boAt Partners Reliance Jio To Launch Smartwatch With eSIM Connectivity

boAt Partners Reliance Jio To Launch Smartwatch With eSIM Connectivity

SUMMARY

The smartwatch will use Jio’s eSIM to enable users to make calls and send messages without their smartphones

The Lunar Pro LTE smartwatch would be available for purchase in the coming weeks, boAt said

boAt slipped into the red for the first time since its inception in FY23, posting a net loss of INR 129.4 Cr

Audio products and smartwatch brand boAt has partnered telecom operator Reliance Jio to launch Lunar Pro LTE smartwatch, which uses the latter’s eSIM to provide connectivity.

The eSIM connectivity will enable users to make calls and send messages without their smartphones.

The smartwatch includes a built-in GPS for accurate activity tracking, making it suitable for outdoor enthusiasts engaged in activities like running or cycling. 

Additionally, the Lunar Pro LTE serves as a fitness tracker, featuring a heart rate monitor, blood oxygen monitor, sleep tracker, and alerts for sedentary behaviour to promote an active and healthy lifestyle.

The startup said that the smartwatch would be available for purchase in the coming weeks.

Commenting on the collaboration, a Jio spokesperson said, “This partnership with boAt is a testament to our commitment to innovation and our focus on providing our customers with the best technology.”

Founded by Aman Gupta and Sameer Mehta in 2015, boAt operates in the larger audio and wearables markets and sells products such as headphones, smartwatches and speakers. 

While boAt has established itself in the audio products market, the startup has been spending big to grab a large share of the Indian wearable market.

boAt claimed its revenue from the smartwatch segment grew over 50% year-on-year (YoY) in the financial year 2022-23 (FY23). 

Overall, its operating revenue rose 18% to INR 3,376.7 Cr in FY23 from INR 2,873 Cr in the previous fiscal year. Of this, the audio segment accounted for INR 2,350.8 Cr, while the revenue from the wearable segment stood at INR 901.5 Cr.

Despite the rise in its top line, boAt slipped into the red for the first time since its inception in FY23. The startup reported a net loss of INR 129.4 Cr during the year under review as against a net profit of INR 68.7 Cr in FY22.

It attributed the loss to the investments the company made in seeding the smartwatch category and scaling up the Make in India infrastructure. 

boAt began making its products in India in early 2022 and claims to have produced more than 30 Mn units in the country till date (over 15 Mn units in FY23). 

Last month, boAt said it is working continuously with Indian electronic manufacturing services (EMS) providers to streamline the processes and build a high quality manufacturing ecosystem in India.

Earlier, Gupta during Inc42’s ‘The D2C Summit 4.0’ said, “Pre-Covid, 0% of our products were made in India. Cut to 2023, and 70% of our products are now made in India.” 

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