BoAt is one of the top sellers of earwear and wearable categories in India is looking at a valuation of about $1.4 billion (approximately Rs 10,000 crore) for the initial public offering (IPO) expected between March and June 2022.
In February, the brand roped in Vivek Gambhir, who was till June 2020 spearheading Godrej Consumer Products Ltd, as chief executive. BoAt was founded in 2016 by Sameer Mehta and Aman Gupta. The startup’s product range includes headphones, earphones, wearables, speakers and related accessories such as chargers and cables.
The company claimed to have a 45.5 per cent market share in the earwear category and 26.9 per cent of the wearable watch category in India, citing a report by market research firm International Data Corp in August.
The company entered the personal grooming category with its Misfit sub-brand and launched the Immortal range of gaming headphones. It currently has some 250 employees in Delhi, Mumbai and Bengaluru.
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The company generated Rs 700 crore in net sales in FY20, the latest available data, up from Rs 239 crore in FY19.
Profit during the period jumped to Rs 49.5 crore from Rs 8.7 crore, according to VCCEdge, the data intelligence platform of VCCircle.
