BoAt parent to scale up local manufacturing for global expansion

BoAt scales up local manufacturing for global expansion.

Imagine marketing which is the parent company of wearable brand boat, has plans to become a made-in-India global lifestyle brand by increasing its overseas reach. They have also filed for IPO and are awaiting regulatory nod for an INR 1100 crore public issue, of which INR 900 crore will be a fresh issue and the rest offered for sale. They expect to manufacture 60 lakh units which are nearly double its present output in H1 of FY, under their make-in-India strategy. They want to scale it further as the demand and the market reach grow. This will also help to launch products faster and at lower prices, as per Aman Gupta, who is the co-founder and chief marketing officer.

The company was established in 2013 by Aman Gupta and Sameer Mehta in Mumbai. Imagine marketing as a company that offers a product portfolio ranging from audio gear and intelligent wearables to personal grooming products and mobile accessories. It is holding the pole position in the domestic market in the overall wearables category for the third consecutive year with over 40 percent market share, according to IDC India’s monthly wearable devices tracker for August 2022.

They are looking to expand into international markets, primarily with their core audio and wearable categories. They also seek to diversify supplier and contract manufacturer networks and invest more in this initiative. They have strong relationships with established technology participants such as Qualcomm, Bharat FIH, Google, Dolby International AB, Airoha Technology Corp, and Realtek Semiconductor Corp. Qualcomm is also one of its shareholders.

The company sources technology and components for manufacturing through their contract manufacturers they sell their products through the Rockerz, Bassheads, and Airdopes product ranges. They also sell charging cables, power banks, and power bricks. Their watch-based wearables are the fastest growing category among all their products. It has had over 145 percent growth over the past year.

Aman highlighted the high growth in the category is due to the easy availability, affordability, better features, innovative designs, and low latency mode for gaming. The company makes its products available online through Amazon, Flipkart, Paytm, Myntra, etc.

Featured Image Credit: The Economic Times

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