Homegrown boAt logs Rs 4,000 cr in net sales in FY23
New Delhi: Leading audio and wearables brand boAt on Thursday said it registered Rs 4,000 crore in net sales in FY23.
In FY23, around 15 million products were made in India by the company.
The company said that this milestone has been achieved 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 per cent (year-over-year) growth, according to the IDC.
Imagine Marketing (boAt) maintained the top place with 25.6 per cent share, growing by 102.4 per cent.
Smartwatch (inclusive of basic and advanced) continued to be the fastest-growing wearable category with 10.4 million shipments, a growth of 178.9 per cent YoY.
In the wearables category, boAt said it is pursuing a distinctive strategy of investing significantly in its software and home-grown app.
“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,” said Mehta.
