Audiotech company boAt hopes to be India’s first D2C brand to IPO
- ByAyushi Ray | September 18, 2021
Audiotech company boAt hopes to be India’s first D2C brand to IPO, its Co-founder Aman Gupta said. “I hope we are the first D2C brand [from India] to have its IPO come out,” said Aman Gupta, who is also the Chief Marketing Officer of the homegrown audio tech company, which was founded in 2016 by Aman and Sameer Mehta. Last week, several media reports claimed that boAt Lifestyle, which recorded a profit of Rs 48.5 crore on revenue of Rs 700.44 crore, plans to launch its IPO, looking to raise Rs 3,000-3,500 crore at a valuation of about $1.4 billion (about Rs 10,000 crore) between March and June next year. boAt was launched to separate itself from the not-so-great Chinese products present in the market at that time, which were“without a clear vision on the design and Intellectual Property”. At present it is available in more than 15,000 retail stores, accounting sales of over 10,000 units a day.
In the past year, boAt doubled its team strength and established a local R&D centre in Bengaluru. The company has also gone up to newer fronts like smartwatches, besides launching over 20 new products in the audio category in FY21. In April 2021, it received Rs 50 crore in funding from Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies. Earlier this year, boAt raised approximately $100 million from an affiliate of Warburg Pincus, a leading global private equity fund focused on growth investing.They hope to soon share the good news of opening up IPO and with that becoming India’s first D2C brand to IPO.
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