Warburg-Backed BoAt’s FY23 Revenue Rises As Audio, Wearables Sales Soar
Imagine Marketing Pvt. Ltd, which operates audio gear and wearables brand, boAt, has witnessed a growth of nearly 40% in its revenue through FY23, even as it had dropped its plan for a public market debut last year.
In FY23, the company claims it generated net sales of approximately Rs 4,000 crore, 39.2% higher compared to Rs 2,873 crore in the preceding year. The company declined to comment on profitability during the period under review. To be sure, it witnessed a 20% drop in margin during FY22. boAt claims that the growth in topline came on the back of achieving leadership in both the audio and wearables categories.
The consumer electronics firm also made significant investments towards local manufacturing of its products, thanks to its tie-ups with EMS players, including Dixon, with whom boAt has also created a manufacturing JV. In FY23 alone, around 15 million products were made in India by boAt.
The brand had dropped its listing plans due to concerns related to market conditions and instead mopped up around Rs 500 crore in a fresh round of equity funding led by its existing backer Warburg Pincus and new investor Malabar Investments, in October last year.
Mumbai-Based boAt had filed its DRHP in January last year to raise Rs 2,000 crore through an initial public offering (IPO). However, just like several other startups, the company had to defer listing due to tough market conditions.
https://www.vccircle.com/warburgbacked-boat-s-fy23-revenue-rises-as-audio-wearables-sales-soar
