Recently, boat said that it is selling around 15,000 units of its products daily. The company’s portfolio of products includes speakers, earphones, cables and many more. Recently, the Consumer Electronics brand boAt received an investment of Rs 25 crores from InnoVen capital.
With the increased demand in their products, boat plans to use the investment in improving their manufacturing and quality. Thus, further increasing their sales.
The company’s thoughts on the investment
Sameer Mehta, Co-Founder, boAt, said, “We are delighted to strengthen our partnership with InnoVen Capital. We continue to stay focused on our brand promise to our boAtheads. It’s been an exciting journey to build one of the leading homegrown digitally native brands from India. Still, we are more excited about the next phase as we expand our product offering.”
Let’s see how well the company uses funding to improve their products even further and also increase their portfolio at the same time.
Boat’s growth in 2020
Boat marked the beginning of its journey in 2015. Since then, they have improved their product quality and at the same time increasing their portfolio. At present, their portfolio includes headphones, earphones, speakers, travel chargers, premium cables and smart wearables.
The company had captured over 20% market share according to the IT market share. In the financial year 2020, they have generated a revenue of over 500 crores. Now, the good part is that they have reached the target revenue of 2022 in 2020. Therefore, the growth and market response they are getting is massive.
Boat Co-founder Aman Gupta told PTI, “We had a target of Rs 500 crore revenue in FY22. We have already crossed that and had a great year in FY20. We have grown 2.5X from the previous year…since inception, our financial performance has been strong, and we have been EBITDA positive,”
My opinions on the company
I feel that the Consumer Electronics brand boAt has come a long way in terms of quality. From, the past year, I have used a boat earphone, and though the sound is good, the earphones got issues twice and had to be replaced. Now, if an earphone gets problems twice in one year that’s a no-no choice.
But, then the service of the brand was excellent. I got my earphones back within two weeks and that too brand-new. So, yes, the feelings are mixed. The company definitely has to work on its quality management.
Have you ever used a boat earphone? And has it faced any issue? Let us know in the comments below if you liked our content like and share with your friends.
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