Imagine Marketing Pvt. Ltd, the parent of ‘boAt,’ has converted into a public firm in order to facilitate the IPO and its board has given the go-ahead for the IPO to proceed.
boAt was formed in 2016 and has quickly established itself as one of the standout homegrown D2C brands that have challenged market leaders in the earphones and wearables industry. On the basis of Rs 1,500 crore in income, it recorded a net profit of Rs 78 crore for the year ended March 31, 2021.
The firm is establishing a venture fund to invest in early-stage D2C companies as the sector gains exposure and more customers begin purchasing via ecommerce.
Wearables are a major component of the company’s strategy, which is why it has been expanding under the brand. boAt also said it is one of the top two businesses in the industry, with a 20% market share, after starting up operations in less than one year.
According to the firm, the wearables market in India is anticipated to be more than ten times its current size of $200 million by 2025.
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