Red Flags Surface as IPO-Bound boAt Faces Leadership Shake-Up and Rising Attrition

In a surprising move, Aman Gupta, the co-founder and the face of the brand, stepped down from active operations.

Sameer Mehta has transitioned into the role of Executive Director, while Gaurav Nayyar, the company’s COO, now takes the helm as CEO.

Leadership exits right before a listing rarely goes unnoticed.

• According to its latest DRHP, the company also disclosed a 34% employee attrition rate in FY25, up from 28% the year before. That means one in three employees left the company in a single year.
• It’s leadership churn, high attrition, and an uneasy road to the IPO.

Despite the red flags, boAt remains India’s market leader in wearables, with over 27% market share in audio and strong recall across Tier 2 and 3 cities.

Its return to profitability in FY25 shows operational discipline.

The IPO Backstory

When boAt first filed for an IPO in 2022, it was a market darling.

 A ₹2,000 crore issue backed by booming D2C optimism.

 But as markets cooled and losses widened, the plan was shelved.

 Now, three years later, the brand is trying again with a  ₹1,500 crore IPO.

• In FY25, boAt turned profitable with ₹61 crore in PAT and ₹3,100 crore in revenue, but the real question isn’t about profits—it’s about consistency.

Above all, one thing  will test: Can boAt turn brand loyalty into lasting investor trust?