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- A digital-first consumer products company and one of the largest Indian digital-first brands in terms of revenue from operations for the financial year 2021. (Source: Company DRHP and RedSeer Report)
- Have an attractive offering of wide-ranging, high-quality and aspirational lifestyle-focused consumer products at accessible price points, under multiple brands.
- Founded in 2013 and led by the flagship brand “boAt” launched in 2014, the company has established leading market positions in volume and value terms in India across multiple, high-growth consumer categories such as audio and smartwatch as of September 30, 2021 (Source: Company DRHP and RedSeer Report)
The flagship brand “boAt” is a consumer brand with strong market positioning and a clear value proposition
For the quarter ended September 30, 2021, the “boAt” brand was globally ranked #2 among wireless hearables brands and the Company was globally ranked #3, by volume, in the combined earwear and smartwatch market (Source: Company DRHP and RedSeer Report)
One of the largest Indian digital-first brands with leading market positions across multiple fast-growing product categories
Being one of the first hearables and wearables companies within India to establish a digital-first model, the leading market position of the “boAt” brand provides a significant opportunity to capitalize on market trends prevalent in India (Source: Company DRHP and RedSeer Report).
Digital-first platform capabilities are targeted to enable growth and continue to build a presence across multiple consumer categories
The company believes they are able to develop product offerings based on feedback and insights received from customers and sales channels on a real-time
basis (Source: Company DRHP)
The strength of the flagship “boAt” brand and other brands is crucial to the company's success and they may not succeed in continuing to maintain and develop these brands
A number of factors, including adverse publicity regarding brand ambassadors and unsuccessful product introductions, may have a negative effect on reputation and erode their brand image (Source: Company DRHP)
Rely on a number of third-party contract manufacturers and component suppliers for production of products
Any shortage and cessation in supply from these contract manufacturers or component suppliers could adversely affect business, results of operations and cash flows (Source: Company DRHP)
- India Hearables Market: The hearables market comprises wired earphones and headphones, wireless earphones and headphones and truly wireless earphones It has grown from approximately ₹99 billion (approximately USD 1.3 billion) in 2018 to approximately ₹170 billion (approximately USD 2.3 billion) in 2020, at a CAGR of approximately 31%. However, when compared to the US (USD 16-19 billion) and South East Asia region (SEA) (USD 3-5 billion), it shows significant room for growth. (Source: Company DRHP)
- Indian Wearables Market : The wearables market comprises of activity bands and smartwatches. It has grown from approximately ₹16 billion (approximately USD 0.2 billion) in 2018 to approximately ₹32 billion (approximately USD 0.4 Billion) in 2020, at a CAGR of approximately 39%. The US (USD 12-15 Billion) and SEA (USD 1-3 Billion), have relatively more evolved markets. The sales volume penetration of wearables in India was approximately 2% indicating massive headroom for growth in the future. (Source: Company DRHP)
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