boAt becomes a heavyweight competitor, even leader in the Indian Audio market at present. It already registered gross revenue of more than Rs.500 cr in FY2019-20 and it was the target for FY21-22. Considering this surge, boAt Lifestyle, the Indian consumer tech products maker expects to double the past revenue by FY24.
Aman Gupta, the co-founder of boAt told to PTI, “We had a target of ₹500 crore revenue in FY21-22, we have already crossed that, we had an outstanding year in FY20. We have grown 2.5X from the previous year…Since inception, our financial performance has been strong and have been EBITDA positive,”
He further said that the company has a sustainable approach to growth and “FY23-24 is where we should do ₹1,000 crore revenue”.
boAt has a collection of headphones, earphones, speakers, travel chargers, and cables of premium quality. Lastly, it debuts to the wearable market last month with its ProGear B20 Smart band.
There is a community of over 2 million boAtheads. Because of that boAt faces products selling between 14,000 to 15,000 units each day with around 20% hike in demand during this pandemic.
“There was a pent-up demand we saw because of work from home (WFH), workout from home and study from home. We are witnessing a strong uptake month-on-month as we continue to expand our portfolio,” – Mr. Gupta.
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