Success story of BoAt

Boat is a Delhi based startup company that was established by Aman Gupta and Sameer Mehta in 2016. Boat is a revolutionised lifestyle brand which offers a broad range of devices, such as headphones, earphones, speakers, portable chargers, and premium cables.

There have been many big brands in this category that offered a wide range of products, but the problem with them is that their prices are so high that many people are not able to afford such products and they go for local products. This is the area where the boat lifestyle started a revolution. With its attractive products, boat has succeeded to attract customers.

In 2018, more than 60 lacs students are graduated, and most of them already have a smartphone in cities where an earphone is necessary, therefore BoAt smartly decided to grasp upon that opportunity. Because of the growth of work from home, where every single person wants to join a meeting, there is a requirement for earbuds, and BoAt addressed this situation successfully.

BoAt sells a wide range of products, like wired and wireless earbuds, speakers, headphones, and smartwatches and trimmers. BoAt Lifestyle is the leading brand in the earwear category, with a market share of 27.3%.

BoAt's sales more than doubled to INR 2,872.9 Cr in fiscal year 2021-22 (FY22) from INR 1,313.8 Cr in FY21. Total revenue increased by 117.5% to INR 2,886.4 Cr, up from INR 1,320.3 Cr the previous fiscal year.

BoAt recorded a profit of INR 68.7 Cr in FY22, down from INR 86.5 Cr in FY21, as expenditures rose. The revenue from the sale of audio products was INR 2,276 Cr, accounting for about 80% of operating revenue. Meanwhile, smart watches generated INR 515.5 Cr in revenue in FY22, an increase of 841% from INR 54.8 Cr in the previous year.

For example, BoAt developed a portable Bluetooth speaker called 'BoAt Stone' that was an instant success even though it was priced about 2,000 while competitors were charging 5,000.

Factors which Built BoAt Successful: Online Approach

• Outsourcing out the production

•Focusing affordability

• Increased bass

• Focusing affordability

• Increased bass

• Lifestyle Marketing