Leading audio and wearables brand boAt said it registered Rs 4,000 crore in sales in FY23. boAt has made around 15 million products in India.
boAt said it achieved this milestone on the back of its sustained presence in the audio category, establishing a leadership position in the hyper-growth wearables category.
“Having raised private equity capital over multiple rounds including from Warburg Pincus, we believe boAt is well positioned and capitalised 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,” said Sameer Mehta, Co-founder and CEO, boAt.
India saw the shipment of 25.1 million wearable units in the first quarter of 2023, registering a strong 80.9 percent (year-over-year) growth, according to the IDC.
Imagine Marketing (boAt) maintained the top place with 25.6 percent share, growing by 102.4 percent.
Smartwatch (inclusive of basic and advanced) continued to be the fastest-growing wearable category with 10.4 million shipments, a growth of 178.9 percent.
In the wearables category, boAt said it is pursuing a distinctive strategy of investing significantly in its software and home-grown app.