The Delhi based audio electronics company, Boat began its startup journey into the market in 2016 with the aim of bringing affordable, sturdy, smart, trendy and stylish audio products such as earphones, headphone and Bluetooth speakers to the customers. Their target market generally comprises of the youth.
Boat has already completed 2 years in the market, with selling the audio accessories such as headphones, earphones, travel chargers, speakers and high-class rugged cables, you may be surprised to know that they had a 100 crore revenue alone in the domestic circuit.
The 2-year-old Indian brand has forced the big players like JBL to cut its price in India and now the company is moving quickly to become a 500 crore audio electronics company in five years by 2024.
The company started its foundation with just 2 members and funding of 30 lakhs and now it has multiplied to 25 members team and has its headquarters in Delhi and Mumbai. Apart from this, they have created 80 lakh customers in a very short time.
boAt Sells 6,000 Plus Units Per Day:
According to the RoC (Registrar of Companies), boAt’s revenues skied to ₹ 108 crore in 2018 from ₹ 27 crores in 2017, which is 3 times more growth from its previous year.
It’s worth to be noted that the company has claimed it is selling over 6,000 units per day which are roughly around 4 units per minute and also promises to become 500 crore brand in next 5 years or less.
What next for the young Indian player?
While, the latest addition in the company’s category has been Soundbars, a category which will be in trend in the coming years.
With the growing home audio accessories, consumers in India like this category with high quality and also affordable products. It is a successful venture for the company.
The Unique Strategy of Boat which competed against big players:
Aman Gupta (CEO of boAt), “We have tried to change the consumer mindset. We don’t sell our products as electronics only. We sell them as lifestyle accessories. We are trying to portray that our products can be a part of your everyday fashion.”
This strategy was also on display at the recent Lakme Fashion Week in Mumbai where boAt products were the only accessories sported by the models when they walked down the ramp for one of the designers. More such fashion partnerships are in the offing, explains Aman Gupta.
Customer satisfaction and review:
A verified user on Amazon, who purchased the boat Stone 200 Portable Bluetooth Speakers, wrote: “I was planning to buy JBL Go. But I was in a tight budget. Then I came to see the festival sale offer and took a risky decision.
At that time boAt Stone 200 was new for me. But when I got the thing in my hand, I really got amazed. When compared to JBL Go (one of my friends have one) the bass is awesome..and also boat has more loudness and better battery backup.
Brand Ambassadors of boAt:
One of the important reason behind the success of boAt can be the buzz created by the brand ambassadors from Bollywood and cricket. The two brand ambassadors are cricketers Hardik Pandya, KL Rahul and Aman believe that their word-of-mouth has helped the company considerably in widening its presence.
Apart from, Hardik and Rahul, The gorgeous Bollywood actress Jacqueline Fernandez is also associated with boAt. Aman Gupta specifically pointed that, Whenever Jacqueline does a post for us in the social media, it gets millions of likes and makes our products reach every corner of the world.
Investors in boAt:
In May last year, the company raised its funds by ₹6 crores from Fireside Ventures. The Managing Partner of Fireside Ventures, Kanwaljit Singh, says,
The boAt is one of the strongest brands in our portfolio. We strongly believe that it has all the right mix to scale and become a household brand in the coming years.” After all, quality products at ‘affordable price points’ can be a top draw anywhere in the world.
Where boAt manufacturers its products?
With no surprise, the company is manufacturing it’s audio products in China on contract basis. While, if the production starts in India, the price of the product will be even lesser which will give more advantage in capturing more urban customers.
The Top Competitors of boAt:
Although, JBL and Skull Candy are considered to be the top competitors for boAt, but apart from them the company also faces tough competition form Smartphone manufacturers like Xiaomi, Realme, and others.
These phone makers have strengthened their position in budget earphones, wireless earbuds, and portable Bluetooth speakers, especially Xiaomi has a good reach in India among masses.