boAt IPO of Rs 1500 crore
India's startup ecosystem is growing rapidly and today India has become the third largest startup hub in the world after America and China. A wonderful success story that emerged from this ecosystem is that of boAt Lifestyle. This company, which started from a small place in Delhi, has today become one of the big brands of India in the audio and wearables segment. Now boAt's parent company Imagine Marketing Services getting regulatory approval for an IPO of about Rs 1500 crore is being considered a major milestone in this journey.
Aman Gupta was a chartered accountant and had worked in big companies like KPMG and Citibank. But he did not like the monotonous routine of a corporate job. After which two friends Aman Gupta and Sameer Mehta laid the foundation of boAt. Sameer Mehta had a deep understanding of sales and business. Both of them realized that there was a lack of good, strong and stylish tech products for the Indian youth.
boAt did not start with any big innovation, but with a common problem - the quick deterioration of the charging cable. Both friends noticed that the cheap cables available in the market were not durable. This problem inspired him to start his own brand. Without any big investors or bank loan, the two started boAt in 2016 with about Rs 30 lakh from their own pockets.
The work started from a small room in Okhla area of Delhi. Strong cables were imported from China, attractive designs were added to them and started selling online. In the beginning the earning was not much, but the trust of the customers started building. boAt soon focused on style, powerful sound and branding that appealed to the youth. Slogans like 'Your boAt, Your Way' and brightly colored products gave the brand a distinct identity.
As music streaming and smartphone usage increased, boAt focused on products like earphones, headphones and earbuds. Understanding the needs of Indian customers, the company launched affordable and durable products. By FY18, the company's sales grew rapidly and boAt also established its presence in offline stores.
There were challenges in this journey such as counterfeit products, supply delays and tough competition. But boAt's direct-to-consumer model, smart marketing and a strong social media presence took over. The brand campaign with film stars and personalities from the music industry made boAt extremely popular among the youth.
Aman Gupta participated as a shark in the TV show Shark Tank India. His straightforward, fun and youthful style in the show attracted people's attention. Aman not only became an investor, but he also taught new startup founders the important tricks of branding, marketing and understanding the customer.
