Strong Buy

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Strong Buy

Business Type

Startup - Growth Phase



Strong Buy

Business Type

Startup - Growth Phase

Imagine Marketing Limited, often known as boAt, is an unlisted public company founded on November 1, 2013. It is a public limited corporation, headquarters in Mumbai, Maharashtra. It has a paid-up capital of INR 20.47 crore and an authorized share capital of INR 26.54 crore. It is the parent company of boAt, they filed a DRHP with SEBI on 26 January 2022 for an IPO of Rs. 2,000 crores. Currently, the company's shares are being traded in the unlisted shares market, shares named as BoAt Unlisted Shares. This IPO offer includes a 900 crore fresh issue of equity shares and a Rs. 1,100 crore offer for sale, as detailed in the DRHP. In addition, the business intends to collect Rs. 180 crores through a pre-IPO placement. So far, the business is awaiting SEBI permission before launching its initial public offering (IPO) in the market. The objectives behind the Boat IPO are:

- Increase your visibility by participating in a variety of lifestyle categories.

- To continue investing and propel the brand forward.

- Expand marketing ability to reach a larger consumer base.

- Develop strong design, R&D, and technical capabilities.



Face Value


Total Share


Total Income

₹1,320.38 Cr

Profit After Tax

₹86.54 Cr

Promoter Holding

80.10 %







Market Capitalisation

₹9,246.51 Cr

Enterprise Value

₹9,149.31 Cr

Book Value


Intrinsic Value


Earnings Yield

0.93 %


Consumer Discretionary


Home Electronics & Appliance



Cashflow - Operations

-₹142.10 Cr

Cashflow - Financing

₹270.78 Cr

Boat Growth

Compounded Sales Growth

  • 115.68%

    1 Year

  • 141.18%

    2 Year

  • 131.12%

    3 Year

Pro Only

Compounded Profit Growth

  • 81.05%

    1 Year

  • 228.14%

    2 Year

  • 143.75%

    3 Year

Pro Only

Return On Equity

  • 32.31%


  • 101.03%


  • 51.00%


Pro Only

About Boat

  • Imagine Marketing Limited manufactures and sells consumer electronics products in India and internationally.
  • The company offers wired headphones and earphones, wireless headphones, and earphones (neckbands), true wireless stereos (TWS), Bluetooth speakers, home theatre systems, and sound bars, wearables smartwatches, gaming accessories, such as wired and wireless headsets, mouses, and keyboards, personal care appliances, including trimmers and grooming kits, and mobile accessories, such as chargers, cables, power banks, and other accessories.
  • The company sells its products under the boat, RedGear, TAGG, Misfit, and DEFY brand names.
  • The company also sells its products online. Imagine Marketing Limited was incorporated in 2013 and is based in Delhi, India.
  • Currently, the firm works with Chinese manufacturers and suppliers.
  • The company was started in 2013 and is based out in Delhi. As of September 30, 2021, the company has operated entirely out of leased premises. They have leased their offices in New Delhi and Mumbai, co-working space in Bangalore, and warehouses.

  • Boat IPO Details

Offer for Sale

₹ 1100.00 Cr

Fresh Issue

₹ 900.00 Cr

Total IPO Size

₹ 2000.00 Cr

  • Boat Funding

Funded By Funding Amount Date of Investment Funding Round
Qualcomm Ventures $ 6.60 M Apr 2021 Series B
Warburg Pincus $ 100 M Jan 2021 Series B
South Lake Investment $ 59.70 M Dec 2020 Series B
InnoVen Capital $ 3.40 M Sep 2020 Debt
Innoven Capital India Private Limited ₹ 160 M 26 Jul 2019 Venture
BAC Acquisitions Private Limited ₹ 200 M 17 Jul 2019 Venture
Fireside Ventures ₹ 60 M May 2018 Seed
  • Boat Merger & Acquisition


  • On 10th January 2022, the subsidiary of the company Imagine Marketing Singapore entered into a share purchase agreement with Kaha Entities to acquire a 100% stake in their entity. The company has built IoT devices before and offers a wearables-focused platform with proprietary AI and machine learning capabilities and end-to-end smart wearable solutions.
  • On 6 January 2021, an unknown buyer acquired an unknown minority stake in Imagine Marketing Private Limited from Fireside Investment Advisory LLP.
  • Boat Subsidiaries


  • Imagine Marketing Singapore Private Limited
  • HOB Ventures Private Limited
  • Dive Marketing Private Limited

Kaha Entities:

  •  KaHa India SPA
  •  KaHa Investor SPA
  •  KaHa Promoter SSPA
  •  KaHa Technologies Private Limited
  • KaHa Technologies Shenzhen Co. Ltd
  •  Dive Marketing Private Limited

Boat Business Model

  • In India and worldwide, the company makes and sells consumer electronics. Wired and wireless headphones and earphones (neckbands), true wireless stereos (TWS), Bluetooth speakers, home theatre systems, and sound bars, wearables smartwatches, gaming accessories such as wired and wireless headsets, mice, and keyboards, personal care appliances such as trimmers and grooming kits, and mobile accessories such as chargers, cables, power banks, and other accessories are all available from the company. It sells its goods under the names of boat, RedGear, TAGG, Misfit, and DEFY. The company also offers its goods on the internet.
  • Boat Revenue Segmentation

  • Revenue generated from audio products
  • Revenue generated from wearable products
  • Revenue generated from other operating products
  • Revenue generated from other income
  • Boat Product & Services

Product Portfolio:

The product portfolio of the company includes different products under different brands such as:

BrandsProduct Category
BoatAudio, wearables and mobile accessories
Red Gear Gaming accessories
DefyAudio and wearables
MisfitPersonal care
TaggAudio and wearables

  • Boat Assets

Assets as on 30 September 2021:

Assets Amount in lakhs.
Plant and EquipmentRs.10
Office EquipmentRs.35
  • Boat Industry Overview

Industry Statistics

Hearables and Wearables Industry:

  • The term "hearable" is a combination of the phrases "wearable" and "headphone," as hearables integrate key features of wearable technology with the fundamentals of audio-based information services, traditional music rendition, and wireless connectivity.
  • According to Redseer Analysis wired earphones and headphones, wireless earphones and headphones, and truly wireless earbuds are all part of the hearables business. The Indian hearable market has expanded at a Compounded Annual Growth Rate (CAGR) of nearly 31% from around Rs. 99 Bn. (approximately USD 1.3 Bn.) in FY18 to approximately Rs.170 Bn. (approximately USD 2.3 Bn) in FY20. 
  • Activity bands and smartwatches make up the wearables market. It has expanded at a CAGR of nearly 39% from approximately INR16 Bn. (approximately USD 0.2Bn.) in FY18 to approximately 32 Bn. (approximately USD 0.4 Bn.) in FY20. Smartwatches account for roughly 76% of the Indian wearables market, although they account for substantially bigger shares in other countries (approximately 95 % in the US and approximately 81% in the MEA region). Although users are increasingly migrating to advanced smartwatches, activity bands still maintain a 24% market in India in FY21.
  • According to Redseer Analysis, In India, the value share of wired earphones in the overall hearables market fell from 92% in FY18 to around 49% in FY20, and is expected to fall even lower to 10-15% by FY25. As smartphones have shifted to USB C-type connections, wired headphones with 3.5 mm jacks have been incompatible with modern devices. This decline has aided the migration to fully wireless, which have risen from around 4% and 5% of the market in FY18 to approximately 26% and 25% in FY20, respectively. By FY25, truly wireless is expected to account for 45-50% of the hearables market, increasing at a CAGR of 40-55%, while wireless is expected to account for 35-40%, rising at a CAGR of 35-45%.
  • In terms of value, India's wired headphones market accounts for 49% in FY21 of the total hearables market. Wired earphones are affordable to a vast proportion of the population because they are the cheapest of the hearables.

Growth Drivers:

  • Technological Improvements: Wireless and truly wireless earphones are being made on a wider scale with more cheap branded and unbranded product lines that may cater to the demands of a larger portion of the population in India, thanks to better and accessible technology.
  • Multiple Use-Cases: Hearing aids have a variety of applications, leading to users owning many pairs of headphones/earphones for different purposes. This is especially true for Gen-Z and Millennials, who are advanced users who own a variety of devices for gaming, travel, calling, and other activities. As customers diversify their use-cases and brands produce novel products in a fast-paced market, this is also driving shorter replacement cycles for hearables.
  • Unbundling of Earphones and Smartphones: Most national and international smartphone vendors have discontinued including wired earbuds in their phone boxes in recent years. Consumers are buying hearable products separately as a result of the unbundling, which has opened up significant opportunities for players in the hearables market to innovate beyond the simply wired earphones provided by smartphone companies, and offer a wide range of wired, wireless, and truly wireless earphones and headphones.

Key Trends:

  • Growing Aspirational Segment: In India, rising per capita income has created a sizable aspirational middle class. Through social media, this demographic has become acutely aware of global trends and seeks to adopt new-age branded products such as genuinely wireless headphones and smartwatches. Because of low data rates and easy access to smartphones, a growing share of the middle class is getting online. The aspirational category rose from 12% and 15% of the hearables and wearables markets, respectively, in FY18 to 25% and 15% in FY20. In the hearables and wearables markets, the segment is expected to grow at CAGRs of 30-40% and 70-85%, respectively, to achieve 40-50% market share in the hearables and 50-60% market share in wearables.
  • Shift from Unbranded to Branded Products: The unbranded category has traditionally dominated India's hearables market. However, because of increased brand attachment among customers, there has been a substantial shift towards branded hearables items in recent years. The unbranded market segment's contribution to the hearables market, which was roughly 84% by volume (about 71% by value) in FY18, has declined to 71% by volume (45% by value) in FY20, increasing the share of the branded sector.
  • The Rise of Digital-first Brands: Digital-first companies have been gaining pace in the hearables market, and by FY20, they will account for roughly 27% of the total volume of hearables. Traditional retail is limited to digital-first firms. The latter, on the other hand, are tech-driven companies with more access to and reliance on data and analytics. Digital-first firms are often the first to launch new products and innovations to the market due to their agility in customer connection and engagement, both before and after the sale. By FY25, digital-first brands are expected to have a 45-55% volume share in the Indian hearables industry.
  • The Rise of Online and Omni-channel Retail: Between FY18 and FY20, online channels, including eCommerce marketplaces and Direct-to-Customer channels, expanded from 40% to 50% of the entire hearables and wearables retail market. Online shopping has become a simple way for a youthful and ambitious userbase with higher digital maturity and discretionary income to discover new-age domestic companies at reasonable costs. Online payments have also become more frictionless thanks to UPI, QR codes, and cash on delivery, making it easier for everyone to shop online and trust the process. Improved logistics expand the scope of online platforms and provide a quick and painless delivery experience. Due to these considerations, the online channel is expected to increase to 60-65% of the hearables and wearables retail market by FY25.

Major Peers:

  • JBL, Real me, Infinity, Nexxbase (Noise), and Palred (pTron) are some major peers in the hearables market in India.

Future Prospects


  • As per Redseer Analysis, hearables are estimated to increase at a CAGR of 25-35% during the next five financial years, reaching  Rs.517-765 Bn. by FY25.
  • In India, the wearables industry is expected to develop at a CAGR of 40-55% over the next five financial years, reaching a size of Rs.170-275 Bn. rupees by FY25.

Government Initiatives

Government Regulators:

  • Ministry of Consumer Affairs: The Ministry of Consumer Affairs, Food and Public Distribution, Government of India ("Ministry of Consumer Affairs") has also notified the Consumer Protection (ECommerce) Rules, 2020 ("E-Commerce Rules"), which provide a framework to regulate the marketing, sale, and purchase of goods and services online, in accordance with the Consumer Protection Act. The E-Commerce Rules apply to e-commerce entities that own, operate, or manage a digital or electronic facility or platform for electronic commerce, but not to sellers who sell their goods or services through a marketplace e-commerce entity. The Ministry of Consumer Affairs has also made proposed E-Commerce Rules modifications available for public discussion.

Boat Awards & Achievements

Awards, Accreditations and Recognitions :

Year Details
  • Recognized as a top 50 venture at Startup50 Awards by Smart CEO
  • Awarded ‘The promising Brand 2019’ by Economics Times
  • Awarded ‘India’s Hottest Entrepreneur’ to Aman Gupta by BW Businessworld
  • Awarded ‘Best in Ear Earphone’ to boAt Bassheads 225 at Mobility Accessories Awards
  • Awarded Gold for #iamaboAthead Digital Campaign at Great Lifestyle Brand Awards
  • Recognized as Rising Stars Entrepreneurs Tech 25 Class of 2019 in the Entrepreneur Magazine to Aman 
  • Gupta and Sameer Mehta
  • Awarded ‘Most Promising Headphones Player’ by BGR Tech
  • Awarded ‘Best Mobile Accessories Brand’ at Mobility Accessories Awards
  • Awarded ‘Best Earbuds Brand’ at DT Awards
  • Awarded ‘Best FMCD/FMCE Influencer Campaign- Bronze’ by Exchange4media
  • Awarded ‘Most Powerful Brand of the Year-Emerging’ by License India
  • Secured 8th Position in LinkedIn Top Startups to work for
  • Awarded ‘Best Campaign’ - Bronze’ for Use of Mobile and Mobile Monetization by Exchange4media
  • Awarded ‘Best Use of Mobile’ by ET BrandEquity.com
  • Awarded ‘Best Use of Branded Content and Creators-Silver’ for #ItsEffinDope by Social Samosa
  • Secured 1st Prize for R&D Large Scale by Elcina

Boat Strengths

  • Because of its economical and high-quality products, BOAT, the company's flagship brand, has snatched a third of the market, allowing it to become famous among millennials. According to IDC, in the third quarter of 2021, the company had a 48% market share by volume and a 30% market share by value in the branded earwear market.
  • The company's digital-first platform capabilities are aimed at enabling expansion and allowing it to maintain a presence across numerous consumer categories.

Boat Shortcomings

  • Instead of focusing on one area, the company has diversified its portfolio over other industries, which may have an impact on future sales.

Boat Opportunities

  • In FY20, the company has a big addressable market of approximately 660 Bn dollars, which is expected to expand to approximately 1400-1800 Bn dollars by FY25. So the company has enough opportunity to grow in the future.

Boat Threats

  • Legacy audio and foreign brands, Indian brands, Chinese smartphone OEMs, and marketplace private labels are among the rivals. Because the Indian market is price sensitive, it will continue to pose a challenge to the company in the near future.
Boat Rating


    Strong Buy

  • Boat Detail Info

Industry Statistics


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This new SEBI rule was introduced in the month of August-2021, wherein the SEBI has reduced the lock-in period previously from 1 year to 6 months to encourage more and more funds to be invested in startups which are going to public or IPO in near future. Reduction of lock-in is seen as big step and after that many PMS funds are advising their clients to invest in Pre-IPO shares to get the benefit of early stage investment.

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We at Planify do the valuation based on 2 methods.
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