boAt Clocks Net Sales Of INR 4,000 Crore Today most of its audio and wearables products are being manufactured in India via several EMS players
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Audio and wearables brand boAt announced it has now scaled up to approximately INR 4,000 crore in net sales.
Sameer Mehta, co-founder and CEO, boAt said, "We are continuing to make significant strides in establishing ourselves as a dominant lifestyle brand in the categories in which we play in the Indian ecosystem. Our commitment to 'Make in India' remains strong and the rapid pace of our transition to Indian manufacturing and our JV with Dixon Technologies is evidence of that. Having raised private equity capital over multiple rounds including from Warburg Pincus, we believe boAt is well positioned and capitalized to continue to make aggressive investments in establishing ourselves as a leading wearables brand in the country, similar to our achievements in the audio category."
It has recently acquired KaHa platform and aims to create one-of-its kind health and wellness wearables ecosystem within its product portfolio.
On the audio side, partnerships with leading global companies (e.g., Qualcomm – an investor in the company, Dolby, and Dirac) have helped boAt to bring leading global technology to consumers. This, coupled with its in-house R&D facility, boAt Labs, which has co-engineered next-generation hearables products with global tech companies, has enabled boAt to offer an immersive audio experience. In the wearables category, boAt is pursuing a distinctive strategy of investing significantly in its software and home-grown app. "Through this strategy, boAt expects to be the only Indian player who will have a truly integrated end-to-end stack of hardware and software and a home-grown consumer app enabling it to offer a truly distinctive offering to Indian consumers," the brand said in a statement.
Over the past few years, boAt has made significant investments in the local Indian manufacturing ecosystem, with today most of its audio and wearables products being manufactured in India via several EMS players, including Dixon, with whom boAt has also created a manufacturing JV. In FY2023 alone, around 15 million products were made in India by boAt.
