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Music systems are not portable! Hence we all want a device to carry with ourselves while travelling. Music and window side is a great combination I believe! Are you very close to the level of sound? Love music? Do songs drive you to a different world? Want good looking earphones?
boAt is a company which has got an astonishing collection of earphones, earbuds, headphones and wireless speakers with various unique designs. It is India's no.1 earwear audio brand. The company allows users to experience both spirit and energy at the same time.
boAt has been dubbed as the 5th largest wearables brand globally since December 2020.
Read the success story of boAt below. Know all about boAt business model, startup story, history, funding & more with this StartupTalky article.
Boat - Company Highlights
| Company Name | Boat |
|---|---|
| Headquarters | New Delhi, India |
| Sector | Electronics and Fashion |
| Founders | Sameer Mehta and Aman Gupta |
| Founded | 2016 |
| Valuation | $299.59 mn (INR 2200 Crore) as of April 2021 |
| Revenue | $95.38 mn (INR 700.44 crores in FY20) |
| Website | boat-lifestyle.com |
Boat - Latest News
Boat - About
Boat - Startup Story
Boat - Founders and Team
Boat - Tagline, Slogan and Logo
Boat - Business and Revenue Model
Boat - Funding and Investors
Boat - Growth
Boat - Competitors
Boat - Future Plans
Boat - FAQs
Boat - Latest News
September 10, 2021 - boAt is looking to raise up to $500 mn (Rs 3500 crores) at a valuation of $1.4 bn and list itself for IPO early next year.
April 2021 - Qualcomm Ventures has invested INR 50 crore in Boat at a valuation of INR 2,200 crore.
January 2021 - Warburg Pincus led Series B for $100 Million
December 3, 2020 - boAt emerges as the 5th biggest wearables brand in the world.
Boat - About
Boat is an Indian company that markets earphones, headphones, wireless speakers and premium rugged cables. The company designs audio-focused electronic gadgets like wireless speakers, earbuds (Airdopes), wired headphones, home audio equipment and a few sorts of mobile phone accessories.
Boat - Startup Story
The founders wanted to create a lifestyle brand which would be dealing with fashionable audio concentrated electronics. The resultant of those thoughts are Boat today. The Boat started with the aim of bringing affordable audio accessories and products to the market. The company started as a cable manufacturer and seller and now it has expanded its empire.
Souvik Dey
Boat - Founders and Team
The founders of the Boat are Sameer Mehta and Aman Gupta.
Sameer Mehta | Co-founder & CPO, Boat
Sameer Mehta is the co-founder and the CPO of Boat. He is also the Executive Director of Kores presently. He started his career at Redwood Interactive and he was the owner of the company. He completed his schooling at St. Xavier School Mumbai. He pursued his bachelor's degree in commerce from Narsee Monjee College of Commerce and Economics.
Aman Gupta | Co-founder & CMO, Boat
Aman Gupta is also the co-founder and the CMO of Boat. He was the Director of Sales at HARMAN International. He was also the Senior Management Consultant at KPMG. He was the CEO and co-founder at Advanced Telemedia Pvt Ltd. He began his career as an Assistant Manager at Citi in March 2003. He completed his schooling at Delhi Public School. He pursued his bachelor's degree in commerce from Delhi University. He had also completed his M.B.A in Finance and Strategy from the Indian School of Business.
Boat - Tagline, Slogan and Logo
The tagline of the company is, 'plug into nirvana'. Nirvana means attaining complete peace and freedom.
Perfect music allows the users to connect themselves with their souls creating a boundary between themselves and the living world.
Boat - Business and Revenue Model
The company focused on 3 important market strategies to create a good consumer base -
- Consumer's Needs
- Consumer's Desires
- Consumer's Behaviour Pattern
The founders implemented their research on the products and made the products affordable, durable and fashionable. It focused on the customer-brand relationship where it considered the buyers as a member of the Boat family. The founders also focused a lot on the brand Boat. Presented it as an Indian brand and appointed the cricketers and the celebrities as the brand ambassadors of Boat. People in India are very fond of cricket and Bollywood films. People would simply buy the products once they view their favorites on the T.V. channels wearing or using the products. These all helped the company to create a great consumer base and become a billion dollar company in India with smart pricing and attractive looks. That is why Boat is selling four products every passing minute.
Avantika Bhardwaj
Boat - Funding and Investors
Boat has raised a total amount of $116.3 million in funding over 6 funding rounds.
| Date | Transaction Name | Money Raised | Lead Investor |
|---|---|---|---|
| April 16, 2021 | Series B | $6.68 million | Qualcomm Ventures |
| January 5, 2021 | Series B | $100 million | Warburg Pincus |
| September 1, 2020 | Debt Financing | $3.34 million | InnoVen Capital |
| July 26, 2019 | Debt Financing | $2.13 million | InnoVen Capital |
| July 17, 2019 | Debt Financing | $2.67 million | Navi Technologies |
| May 3, 2018 | Venture Round | $802K | Fireside Ventures |
Boat - Growth
The company is retailing at Croma outlets and it also sells products at Myntra, Amazon, Jabong and Flipkart. The good performance of the products has helped Boat a lot in achieving growth.
boAt is to acquire Delhi-based consumer electronics brand, Tagg Digital, according to the latest reports. Though the talks regarding the same were going on for around two months, it was recently that the contours of the deal has been finalized. Furthermore, it has also been confirmed as part of the deal that the co-founders of the company and the Tagg Digital team would be joining boAt after the completion of the deal.
boAt is eyeing IPO early next year. The company is currently looking to raise up to $500 Mn (Rs 3500 crores) at a valuation of $1.4 bn and then list itself between March and June 2022.
Chayanika Goswami
Boat - Competitors
The top competitors of the Boat are Gonoise, Mivi and Skullcandy.
- Gonoise is the biggest rival of Boat. It is headquartered at Gurgaon, Haryana, India and was founded in 2014. It competes in the electronic equipment industry.
- Mivi is one of the biggest rivals of Boat. It is headquartered in Telangana, Andhra Pradesh, India and was founded in 2015. It also operates in the electronic equipment industry.
- Skullcandy is also one of the top competitors of Boat. It is headquartered in Park City, Utah and was founded in 2003. It also works in the electronics industry.
Boat - Future Plans
The company believes that there is always a trend of buying earphones along with new smartphones. Boat finds this concept to be its next channel of success. Reports say that major phone makers are in the process of stitching relationships with audio companies. For example - Samsung has got JBL and Harman, Apple has Beats and so on. These manufacturers are attracting consumers with hot deals so that the users don't buy earphones or headphones separately.
'That is where the market is moving', says Aman Gupta.
Video consumption would be a demand driver in the coming future.
Boat - FAQs
When did Boat Company start?
Boat company started in 2016
Who are the founders of Boat?
The founders of the Boat are Sameer Mehta and Aman Gupta.
Is Boat an Indian company?
Boat is an Indian Company. It is headquartered at New Delhi, India
How much is Boat's valuation?
Boat's valuation is around Rs 2200 crore as of 2021, as of April 16, 2021.
Author: Purbalee Dutta
Source : https://startuptalky.com/boat-success-story/
Date : 2021-09-10T07:51:00.000Z