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Image source-Google| Image by-customerlife.com |
Going for an IPO by a company is a movement of pride. It does not always mean a dilution of shares in need of funds but it justifies the company's transition. Boat which was started in the year 2016 as an audio products company is all set to launch its public offer any time soon.
This simply appears that they have come a long way and have achieved value growth despite tough rivalry in the market. We will be knowing the journey of this audio brand company from start to public offering along with the Boat business model. But, before that let us check out the scenario of the Indian audio and wearable products market before Boat's arrival.
Indian audio and wearable products market before Boat's existence
About: Boat
Boat was founded in the year 2016 by Aman Gupta (CMO) and Sameer Mehta (Chief product officer) headquartered in Delhi, India. Boat is not just an audio and wearable products company but is a lifestyle brand. It offers an extensive range of speakers, headphones, earplugs, smartwatches, mobile accessories, and home audio accessories.
The founders believe that India is a country where people are crazy about Bollywood and Cricket. So, as to reach and connect to a wider community they have affixed cricket and Bollywood prints on some of their product range. Additionally, they performed brand endorsement and promotional tactics collaborating with film celebs and cricketers. Talking about the growth, then Boat has reached great levels within 5-6 years and has successfully served more than 50 lakh customers.
Although, being an early startup it was still profitable during its initial stage. All because of strong customer focus strategies with the blend of wide coverage through the internet. And, now Boat is the 5th largest wearable brand all over the globe. Additionally, they are on a verge of going public this year.
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Boat business model
Let us shout out to our main topic i.e Boat business model. Boat disrupted the audio and wearables industry with its spectacular innovation, the customer connects, quality at a competitively low price. Also, all these amenities and product attributes were offered to customers through a complete digital model.
Yes, they brought in convenience by building their presence not only through their official website but with Amazon, Flipkart, Myntra, and Jabong. All the platforms are already crowded with a large number of buyers seeking quality products at an attractive price.
Now, going more deeper into its revenue streams then Boat is now available both online and offline. We already touched upon its online partners while they serve their offline customers through the distribution model. It got more than 20 distributors that supply Boat's products to offline retailers.
Their speedy growth and reach are truly helping them in scaling their business. Boat released more than double revenue in FY21 as compared to FY20. The growth is backed by the elevation of its product portfolio and targeting the right customers with innovative product solutions.