The adoption of wearable devices is progressing rapidly. Apple, Xiaomi, Samsung, and Huawei are in the fray for the top spot But in 2023, an Indian brand has emerged as a formidable force in this global race of wearable devices.
| Quantity | Rate/Share |
|---|---|
| 100 - 1000 | 1380.00 |
| P/E | -103.71 | P/S | 3.98 | P/B | 26.18 |
|---|---|---|---|---|---|
| Industry PE | 0 | Face Value | 1 | Book Value | 53.43 |
| Market Cap | 13434.64 Cr | Dividend | 0 | Dividend Yield | 0 % |
About of Boat (Imagine Marketing)
Imagine Marketing Limited, popularly known as boAt, is an unlisted business with its corporate headquarters in Mumbai, Maharashtra. Boat was established on November 1, 2013, and it produces and markets consumer electronics goods both domestically and abroad. Under its brands, the company offers a tempting selection of numerous, excellent, aspirational lifestyle-focused consumer goods at reasonable price points. The company sells a variety of audio products under the brand name ’Boat’, such as wired and wireless headphones and earphones (neckbands), true wireless stereos (TWS), Bluetooth speakers, home theatre systems, sound bars etc. The company also sells smartwatches, gaming peripherals like wired and wireless headsets, mouse, and keyboards, personal care products like trimmers and grooming kits, and mobile accessories like chargers, cables, power banks and a lot more. The company sells its products under various brand names such as boat, RedGear, TAGG, Misfit, and DEFY.
Overview of Boat (Imagine Marketing)
Genesis
Boat is a Delhi-based start-up that was started in 2016 by Aman Gupta and Sameer Mehta. The co-founders pumped in ₹15 lakh each and set sail their bootstrapped journey by selling mobile cables and chargers. Now it sells a wide variety of fashionable electronic goods ranging from travel chargers and premium cables to headphones, earphones, speakers. The company is steadily growing and extending its services to millions of ‘boAtheads’ (A term the company uses for all its consumers and brand ambassadors).
Timeline of Boat Unlisted Share
2016: Founded in 2016 and launched a wide range of earphones and headphones
2018: Raised Investment from Fireside Ventures
2019: Set up "Boat labs" - Inhouse R&D team
2020: Became Number 1. earwear brand in India (by volume)
2021: Launched Made in India wireless earphones and wireless neckband)
2022: #3 earwear and smartwatch brand globally based on volumes
2023: Reached milestone of 1 million Made in India products
Management
Aman Gupta - Executive Director, Co-Founder & CMO
- BCom from Delhi University, Chartered Accountant, MBA -ISB
- Ex- Citibank, Ex-KPMG, Ex-Harman International
Sameer Mehta - Chairman, Executive Director, Co-founder & CPO
- School - St. Xavier’s Mumbai, BCom NM College
- Co-founded Imagine Marketing Limited - the parent company of Boat
An Overview
- · Secured dominant position in global audio and wearable Market and ranked second worldwide following Apple.
- · Boat maintained a dominant position in the overall Indian market with a 29.7% share.
- · Boat registered over 2x growth in its scale for two consecutive fiscal years: FY21 and FY22 and increased by 18% in FY-23.
- · Boat’s revenue from operations shot up 2.2X to Rs 2886 crore during FY-22 as opposed to Rs. 1314 Cr in FY21.
- · In FY-23 Net sales zoomed to nearly INR 3400 Cr on growth in Wearables, Audio Categories.
Focus on Make in India
- Before covid 0% of its products were made in India but now 70% of boAt products are made in India. The company aims to make 90 percent of its products in India in the next two years. Infact Boat announced that they manufactured 1 crore products in India in 2022.
- Boat has been working with several manufactures in India especially with Dixon Technologies being the primary partner. Through their R&D team at boAt labs and Kaha Technologies, they are developing the next generation of products.
- Covid has been a wake-up call for the electronics industry that is overly dependent on China and this JV with Dixon has been a big boost for boAt to innovate at a faster pace and develop a more cost-effective way of manufacturing in India itself.
Insights of Boat (Imagine Marketing)
Financial Insights
(All Figures in crores)
|
Particulars |
FY-23 |
FY-22 |
|
Total Income |
3403 |
2886 |
|
PAT |
(129) |
69 |
|
EPS |
(13.40) |
5.10 |
While Boat continues to maintain market leadership and profitability in audio segment, it invested in building out its wearables business, a relatively newer but now a sizeable product line for the company (and a large market opportunity), via sales, marketing and pricing-related investments, due to which near term profitability has been impacted given the conscious strategic calls made by the management.
Geography wise Split
(All Figures in crores)
|
Particulars |
FY-23 |
FY-22 |
|
Within India |
3239 |
2871 |
|
Outside India |
122 |
- |
|
Total |
3361 |
2871 |
Segment wise revenue
(All Figures in crores)
|
Particulars |
FY-23 |
FY-22 |
|
Audio |
2351 |
2276 |
|
Wearables |
902 |
515 |
|
Others |
109 |
80 |
|
Total |
3361 |
2871 |
Balance Sheet of Boat (Imagine Marketing)
Standalone(in ₹ Cr.)
| Category | 31-Mar-2023 | 31-Mar-2022 | 31-Mar-2021 | 31-Mar-2020 | 31-Mar-2019 | 31-Mar-2018 | 31-Mar-2017 |
|---|---|---|---|---|---|---|---|
| Equity | 512.97 | 610.15 | 464.16 | 87.80 | 38.15 | 8.42 | 2.44 |
| Liabilities | 1590.49 | 1264.05 | 214.26 | 99.92 | 46.04 | 21.70 | 8.71 |
| Total Equity and Liabilities | 2103.46 | 1874.20 | 678.42 | 187.72 | 84.19 | 30.12 | 11.16 |
| Net Fixed Assets | 78.65 | 28.21 | 16.37 | 0.90 | 0.23 | 0.16 | 0.05 |
| Other Non current Assets | 366.89 | 251.93 | 6.80 | 11.53 | 3.25 | 3.11 | 0.00 |
| Current Assets | 1657.92 | 1594.06 | 655.25 | 175.29 | 80.70 | 26.85 | 11.11 |
| Total Assets | 2103.46 | 1874.20 | 678.42 | 187.72 | 84.19 | 30.12 | 11.16 |
Consolidated(in ₹ Cr.)
| Category | 31-Mar-2023 | 31-Mar-2022 | 31-Mar-2021 | 31-Mar-2020 |
|---|---|---|---|---|
| Equity | 469.15 | 601.93 | 466.30 | 87.13 |
| Liabilities | 1683.28 | 1383.96 | 204.09 | 99.92 |
| Total Equity and Liabilities | 2152.43 | 1985.89 | 670.40 | 187.05 |
| Net Fixed Assets | 360.85 | 321.20 | 6.64 | 0.90 |
| Other Non current Assets | 113.46 | 48.66 | 6.25 | 10.86 |
| Current Assets | 1678.12 | 1616.03 | 657.51 | 175.29 |
| Total Assets | 2152.43 | 1985.89 | 670.40 | 187.05 |
Profit and Loss of Boat (Imagine Marketing)
Standalone(in ₹ Cr.)
| Category | 31-Mar-2023 | 31-Mar-2022 | 31-Mar-2021 | 31-Mar-2020 | 31-Mar-2019 |
|---|---|---|---|---|---|
| Net Revenue | 3258.40 | 2872.90 | 1313.80 | 700.44 | 239.44 |
| Total Operating Cost | 3334.98 | 2737.49 | 1187.75 | 628.73 | 226.29 |
| Operating Profit (EBITDA) | -76.58 | 135.41 | 126.05 | 71.71 | 13.15 |
| Other Income | 26.36 | 13.51 | 6.57 | 3.69 | 1.30 |
| Depreciation and Amortization Expense | 12.27 | 6.58 | 3.20 | 0.32 | 0.17 |
| Profit Before Interest and Taxes | -62.49 | 142.34 | 129.42 | 75.08 | 14.28 |
| Finance Costs | 73.40 | 33.28 | 11.87 | 8.52 | 1.89 |
| Profit Before Tax and Exceptional Items Before Tax | -135.89 | 109.06 | 117.55 | 66.56 | 12.40 |
| Profit Before Tax | -135.89 | 109.06 | 117.55 | 66.56 | 12.40 |
| Income Tax | -34.84 | 30.22 | 31.68 | 17.04 | 3.67 |
| Profit for the Period from Continuing Operations | -101.05 | 78.84 | 85.87 | 49.52 | 8.73 |
| Profit for the Period | -101.05 | 78.84 | 85.87 | 49.52 | 8.73 |
Consolidated(in ₹ Cr.)
| Category | 31-Mar-2023 | 31-Mar-2022 | 31-Mar-2021 | 31-Mar-2020 |
|---|---|---|---|---|
| Net Revenue | 3376.79 | 2872.90 | 1313.80 | 700.44 |
| Total Operating Cost | 3458.13 | 2743.31 | 1187.08 | 628.73 |
| Operating Profit (EBITDA) | -81.34 | 129.59 | 126.72 | 71.71 |
| Other Income | 26.39 | 13.53 | 6.57 | 3.69 |
| Depreciation and Amortization Expense | 25.60 | 9.07 | 3.19 | 0.32 |
| Profit Before Interest and Taxes | -80.55 | 134.05 | 130.10 | 75.08 |
| Finance Costs | 78.36 | 34.59 | 11.87 | 8.52 |
| Profit Before Tax and Exceptional Items Before Tax | -158.91 | 99.46 | 118.23 | 66.56 |
| Exceptional Items Before Tax | -4.82 | 0.70 | 0.00 | 0.00 |
| Profit Before Tax | -163.73 | 98.76 | 118.23 | 66.56 |
| Income Tax | 34.26 | 30.05 | 31.68 | 17.04 |
| Profit for the Period from Continuing Operations | -129.47 | 68.71 | 86.55 | 49.52 |
| Minority interest and profit from associates and joint ventures | 0.00 | 0.00 | 0.00 | -0.67 |
| Profit for the Period | -129.47 | 68.71 | 86.55 | 48.86 |
Management of Boat (Imagine Marketing)
SAMEER ASHOK MEHTA - Director
Shareholding in the company - 39.96 %
AMAN GUPTA - Director
Shareholding in the company - 39.96 %
VIVEK GAMBHIR - Chief Executive Officer
KANWALJIT SINGH - Director
VIKRAM ARUN CHOGLE - Director
ANISH KUMAR SARAF - Director
FAQs of Boat (Imagine Marketing)
Press of Boat (Imagine Marketing)
3rd Jun 2024
Akash Ambani led Jio partners with Aman Gupta’s Boat, to back upcoming
In recent years, Reliance Jio, under the direction of Akash Ambani, has launched a number of ground-breaking innovations. These goods are reasonably priced and designed to appeal to a wide range of consumers. Regarding a novel product that belongs to the same category, Akash Ambani spearheaded Dependency Jio has joined together with Boat, a domestic consumer technology startup. Boat has introduced the Lunar Pro LTE smartwatch in India, with famed Shark Tank judge Aman Gupta leading the charge. Being the first smartwatch from the brand to offer LTE is the new Boat Lunar Pro LTE. Boat and Jio have partnered to provide eSIM connectivity, enabling users to stay connected without constantly carrying their smartphones. Thus, users will have the ability to create
3rd Jun 2024
Aman Gupta’s boAt Sold Audio Products, Smartwatches Worth INR 3,376 Cr In FY23
Audio products and smartwatch maker boAt’s sales crossed the INR 3,000 Cr mark in the financial year ended March 31, 2023. 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.
Annual Report of Boat (Imagine Marketing)
Imagine Marketing Ltd Annual Report 2022-23Imagine Marketing Ltd Annual Report 2021-22
Imagine Marketing Ltd Annual Report 2020-21
Company Information of Boat (Imagine Marketing)
ISIN: INE03AV01027
Address: E-WING, UNIT- 505, CORPORATE AVENUE OPP.SOLITAIRE PARK, CHAKALA, ANDHERI EAST MUMBAI MAHARASHTRA 400093
Email: info@imaginemarketingindia.com
Phone Number: +91-22-42102422
Date of Incorporation: 01-Nov-2013
Date of Last AGM: 27-Oct-2021
Data as Date: 31-Mar-2022
Source of Data: MCA, Toffler,