boAt Lifestyle

boAt Lifestyle is a developer and manufacturer of audio devices, speakers, and wearables
based in Mumbai, India. The company offers a range of consumer-durable products including
earphones, headphones, stereos, travel chargers, and smartwatches through various e-
commerce platforms and retail shops.
boAt began as a lifestyle brand in the consumer electronics category in 2016 with the aim of
bringing affordable, durable, and fashionable audio products and accessories to millennials
and Gen-Z customers in India. Born in 2016 with Amazon India as its only sales platform,
boAt started selling 'indestructible' connector cables. It moved to personal audio and over
time, ventured into newer categories such as wireless audio, home audio, and smartwatches.
Each category had custom-designed reasonably priced products supported by strong
marketing efforts and a multi-brand ambassador strategy. It soon became one of India's first
digitally native brands to record a revenue in excess of $65 million, and the fifth largest
wearable company in the world.
Aman Gupta, Co-Founder and Chief Marketing Officer of boAt stated: “We have established
clear leadership in our core personal audio category and are the number two player globally
in earwear. It is a matter of great pride that a brand that was born in India is now ranked
amongst the top brands in the world.”. He further added: “We now want to make
smartwatches our second core and will replicate the boAt digital playbook to become global
leaders in this category as well…new funding will allow us to invest significantly to disrupt
the smartwatch space with more innovative products.”boAt closed FY 2022 with net revenue
of approximately ₹3,000 crore displaying a growth of about 100 per cent year-on-year and
said it is building a profitable business.
The company follows a strong omnichannel strategy, making its products available across
marketplaces like Amazon, Flipkart, Myntra, Paytm and more. The brand is also available
across over 20,000 stores, including Vijay Sales, Croma, and Reliance Digital.
In early 2022, it brought in experienced executives to take the reins and steer the company on
the right path as it prepared to file for an initial public offering. Newly appointed CEO Vivek
Gambhir considered the next phase of growth. Would the boAt brand be strengthened by
entering new categories? Most importantly, should boAt consider international expansion and
if so which countries should be targeted?

Sources:
1. https://www.thehindubusinessline.com/companies/boats-parent-company-imagine-
marketing-raises-500-crore/article66063998.ece accessed on 05/01/2023
2. boAt lifestyle: Harvard Business Publishing.
3. Financial Express: 26th September 2022.