The boAt startup, founded in 2016, includes headphones, earphones, speakers, travel chargers, and premium cables (1). In the previous month, the lifestyle brand entered the wearable segment with its smart band. As per Ashish Sharma, CEO of Innov Capital India, boAt is one of the companies that give excellent performance in their portfolio. The company has observed 3x times more growth since the beginning of their relationship. The CEO of Innov Capital added that the company has been very profitable.
Sharma added that if someone has to give a perfect example for building a new-age brand, boAt will become an ideal study case. The startup has excellent customer insights with consistent performance and efficient marketing. Sameer Mehta, Co-Founder of boAt stated that they are pleased to form a strong partnership with InnoVen Capital. He added that his team is focusing on delivering what their brand had promised to its consumers.
He added that their journey of becoming one of the leading brands of India has been exciting. The team is even more fascinated to expand its product offerings and move to the next phase.
BoAt to have Sustainable Growth Approach
The company claims that they have a community or ‘boAtheads’ with over two million consumers. The homegrown startup says that they are selling 14,000 to 15,000 units each day. As per the data released by IDC, IT market research, and advisory firm, the company has over 20% market share in the ear wear segment.
According to a PTI report, boAt has registered over 500 Crore INR gross revenue in the current fiscal year and aims to double it by 2024. Aman Gupta, Co-founder Aman Gupta, told PTI that the company had the target to reach 500 crore INR revenue in FY 2022. However, the team has already crossed in 2020. The boAt has grown 2.5X times more compare to previous years. He added that that boAt has a sustainable approach to growth. The team is not burning money compared to many similar startups in the segment. Notably, the company is aiming to reach 1,000 crore avenue by the fiscal year 2024.
Author: Rucha Joshi
Source : https://timesnext.com/innoven-capital-invests-in-boat-gives-25-crore-inr-funding/
Date : 2020-09-01T08:34:55.000Z