boAt the company which has changed the way of our approach to music listening gadgets today. A company that made even the major consumer electronics items reduced their price in the Indian gadget industry. Started in 2013 by Sameer Mehta and Aman Gupta as Imagine Marketing Services Pvt Ltd but was renamed boAt in 2016. It was started as a company manufacturing electronic products and consumer lifestyle products but today it is solely known for its fashionable gadgets.
The company designed and marketed a variety of audio-focused consumer electronics including affordable, fashionable and durable wireless earbuds, wired headphones, wireless speakers, home audio equipment, and an assortment of mobile phone accessories. Founded by just a team of 2 founders now has more than 100 employees in the company. It has offices in major cities of our country and has celebrities endorsement ambassadors and a lot of boAtheads (fans of the brand).
It isn’t just an electronic gadget anymore but has become a lifestyle accessory according to its CEO and co-founder Aman Gupta.
“We have tried to change the consumer mindset. We don’t sell our products as electronics only. We sell them as lifestyle accessories. We are trying to portray that our products can be a part of your everyday fashion.” he told Yourstory.
In the Lakme Fashion week of 2019 boAt accessories were the only product worn by the models apart from the costumes for the show. Since it has been getting more such offers for display and promotion.
Style has become an important part of the Indian consumers choice today which is considered one of the main features offered by the company today apart from its two important features durability, and sound quality. Apart from being used as a strategy on the runways, it has also gained a liking among the fitness enthusiasts in the market. The consumers of this group are choosing Bluetooth enabled earphones and headphones which compliments their looks as well as fits with their workout, run, hike and other fitness workouts.
Apart from selling on various e-commerce sites such as Myntra, Amazon, Flipkart and others it also earns 20% of its profits from offline sales as well.
If we talk about its growth in terms of money then in FY20, boAt recorded ₹5 billion in revenue. Analysts expect this to double in FY21. According to an HDFC Securities report dated December 17, 2020, boAt’s revenue for the financial year 2020-21 is expected to double to ₹10 billion, as the average order value has increased from ₹450 to ₹750
It also made BCL, one of the world’s largest electronics companies, reduce its rate in the Indian market. It has become the 3rd largest consumer electronic company in India and the 5th largest in the world.
We can see every young and old using fashionable gadgets around us which itself creates a word of mouth promotion for the brand apart from its well-known celebrity endorsement. This year it was able to secure an investment of around 50 million at the beginning of the year increasing its market valuation.
“As boAt enters the next phase of growth and innovation, we look forward to building a relationship with Qualcomm to deepen our R&D capabilities and further augment our efforts to manufacture products in India,” said Sameer Mehta, to Economic Times in an interview. He also added that the company believes the relationship would contribute to greater technology collaboration, quicker deployment, and refining of product portfolio across price points.