The Indian wearable market is growing exponentially, and boAt dominates the sector with a 25.6% share, flourishing at 102.4% on-year. The company is expected to continue its growth in the wearable segment with its extraordinary marketing gimmicks and innovative products. BoAt is the leading brand in the TWS (True Wireless Stereo) segment with a 30.6% share, growing at 81.9%per year.
BoAt rapidly understood the market gap and introduced its wearable products despite low competition. The result - It gained significant success by establishing its name in the Indian market. Another reason behind boAt's popularity is its innovative products, available in premium quality at affordable prices. BoAt also entered the market segments with less competition, and being a reputed and recognised brand, everyone started buying its products. BoAt also experimented with its products and modified them to meet the changing needs of the users, which is again a fantastic gimmick that led to success. Lastly, the D2C electronics brand has set up a mergers and acquisitions branch for domestic and international acquisitions in the tech space and is planning to create a hub of similar startups like GoodGlamm Group & Mensa Brands after proceeding with its initial public offering. The company has already drafted a paper to go public and get listed anytime soon.
Benefit boAt’s Growth By Investing In Its Unlisted Shares Using Stockify
BoAt is a leading Indian tech brand that has significantly penetrated the hearable and wearable market and secured a safe spot. Furthermore, the company is gearing up for an IPO which makes its unlisted shares a valuable thing to invest in. BoAt share prices today are trading at Rs 785 per equity share, and as per market experts, the price is definitely going to surge amid the public offerings. To buy unlisted shares of boAt or any top-performing company, you can count on Stockify, which is India's leading online broking platform. You can connect with the in-house team of brokers at Stockify to know about financial stats, EBITDA, market valuation, equity per ratio, and more.
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