Boat company's business of 700 crores
In 2016,
India's electronic accessories market was depleted by companies from China and
other countries, the products of some companies were expensive and the quality
of the products of some companies was poor. Seeing this market cap, Aman Gupta
and Sameer Mehta founded the Boat company, which Generated revenue of more than
700 crores in FY20, this company is India's first and world's fifth largest
earwear brand, subscribe to our channel to get more such information
Growing
smartphone ecosystem has given a big boost to accessories like headphones.
While the likes of Bose Corporation, Sony Corporation and Bang & Olufsen
are go-to brands when it comes to premium headphones in the affordable segment,
a-Delhi based company boAt lifestyle has captivated millenials with its
attractive pricing, cool-looking products and grass root understanding of what
young consumers want. In an interview with Mint, Aman Gupta, co-founder, boAt
lifestyle, elaborated on the philosophy behind boAt, its future plans, impact
of coronavirus and why manufacturing in India is important.
This
Delhi-based startup forced the likes of JBL to cut prices in India. And now
it's on the road to become a Rs 500-crore consumer electronics company by 2024.
boAt began
life as a consumer electronics startup in 2016 with the sole aim of bringing
affordable, durable, and more importantly, ‘fashionable’ audio products and
accessories to millennials. Today, having completed two years of selling
earphones, headphones, speakers, travel chargers and premium rugged cables, it
has clocked more than Rs 100 crore in domestic sales alone. From just two
founders, it has grown to a 25-member team, opened offices in Delhi and Mumbai,
signed up celebrity brand ambassadors, and created a community of over 800,000
‘boAtheads’.
Now, what
are ‘boatheads’? Urban Dictionary says the term was an insult used to describe
members of Singapore’s notorious gaming clan - The Merry Boat Heads. But
India’s boAt seems to have turned that reference on its ‘head’ by making it
sound like an aspirational term for its millennial buyers. So, anyone who owns
a boAt product is anointed a ‘boAthead’ and made a part of the clan.
According to
filings with the Registrar of Companies (RoC), boAt’s FY2018 revenues grew to
Rs 108 crore from only Rs 27 crore in FY2017. That is 3x growth year on year.
The young consumer electronics player claims that it now sells over 6,000 units
per day with four units sold every minute. It also adds one boAthead to its
family every three minutes. boAt is now projecting sales of Rs 500 crore over
the next five years.
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