Decoding boAt’s IPO, Report 2022

A greater reach across ecommerce platforms and social media and superior operational efficiency in launching new products and SKUs will enhance the brand’s image in India, which has the largest Gen Z and millennial population globally (708 Mn). Gen Y and Gen Z also account for 51% of the country’s population.

boAt as a new-age consumer electronics company has garnered some notable jewels in its crown which include— being named the fifth-largest wearable brand in the world, being a profitable startup and not closing a single financial year in loss since financial year 2015.

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Decoding boAt’s IPO, Report 2022

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Key Highlights


Is the second-fastest Indian startup to go public to date


Product segment driving the highest sales


Surge in EBITDA between FY18 and FY21

First Mover At Scale

Compared to other new-age consumer electronics brands

Table Of Contents

  • Executive Summary
  • Deep Dive Into boAt
  • Product Journey
  • Brand Portfolio
  • Shareholding Pattern
  • Value Proposition
  • Key Financial And Operational Metrics
  • YoY Revenue Performance
  • Sales Split By Product Category
  • Revenue Channels
  • Ad Spends
  • Competitive Landscape
  • boAt Vs Others: Product Price Range Distribution
  • boAt Vs New Age Consumer Electronics Brands
  • boAt’s IPO: Strengths Vs Risks
  • boAt Vs Other New-Age Tech Companies’ IPOs
  • Time Taken To IPO: A Comparison
  • boAt Vs Indian New Age Tech IPOs IPOs
  • boAt Vs Global D2C Brand IPOs


boAt's sales in FY20 were 292%, 305% and 424% higher than its homegrown new-age competitors Noise, Portronics and Ambrane, respectively. The acquisitions of Read Gear (2020), DEFY (2021), Misfit (2021) and Tagg (2021) also helped diversify its offering across personal care and gaming accessories. A higher market share and vibrant digital reach are expected to create a sustainable profit margin for the company in the future. As of 2020, the GNI per capita income was $6,107, a 45% rise from $4,189 in 2010. With the increase in income, the demand for branded products across all categories is poised to grow. In the audio and wearables market, the share of branded products is estimated to grow from 61% (by value) in 2020 to 75% in 2025, indicating sustainable demand for the product lines offered by boAt.

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