BOAT is an Indian-(Delhi) based startup consumer electronics brand founded in 2015 that markets earphones,headphones stereos, travel chargers and premium rugged cables.Affordable, durable and more importantly, more fashionable ‘audio products and accessories for millennia.Image Marketing Services Pvt Ltd, which operates as BoAt, was incorporated in November 2013 by co-founders Sameer Ashok Mehta and Amit Gupta.
Boat was Established in 2015, the boat generated revenue of Rs 500 crore in FY 2020, an increase of 108.8 percent from FY 2019. Now, the co-founders are setting their sights on building a global audio business outside India.
BoAt (legal name “Imagine Marketing Services Pvt. Ltd.”) is an India-based company which was incorporated in November 2013. BoAt markets earphones, headphones stereos, travel chargers, and premium rugged cables.
Today, boAt is currently in 5,000 retail shops, supported by 20 distributors. The startup claims to be clocking sales of over 10,000 units a day, and four million units per year, and says it has served 20 million Indians so far.
BoAt designs and markets a variety of audio-focused consumer electronics including wireless earbuds, wired headphones, wireless speakers, home audio equipment, and an assortment of mobile phone accessories.
SELLING GROWTH PLATFORM:
There is a consumer-first approach behind the development of BoAt, making the startup one of the most sought-after youth in India. About 80 percent of its sales are from e-commerce such as Amazon and Flipkart.
Considering the millions of customer reviews, boAt was able to learn what other brands did not want to learn — whether Indians loved a product that could be part of their lifestyle.
In FY 2020, it posted revenue of Rs 500 crore, an increase of 108.8 percent from Rs 239.44 crore in FY 2019, while the business has been profitable for five straight years.
Why Build a global Direct to Consumer audio brand?
According to Aman, at the time boAt launched, Indian players could not compete with Chinese brands and their financial muscle.That’s why we focused on product quality and started with small numbers. We started our business by launching indestructible charging cables in 2015, and realized that the ownership of IP in a brand is very important rather than simply sourcing products from China, Which Many Other Brands Were Doing At The Time, ”He Says.
Boat Is A Place On A Person’S Journey Where They Feel Relaxed And Forget About All Their Troubles. The Two Founders Began Imagining Marketing The Parent Company Of Boat In 2014, Raising Rs 30 Lakh From Family And Friends, And Designing The First Product – Boat Bassheads225 And Launched It In 2016. But, The Real Development For The Bot Happened To Him. Offline Expansion, Which Added To Their Online Sales In Fy 2018 And Fy 2019.
STRATEGIC DEVELOPMENT – ONLINE AND OFFLINE:
In May 2018, Fireside Ventures invested in boAt and its founder Kanwaljit Singh became instrumental in the company’s offline strategy.
By that time, the founders of boAt were reluctant to work with retailers and distributors. Says Aman, “The working capital required to withstand retail distribution would be very difficult for a brand like ours as the retail ecosystem returns the product if it does not sell.But Kanwaljeet insisted that to capture India’s consumption story, boAt should launch its offline strategy. The founders began meeting distributors and training them in the value system of boAt. Aman believes that retailers had to be trained to become “boat heads”, which was used for a community of startup loyalists.
As luck would have it, a distributor in Mumbai, seeing the success of boAt, agreed to pay the full amount to buy thousands of units from the company. Aman trusted and the distributor became loyal to a brand, and still earns crores from boAt products.Currently, 20% of its sales – around Rs 100 crore – come from its offline business. Startup Reliance also sells its products at digital and Croma stores.
Taking inspiration from Amazon and Jeff Bezos, Aman says it focuses on creating a seamless experience and a premium aspirational brand. Aman, along with BoAt’s 15-member R&D team and design head of the startup, ensures that when a product is launched, it is original in ownership and longevity.
MARKET AND WAY FORWARD:
A recent BCG report states that the retail industry size in India is $ 750 billion and will be $ 1 trillion in five years.
In 2019, IDC data ranked boAt as the leading brand in the earwear segment with 27.3 percent market share. According to IDC’s Worldwide Quarterly Wearable Device Tracker 4Q19 release, the market grew 449.6 percent to 449.6 percent with 449.6 percent.
In March 2020, the company raised Rs 20 crore in venture loans from the BAC acquisition of Sachin Bansal to form its team. It is also rethinking its supply chain due to the impact of COVID-19.
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