Delhi-based consumer electronic startup boAt has posted a profit after tax of INR 78.6 Cr in FY21. This is an almost 61% rise from the profit of INR 48.85 Cr it witnessed In FY20.
During the financial year ending in March 31, 2021, the Mumbai-based startup has posted total revenue of INR 1,531 Cr in FY21, a massive rise of almost 2X it clocked in FY20. boAt has registered a total revenue of INR 704 Cr in FY20.
While the startup recorded a total revenue from operations worth INR 1,511 Cr in FY21, its other income posted a revenue of INR 19.57 Cr. The startup during FY21, clocked a EBIDTA of INR 127.1 Cr.
In the expenditure front, boAt witnessed a 122% hike from INR 637.5 Cr in FY20 to INR 1,420 Cr in FY21.
Under its expenses, costs of material consumed was worth INR 1,285 Cr, and employee benefit expense was worth INR 14.30 Cr in FY21, a 157% and 127% rise respectively from FY20.
Founded in 2016 by Aman Gupta and Sameer Mehta, boAt is an audio-tech startup that manufactures products including earphones, headphones, speakers, soundbars, travel chargers, premium rugged cables, and more.
The startup has till date raised more than $116 Mn across six funding rounds and counts Qualcomm Ventures, Warburg Pincus, InnoVen Capital, Fireside Ventures, among others as its investors.
One of the primary reasons behind boAt’s increasing revenue and profitability is the growing demand for affordable and high quality audio products in the country.
Another reason fueling the growth is the rise in demand for truly wireless earphones.
According to a recent report by a research firm Canalyis, more than 16.6 Mn units of earphones have been shipped in Q3, 2021 in India, making it emerge as the third-largest earphones market after the United States and China. The TWS or true wireless earphones segment was the main driver in India, growing at 7.3 Mn units.
As per a Statista report, the headphones market in the country clocked a total revenue of $870 Mn in 2021 and is expected to grow annually by 3.26% CAGR.
While boAt is considered to be the fifth largest seller of wearable electronics by IDC, in the country it competes against the likes of Noise, Leaf, and Mivi, among others. Internationally, it pits against renowned brands such as Sony, Bose, Apple, Skullcandy, among others.