26 July 2024
boAt, a prominent brand in audio and wearables, announced that it achieved a remarkable feat in FY23, generating net sales of Rs 4,000 crore. During the same period, the company manufactured approximately 15 million products within India.
The company attributes its success to its consistent presence in the audio sector and its establishment as a leader in the rapidly expanding wearables category. With the support of private equity funding, including investments from Warburg Pincus, boAt is confident in its position and financial strength to make aggressive investments. The aim is to solidify its standing as a leading wearables brand in India, similar to its accomplishments in the audio domain, according to Sameer Mehta, Co-founder and CEO of boAt.
According to IDC reports, India witnessed a significant growth of 80.9% YoY in wearable shipments in the first quarter of 2023, reaching 25.1 million units. boAt's Imagine Marketing maintained its position as the market leader with a 25.6% share, experiencing a remarkable 102.4% growth rate. The smartwatch category, including basic and advanced models, emerged as the fastest-growing segment with 10.4 million shipments and a substantial YoY growth of 178.9%.
boAt is pursuing a distinctive approach in the wearables sector, emphasizing substantial investments in software and its in-house application. The company remains committed to the "Make in India" initiative, evident in its swift transition to Indian manufacturing and the establishment of a joint venture with Dixon Technologies, as mentioned by Mehta