The Success Story of boAt: Small Indian Start-Up to Becoming the Fifth-Largest Wearable Brand Globally
By Smita Kumar
boAt is no more a new name for anyone today! With its trendy and pocket-friendly concept and in multiple colors, the company has been able to win the hearts of lots and lots of people. Not only did it bring a change in the previous trends but also ensured to have a variety in its products.
Yes, this is about the music/audio devices such as headphones, earphones, earbuds, and speakers along with travel chargers and premium cables, and of course, smart watches. Bringing a revolutionary change, the company boAt Lifestyle has already earned a name for itself. It was in December last year that boAt placed India in the fifth-largest position globally in wearable brands.
About The Founders
Aman Gupta and Sameer Mehta are the ones who came up with the brilliant idea of launching the boAt company and they implemented it in 2016. The Delhi-based start-up is famous for its stylish electronic brands. Aman, a co-founder knew the electronics trade to a good extent. He had contributed three years of his in the family business from 2007 to 2010.
Aman had work experience in Citibank from 2003 to 2006 post completing the Chartered Accountancy course. In 2010, he went for an MBA at the Indian School of Business. Later on, he saw himself working at KPMG and then JBL (electronics and gadgets), and came the turn of product management. As he used to identify the right products for the domestic markets, his experience and expertise helped him to a great extent in the case of boAt.
Aman said once they don’t sell their products as electronics only. They sell them as lifestyle accessories. They are trying to portray that their products are eligible enough to be a part of everyday fashion.
In the opinion of Sameer, “We are like Zara of electronics, not highly-priced like luxury brands or cheap like Chinese products.” Sameer started his career at Redwood Interactive, he was the owner of the company. He acquired a bachelor’s degree in the subject commerce from Narsee Monjee College of Commerce and Economics.
They began with a capital of around 3 million.
The Tagline of the boAt company
The tagline of the boAt company is ‘Plug into Nirvana’. The literal meaning of the word ‘Nirvana’ is a place of perfect peace and happiness, like heaven. It is quite understood that the company wants to convey that by using any of the devices, one would have a feeling of peace and happiness.
A Lifestyle Brand
The boAt company showcases itself as a lifestyle brand much more than a consumer electronics brand. The Lakme Fashion Week held in Mumbai in 2019 witnessed the models wearing boAt products as the only accessories.
The boAtheads & #high5boAtheads
The company shows its concern and connectivity with the customers by calling them ‘boAtheads’. In other words, anyone who starts using a boAt product is termed as a ‘boAthead’. boAt has completed five years of its inception and therefore, it comes up with the term #high5boAtheads.
The Role of Investors & Marketers
The success story of boAt incorporates the investors and marketers too. First of all, boAt identified the needs of the customers. First of all, after coming to know that the previous products were not in a good look, it ensured beautiful designs and eye-catching colors for its products. Then, changing the products according to the demands of the customers, moreover, the role of investors and marketers also has been remarkable.
It was in 2018 that one of the investors Kanwaljit Singh of Fireside Ventures invested 60 million in the company or to the success story of boAt. He was fascinated with the founders’ abilities to target the right audience and look for the right quality.
In April 2021, Qualcomm Ventures invested INR 50 crore in the company at a valuation of INR 2200 crore.
The partners of boAt are TATA CLIQ, Paytm mall, BIG C and many more.
The Products & Cost-Effectiveness
boAt at first brought the indestructible Apple charging cable and charger, the second product incorporated the audio range with earphones. Those were termed as ‘BassHeads’. 2018 witnessed the launch of speakers and 2019 saw the soundbars and home-audio systems. The products also are seen in wireless forms. The founders kept in mind that their products are cost-effective.
The 35-Member Team Aims at Listing Itself for IPO Next Year
The two-member team has got converted into a 35-member team now. boAt aims at listing itself for IPO early next year. It is planning to raise $500 mn (Rs. 3500 crores) at a valuation of $1.4 bn.
The net worth of the boAt company is Rs.700.44 crore approx.
Be it a picnic or a salary hike, boAt is ready to be with you…
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