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BoAt parent to scale up local manufacturing for global expansion

BoAt to scale up local manufacturing for global expansion

The parent company of the wearables brand boat has plans to become a made-in-India global lifestyle brand by increasing its overseas reach. The company has received a Rs 2000 crore public issue of which rs 900 crores will be a fresh issue and the rest Rs 1100 crores offer for sale. It expects to manufacture 60 lake units in H1 of FY 23 under its make-in-India strategy and scale it further as the demand and market reach grow, which will also help to launch prices (AMAN GUPTA), the co-founder and chief marketing officer told this PTI.

Established in 2013 by Aman Gupta and Sameer Mehta in Mumbai. Imagine marketing offers a product portfolio ranging from audio gear and smart wearables to personal grooming products and mobile accessories. In the domestic market, it has been holding the pole position in the overall wearables category for the third consecutive year with over 40 percent market share. This is a statement to IDC India’s monthly wearables tracker for August 2022.

The company already has strong relationships with established technologies participant such as Qualcomm, which is also one of its shareholders like Bharat FIH, Google, Dolby International AB, Airoha Technology Corp, and Realtek Semiconductor Corp. Imagine marketing is seeking to expand into international markets primary within core audio and wearables categories. The company can source technology and components for the manufacturer from its contract manufacturer. Boat sells its products through the Rockerz, Basshead, and airdrops product ranges. It also sells power bricks.

Among all the products watch, based wearables are the fastest growing category with over 145 percent growth over the past year. He attributes this high growth to the easy availability, affordable and better feature and functional innovation design, and low latency mode for gaming. The company follows a strong omnichannel strategy making its products available across markets like Amazon, Flipkart, Myntra, Paytm, and more. The brand is also available across over 20000stores, including Vijay Sales, Croma, and Reliance digital. Among all the product watch based wearables are the fastest growing category with over 145 percent growth over the past year.

Featured Image Credit: The Economic Times

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