boAt Lifestyle cross Rs 500 crore in revenues in record time
boAt Lifestyle, a homegrown digitally native consumer brand, has crossed Rs 500 crore in gross revenues in just over four years. Since its inception, boAt’s financial performance has been strong. After initially selling charger cables, the brand now has an extensive catalogue of headphones, earphones, speakers, wireless audio accessories, and fitness bands etc.
Aman Gupta, Co-Founder boAt Lifestyle, said earphones, headphones and mobile chargers have become indispensable in these times as everyone is connected through mobiles or gadgets for day-to-day activities. “We are witnessing a strong uptake M-o-M as we continue to expand our portfolio. As a company, we have already achieved our 2021 targets that validate our competitive advantage backed by an agile business model with a focus on consumer needs, desires and behaviour patterns,” Gupta shared.
boAt is targeted at tech-savvy Millennial and Gen Z, who are looking for stylish and quality products that are premium looking yet affordable. It lists its products across both online e-commerce marketplaces including Amazon, Flipkart, Myntra etc. and offline stores including Croma, Reliance Digital, Vijay Sales etc. The company says it has already created a community of over two million boAtheads, that is consumers, and sells anywhere between 14,000 – 15,000 units a day. Moreover, work from home (WFH), workout from home, the stadium at home, entertainment at home and study from home has acted as a catalyst, with boAt experiencing a 20 per cent surge in demand for its products in COVID times.
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According to International Data Corporation (IDC) latest data, boAt was recently ranked as the No. 1 brand in the earwear segment, with about 20 per cent market share. The company, which was established in 2016, has been defying barriers in a sector which is dominated by established global brands. Furthermore, boAt has been gaining traction while riding the waves of Nirvana in the Audio Electronics sector. Their products are designed keeping in mind the preferences of listeners of both Indian music, as well as pop and electronic dance music.
