This alliance also unveils Ranveer Singh's pivotal role in boAt's upcoming campaign for the 'Nirvana series,'
With this development, Ranveer Singh joined a distinguished group of brand ambassadors for boAt, alongside notable personalities such as Indian cricketer Jemimah Rodrigues, Kiara Advani, Rashmika Mandanna, Hardik Pandya, KL Rahul, and Shreyas Iyer.
The India Smart Wearables market is expected to register a CAGR of 23.91% over the forecast period (2022 - 2027). Smartwatch was the fastest-growing category within the wearables market.
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Audio products and smartwatch maker boAt has secured funding from actor Ranveer Singh, days after the company reported that its sales crossed the INR 3,000 Cr mark in the financial year ended March 31, 2023.
The startup has raised a total funding of $177 Mn till date from investors such as Qualcomm Ventures, Warburg Pincus, InnoVen Capital, Navi Technologies, and Fireside Ventures.
It competes against startups like Noise, and Mivi.
On the back of the fresh infusion, boAt has also announced a strategic partnership with Singh, it said in a statement.
This alliance also unveils Ranveer Singh’s pivotal role in boAt’s upcoming campaign for the ‘Nirvana series,’ a sub-brand offering premium audio products, including TWS and headphones designed for an unparalleled listening experience.
Founded by Aman Gupta and Sameer Mehta in 2015, boAt operates in the larger audio and wearables markets and sells products such as headphones, smart watches and speakers.
The Delhi NCR-based startup’s operating revenue rose 18% to INR 3,376.7 Cr in the financial year 2022-23 (FY23) from INR 2,873 Cr in the previous fiscal year.
boAt earned INR 2,350.8 Cr in FY23 from the audio segment, which accounted for 70% of its operating revenue.
“Ranveer’s investment and strategic involvement validate our mission to revolutionise the audio experience in India. Together, we’ll push boundaries, redefine sound, and create a community that thrives on passion and innovation,” said Gupta.
“boAt’s commitment to top-tier sound quality and its connection with the youth resonates deeply with me. Investing in their journey goes beyond a financial decision; it’s about co-creating a revolution,” Singh said.
With this development, Singh joined a group of brand ambassadors for boAt like Jemimah Rodrigues, Kiara Advani, Rashmika Mandanna, Hardik Pandya, KL Rahul and Shreyas Iyer.
The India Smart Wearables market is expected to register a CAGR of 23.91% over the forecast period (2022 – 2027). Smartwatch was the fastest-growing category within the wearables market. The segment crossed 12 Mn shipments in a single quarter, a growth of 3.8X compared to 4.3 Mn units shipped in Q3 2021. This spike was a result of a 30.3% decrease in the average selling price, going from $60 in Q3 2021 to $41.9 in Q3 2022.
Increased consumer awareness of the need to adopt energy-efficient products, changing lifestyles, rising incomes, and improved living standards drive consumers to spend more on utilities, fostering market expansion. Furthermore, the market has chances for growth due to technical developments, increased availability of low-cost, high-quality products, and other factors.
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