boAt’s FY24 Loss Nearly Halves To INR 54 Cr

Audio products and smartwatch maker boAt managed to reduce its net loss by 47% to INR 53.6 Cr in the financial year 2023-24 (FY24) from INR 101 Cr in the previous fiscal year.

As per internal documents accessed by Inc42, boAt also managed to turn EBITDA profitable in FY24. It posted an EBITDA of INR 14.04 Cr during the year under review as against an EBITDA loss of INR 50.21 Cr in FY23.

It is pertinent to note that the D2C unicorn slipped into loss for the first time in FY23, which it attributed to investments for its smartwatch category and setting up manufacturing infrastructure in India. The startup had posted a net profit of INR 68.7 Cr in FY22.

Meanwhile, boAt’s revenue declined 5% to INR 3,121.6 Cr in FY24 from INR 3,284.7 Cr in the previous fiscal year.

The financial disclosure comes at a time when the startup is gearing up for its initial public offering. It is looking to list on the exchanges in 2025.

This is the startup’s second attempt at going public. In May 2022, markets regulator Securities and Exchange Board of India (SEBI) approved boAt’s INR 2,000 Cr IPO. However, it didn’t proceed ahead with the IPO plans. Later in that year, boAt raised INR 500 Cr from Warburg Pincus and Malabar Investments in October. 

Founded in 2015 by Sameer Mehta and Aman Gupta, boAt operates in the larger audio and wearables markets and sells products such as headphones, smart watches and speakers. It is backed by the likes of Qualcomm Ventures, Ranveer Singh, Warburg Pincus, among others, and has raised about $177 Mn in funding till date.

Update | October 8, 10:37 PM: This story has been updated to rectify the name of Aman Gupta.