boAt Lifestyle Surpasses Rs 4,000 Crore in Net Sales, Demonstrating Exceptional Growth in FY23
- ByStartupStory | June 17, 2023
boAt Lifestyle, a renowned brand in audio and wearables, achieved an impressive milestone in FY23, generating net sales of approximately Rs 4,000 crore ($500 million). This remarkable figure represents a substantial growth of nearly 40% compared to the previous financial year, where the Delhi-based company earned Rs 2,870 crore from product sales. Additionally, boAt Lifestyle solidified its commitment to innovation by establishing its own cutting-edge R&D facility, boAt Labs, aimed at collaboratively developing advanced hearables for the future.
boAt Lifestyle recently announced its strategic vision of building a comprehensive and intelligent wellness ecosystem through its software platform and consumer app. This ambitious plan stems from the company’s acquisition of KaHa, a wearable solutions platform based in Singapore, in the previous year. With this acquisition, boAt has positioned itself as the sole Indian player in the wearables sector to possess a fully integrated stack of hardware and software, setting itself apart from its competitors.
boAt Lifestyle has demonstrated a strong commitment to the local manufacturing ecosystem by making significant investments in this area. The company has strategically partnered with various EMS (electronics manufacturing services) players, such as Dixon, and has established a joint venture with them. As a result, a majority of boAt’s products are now manufactured in India. In FY23 alone, the company successfully produced approximately 15 million products within the country, highlighting its dedication to domestic manufacturing.
“Our commitment to ‘Make in India’ remains strong and the rapid pace of our transition to Indian manufacturing and our JV with Dixon Technologies is evidence of that,” said Sameer Mehta, Co-founder and CEO, boAt.
In the audio and wearables market in India, this consumer electronics firm has successfully raised an impressive $177 million from renowned investors like Qualcomm Ventures, Warburg Pincus, and Accel Partners. It faces tough competition from prominent players such as Xiaomi, Realme, Noise, and OnePlus. During the fiscal year 2022, the company experienced remarkable growth, with its revenue more than doubling from Rs 1,314 crore in FY21. However, there was a decline in profit, which decreased to Rs 68.70 crore compared to Rs 86.50 crore in the previous year. Nonetheless, the company’s total revenue from operations in FY22 amounted to an impressive Rs 2,873 crore.
During the fiscal year 2022-23, the sales of audio products, including earphones, headphones, speakers, and soundbars, made a significant contribution of Rs 2,276 crore, marking a substantial increase of 85.25% from Rs 1,228.6 crore in FY21. The company boAt, which was founded in 2016 by Sameer Mehta and Aman Gupta, specializes in marketing a wide range of audio products and accessories, including earphones, headphones, speakers, smartwatches, cables, and chargers. With a vision to create a lifestyle brand that resonates with millennials, boAt focuses on offering fashionable, affordable, and high-quality products.
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