In an exceedingly rustic teeming with successful startups, what makes boAt Lifestyle special? Nearly all the massive Indian hits are within the services sector. But you’d struggle to spot brands that have achieved scale in commodity, especially electronics. boAt stands out.
Launched in 2016, during a market crowded with international brands like JBL, Bose, and Sony, its earphones, headphones, and speakers became ubiquitous. The pandemic has been an especially high-growth phase for the corporate as consumers, trapped reception, invested in personal entertainment options.
In keeping with RoC (Registrar of Companies) data compiled by Entracker, boAt’s turnover grew by an astounding 2.2x in 2020-21 over the year before: from Rs 700 crore to over Rs 1,500 crore. Nearly 75 percent of that revenue came from earphones and headphones, most the wireless. Wireless speakers were the choice big line of business. The six-year-old startup is additionally set to float a Rs 2,000-crore IPO this year, as per an Economic Times report.
That is the story up to now but going ahead, it seems to be taking a replacement turn. “We were mentioned as an audio company,” Aman Gupta, co-founder, and CMO, boAt Lifestyle, told afaqs! but “we currently get the utmost growth from wearables.”
Recent data from the International Data Corporations (IDC) India’s Monthly Wearable Device Tracker reveals that Imagine Marketing, the marketing arm of consumer electronics brand boAt, led in wearable devices with a market share of twenty-two.9 percent in Q1 CY22. The report states that “its broad portfolio of earwear devices and aggressive push within the wearable watch category as value-for-money devices helped the company’s growth within the quarter.”
The brand sells smartwatches within the price range of Rs 2,000 to Rs 5,000. Its earwear category includes true wireless Airdopes, wireless Rockerz, and wired bass heads. As a part of this push, the brand has roped in actress Rashmika Mandanna as its brand ambassador. we’ve signed her up for the wearables category.
Moreover, she brings in an exceedingly different demographic and helps with the regional factor, he says. This focused effort on the wearable category can even be seen during the Indian Premier League (IPL). The campaign was earlier called “Sound of Champions”, but now it’s called “Move of Champions” and it promotes the brand’s wearables range. So now it’s consciously trying to cater to more women. this can be often often not only through its marketing efforts but also through changes in product design and color.