In a significant development in India’s burgeoning audio wearable industry, Bollywood superstar Ranveer Singh has made an undisclosed investment in boAt, a leading brand renowned for its innovative audio products. This collaboration transcends mere financial backing, as Singh assumes the mantle of the official face of boAt’s diverse range of audio offerings, marking a strategic alliance poised to reshape the audio landscape in India.
Aman Gupta, Co-founder and Chief Marketing Officer of boAt, expressed profound enthusiasm about the collaboration, emphasizing Singh’s infectious energy and passion for music as a perfect match for boAt’s core values. Gupta highlighted Singh’s investment and strategic involvement as a validation of boAt’s mission to revolutionize the audio experience in India. Together, they aspire to push boundaries, redefine sound, and foster a community driven by passion and innovation.
As part of this transformative partnership, Singh is slated to feature prominently in an upcoming marketing campaign for ‘Nirvana,’ boAt’s sub-brand specializing in premium audio products. This strategic move not only cements Singh’s association with the brand but also positions him as a pivotal stakeholder in shaping boAt’s future endeavors, amplifying its reach and resonance among consumers.
Despite achieving its highest-ever revenue of Rs 3,377 crore in the fiscal year 2022-23, boAt reported a loss of Rs 129.4 crore for the same period. The company attributed this loss to significant investments in business development and advertising costs. Notably, boAt has maintained consistent profitability for eight consecutive years, although its revenue growth experienced a slowdown to approximately 18% year-on-year (YoY), contrasting with the remarkable 133% average revenue growth over the previous three fiscal years.
Originally planning a public share sale, Imagine Marketing Limited, the parent company of boAt Lifestyle, postponed its initial public offering (IPO) due to stock market fluctuations. The company now sets its sights on an IPO within the FY25-FY26 timeframe, buoyed by its robust performance and market positioning in the dynamic audio wearables segment.
As boAt continues to innovate and expand its product portfolio, bolstered by Singh’s strategic collaboration and investment, the brand is poised to carve a distinctive niche in the competitive consumer electronics market. With a shared commitment to excellence, creativity, and consumer-centric innovation, the partnership between Ranveer Singh and boAt heralds a new era of immersive audio experiences, captivating audiences and enthusiasts alike across India and beyond.